The global demand for methanol will amount to 83 million tons in late 2017, Elnur Mustafayev, director general at SOCAR Methanol LLC, said at the fourth international conference “Oil refining and petrochemistry of the Caspian Sea and Central Asia” Nov. 29.
“Methanol is a rather popular product,” he said. “It is used as a semi-finished product, as well as a finished product in a variety of industries. The demand for methanol is multi-industrial.”
“The demand for methanol was 76 million tons in 2016, while this year the demand is projected at 83 million tons,” he said. “In the next five years, the growth in demand for methanol is inevitable.”
He said the consumption and production of methyl alcohol in China is of great importance for the world market.
“The main consumption centers are North America, Western Europe, Southeast Asia, while the production centers are the Middle East, Southeast Asia, China, a small number [of countries] in Africa, Latin America,” he added.