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The
global methanol
market size is set to gain traction from 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 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.”
As
per the report, The global methanol market size was
valued 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.
Source:
https://www.fortunebusinessinsights.com/industry-reports/methanol-market-101552
Report
Coverage-
The
research 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 Bolster Growth
The
high 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.
Regional
Insights-
Asia
Pacific 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-
Acetic
Acid Segments Generated 5.5% Share in 2020: Fortune Business Insights™
By
derivatives, 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.
The
global methanol
market size is set to gain traction from 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 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.”
As
per the report, The global methanol market size was
valued 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.
Source:
https://www.fortunebusinessinsights.com/industry-reports/methanol-market-101552
Report
Coverage-
The
research 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 Bolster Growth
The
high 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.
Regional
Insights-
Asia
Pacific 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-
Acetic
Acid Segments Generated 5.5% Share in 2020: Fortune Business Insights™
By
derivatives, 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.
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