Asia Investing Aggressively in Production Expansion of Methanol to Meet the Growing Domestic Demand
Globally, the major market for methanol is in Asia
. China, India and Malaysia are some of the countries that have huge demand for methanol. China is the major country in Asia for production of methanol as well as demand. As of 2014, China has more than 450 methanol production plants and China is the top country in having huge production facilities. Countries such as China and India have higher demand than the production capacities and are depending on the imports.
In 2014, China had witnessed a supply-demand gap of 3 Million Metric Tons (MMT) and India with 0.5 MMT. Asia countries to meet its domestic supply-demand gap in future are focusing on production expansion capabilities. Markmore Sdn Bhd, a Malaysian based company has signed an agreement with Mangystau province to build a methanol plant in Kuryk, Kazakhstan with $700 million which is expected to complete by 2017. In India, Assam Petrochemicals has planned to begin its methanol and acetic acid plant expansion projects by 2017. With the newly added capacity, methanol production capacity would increase from 100 TPD to 600 TOD which helps the domestic market requirement.
Similarly there are many other upcoming projects which boost the local production capabilities and reduce the import quantities. Some of the projects are funded by the national government. Methanol projects which are being developed are not only to meet the domestic Asian demand but also to serve the international markets across the globe.
- Asian Petcoke Market - By Type (Calcined Petcoke and Fuel Grade Petcoke); By Application (Aluminum, Steel, Power, Cement And Others) - Forecast (2015 - 2020)
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