Methanol market is Projected to Reach US$ 41,974.76 million by 2028

2022-04-27 14:23:35 UTC | Chemicals & Advanced Materials
Methanol market is Projected to Reach US$ 41,974.76 million by 2028

Methanol is an essential material in chemical synthesis. Its derivatives are utilized in significant quantities to build up multiple compounds, including synthetic dyestuffs, pharmaceuticals, resins, and perfumes. It is also used in automotive antifreeze, rocket fuels, and general solvent. Besides, methanol is a clean-burning fuel, a potentially noteworthy substitute for gasoline in automotive vehicles. 

Based on derivative, the methanol market is segmented into formaldehyde, acetic acid, methanol-to-olefins (MTO) / methanol-to-propylene (MTP), methyl tertiary-butyl ether (MTBE), methyl methacrylate (MMA), biodiesel (gasoline blending), dimethyl ether (DME), and others. The formaldehyde segment held the largest market share in 2020. The growth of the market for this segment is attributed to the extensive application of formaldehyde resins in the automotive sector. Moreover, formaldehyde finds its application as a preservative in food, cosmetics, and medicines. Consequently, owing to the broad application scope of formaldehyde, the segment is anticipated to witness massive demand from numerous industries during the projection period.

 The global methanol market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM). In 2020, Asia Pacific accounted for the largest share of the market. The key drivers of the market in this region are the growth of construction and automotive sectors. Moreover, methanol-to-olefins and methanol-to-propylene (MTO/MTP) applications are gaining momentum. The MTOs are the most economical options and fulfill the need for olefins in the market. 

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