Fort Collins, Colorado, Nov. 20, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Methylal Market size was valued at USD 255.9 Million in 2022 and is expected to reach a market size of USD 329.8 Million by 2032 at a CAGR of 2.5%.
Methylal, or dimethoxymethane, is a versatile chemical compound produced from methanol oxidation or by combining formaldehyde and methanol. It is in high demand globally due to its wide range of applications in various industries. Specifically, it is used as a blowing agent for PU foams in the pharmaceutical and cosmetic industries, where its properties, such as good solubility, low boiling point, and anti-carcinogenic effects, are highly valued.
Despite the expected increase in the usage of fossil fuels by 1.3% by 2040 worldwide, methylal remains a crucial diesel additive and an industrial solvent that can be used as a base for protective coatings. Moreover, the recent emergence of methylal as an automotive fuel and diesel modification additive, as well as its adoption in new industrial verticals, presents new growth opportunities for the methylal market during the forecast period.
The PU foam industry is increasingly focusing on the construction and sports applications of the product. The polymer's penetration in the industry has grown substantially due to the popularity of sealants derived from PU bases, which possess favorable properties for preventing air and water leakage. Furthermore, sports players are increasingly using tennis grips and garments made from polyurethane. The increased usage of this polymer in various industries is expected to benefit blowing agents such as methylal.
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Segmentation Overview:
The global methylal market has been segmented into product, application, and region. The superior-grade methylal segment holds the largest market share, with a purity level of 99% or more. The pharmaceutical industry's rising demand for methylal, an extractant and reaction solvent, is driving market growth. Methylal's low toxicity, high solvent power, and low viscosity make it a popular choice in medical synthesis. The solvent segment leads the market growth, with the fuel additive segment expected to be the fastest growing.
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Methylal Market Report Highlights:
- The global methylal market growth is anticipated at a CAGR of 2.5% by 2032.
- Fossil fuel usage is rising globally, leading to increased demand for methylal as an additive to diesel and as a base for protective paints and coatings.
- The Asia-Pacific dominates the methyl alcohol market with around 40% of the market share, driven by rapid growth in the medical and pharmaceutical industry due to increasing population, urbanization, and disposable income.
- Some prominent players in the methylal market report include INEOS (Prefere Resins), LCY Chemical, Chemofarbe, Fuhua Tongda, Kuraray, Lambiotte, Otto Chemie Pvt Ltd., Betachem Industries, and Cal Roth, among others.
Industry Trends and Insights:
- Ineos will continue its partnership with Tottenham despite Sir Jim Ratcliffe's potential stake in Manchester United.
- Kuraray Co. has developed PVA hydrogel microcarriers for cell cultures, which will be launched in January 2024.
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Methylal Market Segmentation:
By Product: Superior Grade, Refined Grade, Crude Grade
By Application: Solvent, Fuel Additive, Polymers, Cleaning Agent, Printing Inks, Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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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.
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