Formaldehyde Segment has the Largest Share of Type in the North America Methanol Market during 2021–2028
According to our latest study on “North America Methanol Market Forecast to 2028 – COVID-19 Impact and Analysis – by Derivatives Type and End Use Industry,” the market is projected to reach US$ 3,756.74 million by 2028 from US$ 2,638.96 million in 2021; it is expected to grow at a CAGR of 5.2% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as increasing use of methanol as a feedstock in various applications and rapidly increasing construction activities. However, detrimental effect of methanol on human health is hamper the market growth.
Based on derivative type, the North America Methanol market 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. In 2020, formaldehyde segment accounted for the highest share of the market in the forecasted period. However the MTO /MTP segment registered the highest CAGR of 6.2% during the forecast period. The growth of the segment is primarily attributed to the wide application scope of formaldehyde in various applications. Formaldehyde is extensively used in automotive and construction. Formaldehyde is also used in pharmaceutical industry to produce vaccines, anti-infective drugs, and hard-gel capsules. Moreover, formaldehyde finds its application as a preservative in food, medicines, and cosmetics.
Methanex Corporation, OCI N.V., BASF SE, SABIC, HELM AG, Celanese Corporation, Zagros Petrochemical co., and LyondellBasell Industries Holdings B.V are among the leading companies in the North America Methanol market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for North America Methanol market is segmented into derivative type and end use industry. Based on type, the North America Methanol market 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 use industry the North America Methanol market is segmented into automotive, construction, electronics, packaging, pharmaceuticals, paints and coatings, and other. Geographically, the North America Methanol market is segmented into North America (US, Canada, Mexico).
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