The globalmethanolmarket size is set to gain traction from the urgent need to lower environmentalpollution 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 publishedby Fortune Business Insights™ in a report titled, “Methanol Market, 2024-2032.” As per the report, The global methanol market size was valuedat USD 31.26 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 for Paints and Adhesives to HamperGrowth
Theoutbreak of the COVID-19 pandemic has 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™
Byderivatives, the market is segregated 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 in 2020.
Report Coverage-
Theresearch report studies decisive 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 a Precursor in Plastics and Textiles to BolsterGrowth
The highdemand for the product from 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.
