Press release
Exploring the Methanol Market Trends, Growth, and Future Outlook
Furthermore, there is a surge in the need for methanol-based fuel, as it is one of the substitute fuels for automobiles, which would help to keep the environment green and clean.
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On the basis of application, the methanol market is divided into, acetic acid, methanol to olefins/methanol to propylene, Formaldehyde, Formaldehyde, MMA, DME, biodiesel, and solvents. Among these the formaldehyde category is projected to grow gradually in the years to come, credited to its wide variety of applications like manufacturing of building materials and many household items, as per the report of P&S Intelligence.
In addition, formaldehyde is used extensively in the production of interior-molded components of vehicles to increase fuel efficiency and reduce weight. The usage of formaldehyde as a preservative in organic materials stop the development of bacteria.
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In APAC, the demand for petrochemicals is growing aggressively, which would eventually contribute to the growth of the methanol industry. In the petrochemical market, methanol is extensively used in the creation of DPT, DME, acetic acid, and formaldehyde.
As the petrochemical sector is growing and the usage of methanol-based fuel is also surging in Japan, China, and India, the requirement for these chemicals will grow more and more in the APAC region.
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