Methanol Market Sluggish Growth Rate Foreseen by 2024-2028

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 for Paints and Adhesives to HamperGrowth

The outbreak of the COVID-19 pandemic has slowed downmanufacturing 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.


Acetic Acid Segments Generated 5.5% Share in 2020: FortuneBusiness Insights™

By derivatives, the market is segregated into formaldehyde, aceticacid, 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 methanolmarket share in 2020.

Report Coverage-

The research report studies decisive segments of the methylalcohol 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