IMARC Group, a leading market research company, has recently releases report titled “Methanol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global methanol market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the methanol market?
The global methanol market size reached US$ 34.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 47.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.1% during 2023-2028.
What is methanol?
Methanol, commonly known as methyl alcohol or wood alcohol, is a colourless, volatile liquid. It is the simplest alcohol and is commonly used as a solvent, fuel, and raw material in various industries. Methanol is produced from the synthesis of carbon monoxide and hydrogen or through the destructive distillation of wood. Characteristics of methanol include its low boiling point, high solubility in water, and its toxic and flammable nature. It has a distinctive odour and can be easily mixed with other substances. Some notable features of methanol include its ability to act as a clean-burning fuel, its use as a solvent for paints, varnishes, and inks, and its role as a raw material in the production of formaldehyde, acetic acid, and other chemicals. At present, methanol finds its application in the energy, chemicals, and pharmaceutical industries.
Request for a sample report or buy full report: https://www.imarcgroup.com/methanol-technical-material-market-report/requestsample
What are the growth prospects and trends in the methanol?
The growing concerns over greenhouse gas (GHG) emissions and the rising need for cleaner fuels are creating the demand for methanol as an alternative fuel source, which is influencing the market growth. Moreover, the development of renewable methanol production processes, such as biomass-to-methanol and carbon capture and utilization, is attracting attention as a sustainable and low-carbon fuel option, thereby driving the market growth.
Methanol serves as a vital feedstock in the production of various chemicals, such as formaldehyde, acetic acid, and methyl tert-butyl ether (MTBE). In line with this, the expansion of the chemical industry is contributing to the market growth. In addition to this, formaldehyde is extensively used in the production of resins, plastics, textiles, and various household products. Coupled with this, the steadily expanding consumer goods industry is fueling the market growth of methanol. The construction industry relies on formaldehyde-based resins and adhesives for various applications, such as wood panel production and insulation, which is contributing to the market growth.
Besides this, methanol-to-olefins technology is gaining prominence as a cost-effective method to produce ethylene and propylene, the building blocks of plastics. Coupled with this, the widespread adoption of MTO technology is boosting the market growth of methanol. Methanol is used in the production of biodiesel, an alternative fuel made from renewable sources. The rising demand for biodiesel as a cleaner fuel option is supporting the growth of the methanol market.
The rapid industrialization and urbanization in emerging economies, is driving the demand for methanol as a fuel and chemical feedstock, thereby stimulating the market growth. The development of methanol-based fuel cell technologies for portable power applications, such as smartphones and laptops, is creating new market opportunities for methanol, thus propelling the market growth. Other factors, such as stringent regulations on emissions, infrastructural development, and the increasing popularity of methanol-based cooking fuels, are creating a positive outlook for the market across the globe.
Who are the key players operating in the methanol industry?
The competitive landscape of the market has also been analyzed with the detailed profiles of the key player operating in the market.
What is included in market segmentation?
The report has categorized the market based on application.
Breakup by Application:
- Formaldehyde
- Dimethyl ether
- Gasoline
- Chloromethane
- MTBE/TAME
- Acetic acid
- Others
Regional Insights:
- China
- Asia-Pacific (excluding China)
- Europe
- North America
- Latin America
- Middle East and Africa
Ask Analyst for Customization and Browse full report with TOC List of Figure: https://www.imarcgroup.com/request?type=reportid=650flag=C
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/
