The global methanol market size is set to gain tractionfrom the urgent need to lower environmental 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 Centuryaverage. This information is published by Fortune Business Insights™ in a
report titled, “Methanol Market, 2021-2032.” As per the report,
The global methanol market size was valued at USD31.26 billion 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.
COVID-19 Pandemic: Lower Demand forPaints and Adhesives to Hamper Growth
The outbreak of the COVID-19 pandemichas slowed down manufacturing activities worldwide. For instance, Methanex
Corporation, a leading firm in the market, stopped activities in its plants
with production capacities of 800 KT and 850 KT per annum in Chile and
Trinidad, respectively. Besides, the lower demand for chemicals, paints, and
adhesives derived from this compound is set to hamper growth amid the pandemic.
Source:
Segmentation-
Acetic Acid Segments Generated 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 ofthe methanol market share in 2020.
Report Coverage-
The research report studies decisivesegments 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 a Precursor inPlastics and Textiles to Bolster Growth
The high demand for the product fromthe 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 to Remain at ForefrontStoked by Expansion of Construction Industry
Geographically, in 2020, Asia Pacificheld 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.
