Methane MarketImpact on Chemical Industry due to COVID-19, Deviation, Research and Forecast 2022-203

Overview:

Methane market continues to register massive growth due to the various applications of the of the gas especially in electrical, and aerospace & defense, automotive and chemical industries. Methane is used in the manufacturing of natural gas and liquefied natural gas, the demand for which is expanding not only due to increased electricity generation needs but also due to expansion of the heating industry. Natural gas is more friendly than coal in terms of emission, more flexible than nuclear power and owing to the booming shale revolution in the US as well as the development of LNG trade across the globe, natural as is also readily available. Demand for natural gas has witnessed a 28% rise over the last decade and technological innovations are expected to keep the gas competitive.

While the methane market may witness some hindrance due to the gas’s greenhouse effect, there had been recent moves by the Environmental Protection Agency of the U.S. to reduce some of the federal restrictions previously levied on methane. Apparently, the EPA plans to let oil and gas operators regulate themselves when it comes to prevention of methane leakage from pipelines, wells and other infrastructure.

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Competitive Analysis:

Leading players in the global methane market include Oil and Natural Gas Corporation (India), Royal Dutch Shell plc, G3 Exploration, Halliburton Co., China National Offshore Oil Company, Metgasco Ltd., TLOU Energy Ltd., Bow Energy, American Gas Products, Dart Energy Corporation, BP plc, China National Petroleum Corporation, IGas Energy, Black Diamond Energy Inc., and Senex Energy Limited.

In April 2019, a Canadian startup launched a plan to monitor methane emissions through space-based satellites. Reducing methane emissions is likely to be a major part of the environmental movement in the coming years.

Segmentation:

The various segment for the evaluation of methane market prospects include source, application and end-use industry.

On the basis of source, methane market is classified into natural and synthetic. Naturally sourced methane gas has held the dominant share in methane gas market in 2017, a trend that is expected to continue over the coming years. Natural methane gas has been in demand from various end user industries including automotive, chemical, and electrical industries which have also created a potent growth scope for synthetic methane market.

Application-wise, methane gas market is divided into natural gas, fuel, liquefied natural gas, chemical feedstock, liquid-methane rocket fuel and others. Application of natural gas held the largest share in 2017 owing to its extensive use in producing electricity. Over 2017-2023, natural gas is expected to hold its dominant position in the methane market.

Methane gas has wide demand among its end users and on the basis of end user segmentation, methane market is classified as electrical, automotive, aerospace& defense, chemical etc. Owing to the increasing use of natural gas for the production of electricity in various regions of the world, electrical end user segment has been recorded to have dominated the methane market in 2017, a trend that is expected to be continued over 2017-2023.

Regional Analysis:

Asia Pacific dominates the global methane market, holding a 43% share in 2017. The Asia Pacific market has been mainly driven by the growing demand for power generation in the region’s emerging economies, which have presented immense potential for further growth of the methane market over the forecast period. The Asia Pacific market is expected to exhibit the highest CAGR of 7.7% over the forecast period.

North America and Europe follow Asia Pacific in the global methane market. The market in these regions is primarily driven by the application of methane in fuel production and as a chemical feedstock. These regions are also expected to account for key shares in the global methane market over the forecast period.

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