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, 2021-2028.” As per the report, themarket stood at USD 27.95 billion in 2020. It is projected to grow from USD
28.74 billion in 2021 to USD 39.18 billion in 2028 at a CAGR of 4.5% duringthe 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.
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.
