Methanol Market is Projected to Grow at a CAGR of 4.97% by 2030 | ChemAnalyst

NEW YORK - Oct. 27, 2021 - PRLog -- According to ChemAnalyst report, "Methanol Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030", Methanol market has shown considerable growth in the historic period and is projected to achieve a healthy CAGR of 4.97% during the forecast period 2022-2030. The growing demand for Methanol due to its properties for numerous applications by Construction, Automotive, Paint, Electronics, Fuel, Pharmaceutical, and other industries is likely to bolster the Methanol market in the upcoming years. Methanol is highly used as a feedstock chemical to produce Acetic acid and Formaldehyde which is further used in various products like foams, adhesives, solvents, etc.

Methanol CH3OH is also known as Methyl Alcohol or wood alcohol is a polar solvent. It is light, volatile, colorless, flammable, and poisonous with a distinctive odor in nature that is somewhat milder and sweeter than ethanol. It is also widely used as an antifreeze, solvent, fuel, and for denaturing ethyl alcohol at room temperature. Methanol is used in the manufacturing of fuels and solvents. Methanol also finds its applications in the production of MTO (Methanol to Olefins). About 65% of the methanol is produced naturally and 35% by using coal. Due to increasing pollution, the need for environment-friendly fuels is also increasing. Methanol is highly used as an alternative to reduce carbon footprints. A blending of Methanol is one of the newly introduced practices that is gaining attention as it is approximately 240 times safer than Biodiesel.

Methanol and its derivatives including acetic acid and formaldehyde are extensively used as base materials in synthetic fabrics and fibers, acrylic paints, clothing, adhesives, paint, and other products. The demand for methanol derivatives is driving the construction, agrochemical, and pharmaceuticals industry. As methanol is extremely efficient and easily available, its demand is increasing in the automotive industry as an antifreeze agent and blended transportation fuel. The adoption of methanol as a blended fuel in various transportation systems due to environmental concerns is expected to act as a driver for the market growth of Methanol. Increasing demand for bio-based products, the development in emerging technologies for biorefining, and the application of methanol as various fuels like marine, DME etc can be leveraged by the industry to get towards the anticipated growth.

Some of the major players operating in Methanol market Methanex Corporation, Methanol Holdings Trinidad Limited, SABIC, Zagros Petrochemical Co., Yankaung Group Private Limited, OCI Beaumont, Petronas Chemical Group, Mitsubishi Gas Chemical Company, Mitsubishi (MSK) etc.and Others.

Read Full Report Here: https://www.chemanalyst.com/industry-report/methanol-market-219