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Growing Petrochemical Industry Driving Methanol Market Growth
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Moreover, the mounting demand for methanol-based fuel as alternative automobile fuel, owing to the rising consciousness about increasing air pollution levels, will steer the methanol market growth during 2021–2030. According to P&S Intelligence, the market generated revenue of around $20 billion in 2020. As per the World Health Organization (WHO), air pollution causes around 7 million deaths worldwide every year. This international organization further estimates that 9 out of 10 individuals breathe air that exceeds WHO limits on pollutant content in the air.
Geographically, Asia-Pacific (APC) will lead the methanol market in the foreseeable future, owing to the expanding petrochemical industry in the region. Petrochemical companies use methanol in the production of DME, acetic acid, and formaldehyde. In addition, the burgeoning demand for methanol-based fuel in Japan, China, and India will also accelerate the consumption of this chemical in the region. Besides, the booming electronics industry, increasing construction activities, and mushrooming automobile production will also propel the usage of methanol in APAC.
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Thus, the increasing demand for petrochemicals from the construction and automotive industries and the rising public demand for methanol-based fuel will facilitate the usage of methanol, globally.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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