Growing Use of Methanol as Blended Fuel in Transportation Industry to Boost Market Growth During 2021–2028
According to our latest market study on “Methanol Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Derivative [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] End-User Industry (Automotive, Construction, Electronics, Packaging, Pharmaceuticals, Paints and Coatings, and Others),” the market is expected to grow from US$ 28,114.27 million in 2021 to US$ 41,974.76 million by 2028; it is expected to grow at a CAGR of 5.9% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.
Methanol, also known as methyl alcohol is a flammable, colorless, and toxic liquid chemical with a trivial smell that is used to produce formaldehyde, acetic acid, methyl-tert-butyl-ether (MTBE), and methyl methacrylate (MMA). It is widely used in the production of adhesives, plastics, insulation materials, textiles, and food chemicals.
Methanol Market - Geographic Overview
Methanol Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Derivative [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] End-User Industry (Automotive, Construction, Electronics, Packaging, Pharmaceuticals, Paints and Coatings, and Others)
Methanol Market Report - Analysis, Global Size and Outlook
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Several governments globally are showing interest in using methyl alcohol as blended fuel in the transportation industry. The growing interest in methyl alcohol can be attributed to its benefits of clean energy. The blending of methyl alcohol in gasoline reduces the emission of harmful gasses such as sulfur oxides (SOx) and nitrogen oxides (NOx). The widespread adoption of vehicles powered by methyl alcohol would lower the carbon dioxide emissions from the transportation industry. In this regard, the NITI Aayog of the Government of India has identified methyl alcohol as a competitive blended and alternative fuel for its transportation industry. NITI Aayog's "Methanol Economic" program aims to reduce India's oil import bill and greenhouse gas (GHG) emissions, and convert coal reserves and municipal solid waste into methyl alcohol. Hence, the government of India has launched a commercial coal mining program to increase coal production for coal gasification, including more methyl alcohol production. The government of India is planning to blend 15% methyl alcohol in gasoline with a long-term goal of improving urban air quality. Thus, the growing interest in methyl alcohol as a blended fuel bolsters the methanol market growth.
Impact of COVID-19 Pandemic on Methanol Market
The ongoing COVID-19 pandemic has drastically altered the status of the chemicals & materials sector and impacted the growth of the methanol market. Various industries have faced supply chain disruptions amid the COVID-19 pandemic. Halt in the expansion or new construction of plants and factories owing to labor shortage and reduced operational activities has led to the total shutdown of construction activities. However, the slowly rising demand for methanol in various applications along with significant investments by prominent manufacturers is expected to drive the market growth in the coming years.
METHANEX CORPORATION; OCI N.V.; BASF SE; SABIC; MITSUBISHI GAS CHEMICAL COMPANY, INC.; HELM AG; CELANESE CORPORATION; ZAGROS PETROCHEMICAL COMPANY; MITSUI AND CO., LTD.; and LYONDELLBASELL INDUSTRIES HOLDINGS B.V. are among the well-established players in the market. The market players are adopting strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and meet the growing demand from end users.
The report segments the methanol market as follows:
The methanol market, by derivative, is segmented 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. Based on end-user industry, the market is segmented into automotive, construction, electronics, packaging, pharmaceuticals, paints and coatings, and others. By geography, the market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America.
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