Methanol market size was worth USD 42.35 Billion in 2022 and is estimated to showcase a CAGR of about 15.6% between 2023-2028
Methanol light volatile flammable poisonous liquid alcohol CH3OH used especially as a solvent, antifreeze, or denaturant for ethanol and in the synthesis of other chemicals ; these are the main factors that have considerably increased the demand for the Methanol in the market, thereby driving the huge growth of the Methanol market in the upcoming years
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Methanol in the market is mainly due to the organic chemicals with the highest production volume in the petrochemical industry. Olefins are made up of ethylene, propylene, butadiene, and butylene. Methanol, often known as primary petrochemical, is a precursor to a wide range of chemical compounds. Methanol generation of olefins is expected to be a main driver of methanol growth in the petrochemical industry. MTO/MTP is the methanol market’s third-largest and fastest-growing derivative sector; these are the main factors that have considerably increased the demand for the Methanol in the market, thereby driving the huge growth of the Methanol market in the upcoming years
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Report is segmented as:
Methanol Market is segmented on the basis of by:
By Feedstock (Natural Gas and Coal),
By Derivative (Formaldehyde, MTO/MTP, Gasoline, MTBE and MMA),
By Sub-derivative (UF/PF Resins and Olefins), End-Use Industry (Construction, Automotive and Electronics)
Methanol Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Methanol is due to the Growing interest in clean-burning fuels and regulatory changes are driving new applications for methanol as a fuel these are the main factors that have considerably increased the demand for the Methanol in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Methanol Market
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Impact of COVID-19 on Market
Covid-19 has hugely affected the Methanol market growth. The COVID-19 pandemic continues to radically trade that amplify of variety of industries; however, the immediate have an effect on of the outbreak is varied. While some industries will register a visit demand, several others will proceed to remain unscathed and showcase promising increase opportunities. COVID-19 will have an occasional have an effect on the Methanol market.
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