The global Methanol Market is estimated to reach USD 100.3 billion by 2024, primarily driven by its widespread of applications in adhesives, paints, and plastics. Asia Pacific is the fastest growing market in terms of volume, growing at a CAGR of 8.6% and is expected to maintain its dominance over the forecast period.
The rise in demand for petrochemicals and the advancement of new industrial segments are projected to offer new opportunities for the methanol market during the forecast period. In Asia Pacific region, China is the largest and the fastest growing market and is expected to show the same trend over the forecast period due to the abundance of coal and natural gas available in China.
The growth of methanol market is mainly due to the rise in demand for clean burning fuel and fuel substitutes such as biodiesel. Additionally, increase in R&D activities for the usage of methanol as an alternative to gasoline products for vehicles is projected to drive the demand for methanol.
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Methanol by-products like formaldehyde, acetic acid, DME, gasoline is utilized in several industrial applications such as construction & building, production of petrochemicals, pharmaceuticals, synthesis of chemicals and in the automotive sector. Formaldehyde dominated the global market contributing to USD 6.2 billion in 2016. Formaldehyde is used to produce wood products such as plywood and adhesives.
The high demand for formaldehyde is owing to its high purity, low cost, and the abundant use of formaldehyde in various chemical reactions. Acetic acid and formaldehyde are widely used by-products of methanol. DME and fuel blending have also been recognized as enormously profitable application areas such as clean fuel for transportation, cooking, heating and power generation and is expected to record a 9.0% CAGR during the forecast period.
With diminishing crude oil reserves, demand for substitute transportation fuel has stimulated the market for blended and clean fuel such as methanol and its derivatives. It is a potential replacement for traditional transportation fuel such as diesel and petrol, which is projected to fuel the market for methanol over the forecast period. However, with the availability of cheap and low-cost substitutes and alternatives of methanol such as bio ethanol or ethanol fuel, which bounds the methanol consumption, and constant fluctuation in the prices of crude oil would impact the affordability of the chemical, and its derivatives can hinder the growth of the methanol industry during the forecast period.
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