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Description
Methanol Market size was valued at USD 36,274.3 million in 2021, at a CAGR of 5.8% from 2022 to 2028. Methanol, also called methyl alcohol, wood alcohol, or wood spirit, is the most basic participant of the chemical molecule’s family of alcohol. Methanol is now formed by combining hydrogen with carbon monoxide gas directly in the occurrence of a catalyst. Conventionally, it was prepared by violently distilling wood. Methanol is a colorless, volatile, light, and flammable liquid with a particular smell like that of ethyl alcohol or ethanol. Due to its poisonousness, this chemical is frequently combined with ethyl alcohol to manufacture denatured alcohol, which is utilized for industrial applications. The global market provides a detailed overview and that can be segmented by chemical type and by end-user. By chemical type, the Methanol market growth has been segmented into Formaldehyde, Dimethyl ether, Gasoline, Chloromethane, MTBE/TAME, Acetic acid,and Others. The MTBE/TAME segment is likely to be the significant growing segment in terms of chemical type. Based on End users, the Methanol market is segmented into Bacterial end users, Automotive, Construction, Electronics, Paints & Coatings, Pharmaceuticals, and Others. Among these, the Construction end-user segment is expected to have the fastest-growing market during the forecast period 2022-2028. This rise in this segment is due to the diversity of products produced using methanol, such as plywood subfloors, adhesives, foams, and plastics. These goods have extensive applications in the construction business, and their increasing demand is anticipated to raise consumption. The automotive sector is likely to list significant growth during the forecast period due to the increasing usage of methanol and plastics blended fuels.
Key Development:
In January 2022, India launched its first coal-to-methanol plant constructed by BHEL
In May 2022, Indian Oil launched in Assam methanol-blended petrol on a pilot basis
