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The new global methanol demand mainly comes from China. From 2000 to 2007, the global annual demand for new methanol was 1.33 million tons, of which China's annual new methanol demand was 1.05 million tons, accounting for about 79% of the global new demand. In 2006, China surpassed the United States for the first time as the world's largest methanol consumer. In the same year, China surpassed Trinidad and Tobago as the world's largest methanol producer. In 2007, China consumed a total of 10.6 million tons of methanol and 10.10 million tons of methanol.
The largest demand for methanol in downstream derivatives of methanol is still formaldehyde, which accounts for about one-third of global methanol demand. It is predicted that by 2009, China and Western Europe will become the world's largest formaldehyde production area. Although the United States cut MTBE production, MTBE will still be the second most demanded methanol in downstream methanol derivatives, which will consume about 15% of global methanol demand.
In the downstream derivatives of methanol, the demand for acetic acid is rapidly increasing. The acetic acid production capacity in China and other parts of Asia is growing rapidly. By 2009, the acetic acid production capacity and production in Asia will account for about 57% of the global total.
Rapid growth in global methanol market demand
The latest research report shows that global methanol consumption will grow rapidly in the next few years. In 2007, global methanol consumption was 40.34 million tons. In 2008, methanol consumption will increase by nearly 11% to 44.7 million tons. In the next four years, global methanol consumption will increase by 31%, and by 2012, consumption will increase. It reached 58.6 million tons.