Fort Collins, Colorado, Oct. 09, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the methanol market size was valued at USD 29.2 Billion in 2022 and is expected to reach a market size of USD 47.4 Billion by 2032 with a CAGR of 5.5%.
Methanol is also known as methyl alcohol. It is a volatile, colorless, and flammable liquid and is widely used in the manufacturing of chemicals as a denaturing agent, solvents in laboratories, and fuel mixtures. It can be applied to the skin for antiseptic and astringent purposes. As methanol is toxic in nature, it is often mixed with ethanol to produce denatured alcohol, which is used for industrial applications. Methanol is a versatile chemical compound with various applications across industries to experience significant growth in global demand. As a cost-effective, clean-burning fuel and a key feedstock in producing numerous chemicals, methanol has gained attention as a sustainable and energy-efficient alternative.
One of the major drivers propelling the methanol market is the global push for cleaner and more sustainable fuels. Methanol is a promising alternative to conventional fossil fuels due to its low carbon emissions and potential for reducing greenhouse gas (GHG) emissions. Worldwide, governments and regulatory bodies are implementing stringent emission standards and promoting cleaner fuels, leading to a rise in demand for methanol as a fuel source.
Request Sample Report:
https://datahorizzonresearch.com/request-sample-pdf/methanol-market-2245
Segmentation Overview:
The global methanol market has been segmented into feedstock, derivatives, application, and region. Construction is the leading application segment for the methanol market during the forecast period. Methanol is widely used to produce formaldehyde, making adhesives, resins, and coatings. Asia-Pacific dominated the methanol market globally. This region has become a manufacturing powerhouse for several sectors, such as electronics, textiles, and automotive.
Buy This Research Report:
https://datahorizzonresearch.com/checkout-page/methanol-market-2245
Methanol Market Report Highlights:
- The global methanol market growth is anticipated at a CAGR of 5.5% by 2032.
- The global push for decarbonization drives the growth of methanol, and reducing greenhouse gas emissions presents a substantial opportunity for methanol as a low-carbon fuel.
- Natural gas dominates the global methanol market as it is the major ingredient for producing methanol.
- Regarding application, the construction segment accounted for a significant market share in 2022.
- Some prominent players in the methanol market report include Methanex Corporation, Southern Chemical Corporation, Zagros Petroleum, BASF SE, Mitsubishi Gas Chemical Company, Inc., HELM AG, SABIC, Celanese Corporation, Simalin Chemical Industries Pvt. Ltd., and Coogee.
Industry Trends and Insights:
- In 2023, J.P. Morgan Global Alternative’s Global Transportation Group (JPMGTG) confirmed its partnership with Total Energies. Besides, it is developing four methanol-based fuel chemical tankers with Singapore-based Hafnia with an expected delivery by 2026.
- In November 2022, Petronas moved forward with constructing a new methanol facility, which is expected to increase the company's 2.4 million tons of methanol production capacity by 1.75 million tons.
Looking Exclusively For Region/Country Specific Report?
https://datahorizzonresearch.com/ask-for-customization/methanol-market-2245
OR
Ask For Discount
https://datahorizzonresearch.com/ask-for-discount/methanol-market-2245
Methanol Market Report Segmentation:
- By Feedstock: Natural gas, coal, biomass, renewables
- By Derivatives: Formaldehyde, acetic acid, MTBE, DME, gasoline blending, biodiesel, MTO/MTP, and solvent.
- By Application: Construction, automotive, electronics, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Contact:
Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://datahorizzonresearch.com/
Follow Us: LinkedIn
Recent Publications
Agricultural Adjuvants Market 2023 to 2032
Ammonia Market 2023 to 2032
Adhesives And Sealants Market 2023 to 2032
Hydrogen Peroxide Market 2023 to 2032
Electric Vehicle Fluids Market 2023 to 2032
