The global methanolmarket size is set to gain traction from the urgent need to lowerenvironmental pollution caused by the surging usage of heavy fuels, such as
diesel and gasoline. Pollution further leads to global warming and climate
change. Statista mentioned that the earth’s surface temperature was 0.98
Celsius degrees warmer in 2020 than the 20th Century average.This information is published by Fortune Business Insights™ in a report titled,
“Methanol Market Size, Share &COVID-19 Impact Analysis, By Feedstock (Natural Gas, Coal, Biomass &
Renewables), By Derivative (Formaldehyde, Acetic Acid, MTBE, DME, Gasoline
Blending, Biodiesel, MTO/MTP, Solvent, and Others), By Application
(Construction, Automotive, Electronics, and Others) and Regional Forecast,
2024-2032.”
The global methanol market size was valued at USD 31.26billion in 2023 and is projected to grow from USD 32.70 billion in 2024 to USD
46.32 billion by 2032, exhibiting a CAGR of 4.5% during the forecast period.
Report Coverage-
The research report studiesdecisive segments of the methyl alcohol industry containing regions, end-users,
technologies, types, and applications. It elaborates the performance and
significance of each of the segments by considering sales volume, growth
prospects, revenue share, and demand. In addition to this, it will help our
clients to accurately determine the market size to guide them in choosing the
right segment for their business growth.
Drivers &Restraints-
Surging Usage as aPrecursor in Plastics and Textiles to Bolster Growth
The high demand for the productfrom the construction and automotive industries is set to surge its usage
across the globe. The chemical compound is often used in insulation materials,
adhesives, textiles, and plastics as a precursor. However, the consumption of
inhalation of this chemical can result in death, accumulation of acids in
blood, and blindness. It may obstruct the methanol market growth in the near
future.
Regional Insights-
Asia Pacific toRemain at Forefront Stoked by Expansion of Construction Industry
Geographically, in 2020, AsiaPacific held USD 17.60 billion in terms of revenue. It is set to be the major
contributor to the growth of the industry because of the rapid expansion of the
construction and automotive industries. In North America, on the other hand,
the higher demand for this chemical compound from green fuel manufacturers
would propel growth. Europe is likely to grow considerably on account of the
expansion of the automotive industry.
Segmentation-
Acetic Acid SegmentsGenerated 5.5% Share in 2020: Fortune Business Insights™
By derivatives, the market issegregated into formaldehyde, acetic acid, MTBE, DME, gasoline blending,
biodiesel, methanol to olefins (MTO)/methanol to propylene (MTP), solvent, and
others. Among these, the MTO/MTP segment exhibits the highest CAGR in the near
future, backed by the high demand for polyolefins from a wide range of end-user
industries. The acetic acid segment earned 5.5% in terms of the methanol market share in2020.
