Methanol Market Forecast to 2028 - COVID-19 Impact and Global Analysis (US$ 44.08 billion by 2028)

The scope of our recent 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-Use Industry (Automotive, Construction, Electronics, Packaging, Pharmaceuticals, Paints & Coatings, and Others), and Geography," includes the factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.

The methanol market is expected to grow from US$ 29.42 billion in 2022 to US$ 44.08 billion by 2028; it is estimated to grow at a CAGR of 5.9% from 2022 to 2028.

Get Sample PDF- https://www.theinsightpartners.com/sample/TIPRE00004235/?utm_source=OpenPR&utm_medium=10310

Methanol is also termed methyl alcohol. It is an alcohol compound used as an additive in various industrial applications. It is a flammable, colorless, and toxic liquid. Methanol is broadly used in the production of petrochemicals. The rise in demand for petrochemicals is boosting the methanol market growth. The use of petroleum chemicals in end-use industries such as construction and automotive is one of the driving factors for the methanol market growth.

Based on derivative, the 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 2021, the formaldehyde segment dominated the market. Formaldehyde is widely used in the pharmaceutical industry to produce vaccines, disinfectants, and hard-gel capsules. Moreover, formaldehyde finds its application as a preservative in food, medicines, and cosmetics.

The methanol market is segmented into five main regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific is the hub of prominent methanol market players, focusing on product development and innovation. The building & construction industry is a strong contributor to the methanol market growth. For instance, in India, the construction industry is the second-largest industry after agriculture, accounting for about 11% of the country's GDP. Further, according to the report by The Asia-Pacific Research and Training Network on Trade (ARTNeT), Thailand is a major automobile exporting country from Asia. Japanese FDI mainly drives this sector. The Chinese automobile sector is growing very fast and is poised to make its dent in the international trade arena, with a strong position in the component sector. Thus, the growth in construction, automotive, and pharmaceutical industries is fueling the demand for methanol in the Asia Pacific.

buy this report @ https://www.theinsightpartners.com/buy/TIPRE00004235/?utm_source=OpenPR&utm_medium=10310

Impact of COVID-19 Pandemic on Methanol Market

The COVID-19 pandemic drastically altered the status of the chemicals & materials sector and negatively impacted the growth of the methanol market. The implementation of measures to combat the spread of the virus aggravated the situation and impacted the growth of several industrial sectors. Industries such as construction, paints & coating, electronics, and packaging have been affected by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. The significant decline in the growth of several industrial sectors impacted the demand for methanol in the global market. Various industries faced supply chain disruption due to the COVID-19 pandemic. The demand for methanol has been negatively affected due to the total shutdown of construction activities and halt in expansion or new construction of plants and factories due to labor shortages and reduced operational activities. However, the demand for methanol products has been substantial in the pharmaceutical industry. The industry witnessed growth during the lockdown, which helped the methanol market sustain its demand to a certain extent.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:

The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

This release was published on openPR.