Methanol Market will exhibit a CAGR of 4.6% and USD 40.48 billion by 2027, and the market value as per 2019 was USD 28.50 billion.
Fortune Business Insights™ in a new report, titled, “Methanol Market Size, Share & Industry 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, 2020-2027.”
Methanol Market Drivers and Restraint :
Heavy fuels, namely, diesel and gasoline are considered to be the major causes of environmental pollution. They often result in global warming and rapid changes in climate. Hence, the fuel industry is inclining towards methanol-infused fuels to lower the severe climatic conditions. Methyl alcohol is also used extensively as a transportation fuel owing to its possession of multiple properties. When mixed with gasoline, it reduces the toxic emissions. Apart from that, its high demand from construction and automotive industries would also contribute to the methanol market growth in the coming years. However, the outbreak of the COVID-19 pandemic is expected to affect the market negatively as the manufacturers have shut down their plants temporarily.
List of Significant Manufacturers in Methanol Market are:
- Methanex Corporation
- HELM AG
- Southern Chemical Corporation
- Mitsubishi Gas Chemical Company, Inc.
- Zagros Petroleum
- Mitsui & Co., Ltd.
- Celanese Corporation
- BASF SE
- Simalin Chemical Industries Pvt. Ltd.
- Other Players
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/industry-reports/methanol-market-101552
Some of the key industry developments in the Methanol Market Include:
April 2020: Celanese Corporation received an approval from the board of directors of the Fairway Methanol LLC for the second phase expansion of its methanol production capacity. It will be done at the company’s Clear Lake facility located in the U.S. This new expansion would surge the production capacity to 1.7 million metric tons per year.