Methanol Market Hugh Growth is expected to reach US$ 41,974.76 Million by 2028

Posted by Nikhil khadilkar on October 10th, 2022

The Global Methanol Market was valued at US$ 20,352.80 million in 2020 and is slated to be worth US$ 41,974.76 million by 2028 to grow at a CAGR of 5.9% during 2021–2028. The increasing use of methanol as feedstock in several applications and the growing application of methanol in construction activities are the key factors driving the market growth.

Methanol is used in several chemicals and compounds such as plastics, adhesives, insulation materials, and textiles. The automotive industry mainly uses plastic polymers to manufacture vehicle interiors and other components. The use plastic compounds decreases the vehicle kerb weight, improves fuel efficiency, and meets environmental regulations regarding CO₂ emissions from fossil fuels. Apart from the automotive industry, methanol is witnessing high demand in the medical industry as it is largely used as a preservative in many liquid formulation-based medicines. 

There is a high demand for methanol in construction activities as it is used as a solvent for paints and varnishes due to its better miscibility than ethanol in water. China’s real estate industry estimated around 1 trillion investments in construction activities in 2021. According to the National Bureau of Statistics of China, the nation’s real estate development accounted 38.3% growth from January to April 2021. Also, according to the US Census Bureau and the US Department, the US stated that around 1,702,000 housing units are in progress. Hence, growing building construction activities are boosting the demand for methanol.

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 On the flip side, the detrimental effect of methanol on human health hampers the growth of the global methanol market.  

By derivate, the global methanol market is divided into formaldehyde, acetic acid, methanol-to-olefins (MTO)/methanol-to-propylene (MTP), methyl tertiary-butyl ether (MTBE), methyl methacrylate (MMA), biodiesel (gasoline blending), dimethyl ether (DME), and others. Among these, the formaldehyde segment dominated the market growth with a share of 24.4%, and the market was valued US$ 4,972.39 million in 2020. Further, the segment is expected to grow at a CAGR of 5.5% during the forecast period to garner US$ 9,942.16 million by 2028, with a market share of 23.69%.

On the basis of end user, the market is fragmented into automotive, construction, electronics, packaging, pharmaceuticals, paints and coatings, and others. In 2020, the automotive segment led the market with a share of 30.29%, and it is assessed to increase by 30.80% by 2028. The methanol market for the automotive segment was valued at US$ 6,165.03 million in 2020 and is anticipated to amass US$ 12,928.76 million by 2028 with a 6.1% CAGR during 2021–2028.

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