Theglobal 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.”
Asper the report, The global methanol market size wasvalued at 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.
ReportCoverage-
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-
SurgingUsage as a Precursor in Plastics and Textiles to Bolster Growth
Thehigh demand 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.
RegionalInsights-
AsiaPacific to Remain at Forefront Stoked by Expansion of Construction Industry
Geographically,in 2020, Asia Pacific 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-
AceticAcid 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% interms of the methanol market share in 2020.
CompetitiveLandscape-
KeyPlayers Focus on Forming Joint Ventures with Others to Intensify Competition
Theglobal market contains many companies, out of which, most of them are
participating in acquisitions, mergers, and joint venture strategies. A few
others are focusing more on expanding their production capacities to meet the
high consumer demand.
