According to the latest report by IMARC Group titled, “Milk Powder Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, the global milk powder market has grown at a CAGR of 3% during 2009-2016, reaching a volume of more than 700 Million Tons in 2016. Milk Powder is obtained by evaporating fluid milk which is further condensed and processed. During the evaporation process, milk is also pasteurised under controlled temperatures to eliminate the bacterial growth. Milk powder carries necessary nutrients and is an excellent source of essential minerals and vitamins such as magnesium, calcium, zinc, potassium as well as vitamins A, D, E and K. Furthermore, it provides the daily dose of some other important nutritional elements such as amino acids and antioxidants which are responsible for cellular growth, stimulating the body’s immune system, aiding in blood clotting and calcium absorption.
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Highlights of the global methanol market:
- Applications of methanol in the energy sector and its use in the production of chemicals are driving its demand.
- Formaldehyde represents the largest end-use industry globally.
- China is the largest global producer of methanol and accounts for about half of the total production.
In the energy sector, methanol is used to manufacture Dimethyl ether (DME), a clean fuel that can be used as a substitute to propane. It is also used to manufacture Methyl tert-butyl ether (MTBE), an anti-knock agent and oxygenate in gasoline engines. Moreover, it is an important component of biodiesel and is used as an alternative fuel for internal combustion. In the chemical sector, it is used to produce formaldehyde and acetic acid, which are further used in the production of adhesives, paints, plywood, solvents, foams, plastics, explosives, antifreeze, etc. Other applications of methanol are in fuel cells, gasoline blending, alcohol denaturation, wastewater treatment, methanol-to-olefins and methanol-to-gasoline conversions. Owing to the extensive applications of methanol in energy and chemical sectors, the global methanol market is further expected to reach a value of US$ 68 Billion by 2022, growing at a CAGR of around 8% for 2017-2022.
On the basis of end-use, formaldehyde represents the largest industry, followed by gasoline, acetic acid, chloromethane, Dimethyl Ether and TAME/MTBE. On the basis of region, China is the largest and fastest growing market in terms of global production. Other important regions include Asia-Pacific (excluding China), North America, Latin America, Europe and Middle East & Africa. Some of the key players operating in global methanol market are Methanex Corporation, Southern Chemical Corporation(SCC), Saudi Arabian Basic Industries Corp (SABIC), Mitsubishi Gas Chemicals (MGC), Zagros Petrochemical Company, Mitsubishi Gas Chemical, Petronas and Mitsui.
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The report by IMARC Group has examined the global methanol market on the basis of:
- Dimethyl ether
- Acetic acid
- Asia-Pacific (excluding China)
- North America
- Latin America
- Middle east & Africa
- Methanex Corporation
- Southern Chemical Corporation
- Saudi Arabian Basic Industries Corp
- Mitsubishi Gas Chemicals
- Zagros Petrochemical Company
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