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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, 2021-2028.” As per the report, the market 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% during the forecast period.
COVID-19 Pandemic: Lower Demand for Paints and
Adhesives to Hamper Growth
The outbreak 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.
Source:
https://www.fortunebusinessinsights.com/industry-reports/methanol-market-101552
The increasing demand from automotive industries is a Global
Methanol Market trend. In addition, the growing requirement for petrochemicals
is boosting the demand for globally as the is used on a large scale in the
production of petroleum. Another leading driving factor for the Global Methanol
Market is the production of olefins such as ethylene, toluene, butadiene,
benzene, propylene, and xylenes. Apart from this, the growing demand for
adhesive from furniture and other material is anticipated to fuel the demand
for as methyl alcohol acts as a precursor to adhesive. In addition, fuel
blending applications are estimated to boost the Global Methanol Market demand.
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, 2021-2028.” As per the report, the market 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% during the forecast period.
COVID-19 Pandemic: Lower Demand for Paints and
Adhesives to Hamper Growth
The outbreak 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.
Source:
https://www.fortunebusinessinsights.com/industry-reports/methanol-market-101552
The increasing demand from automotive industries is a Global
Methanol Market trend. In addition, the growing requirement for petrochemicals
is boosting the demand for globally as the is used on a large scale in the
production of petroleum. Another leading driving factor for the Global Methanol
Market is the production of olefins such as ethylene, toluene, butadiene,
benzene, propylene, and xylenes. Apart from this, the growing demand for
adhesive from furniture and other material is anticipated to fuel the demand
for as methyl alcohol acts as a precursor to adhesive. In addition, fuel
blending applications are estimated to boost the Global Methanol Market demand.
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