Press release
Methanol Market Poised for Remarkable Growth, set to Reach USD 46.32 billion by 2032 with a CAGR of 4.5%.
The global methanol market size is set to gain traction from the urgent need to lower environmental pollution caused by the surging usage of heavy fuels, such as diesel and gasoline. Pollution further leads to global warming and climate change. Statista mentioned that the earth's surface temperature was 0.98 Celsius degrees warmer in 2020 than the 20th Century average.
Fortune Business InsightsTM displays this information in a report titled, "Bioplastics Market, 2024-2032."
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Segmentation-
Acetic Acid Segments Generated 5.5% Share in 2020: Fortune Business InsightsTM
By derivatives, the market is segregated into formaldehyde, acetic acid, MTBE, DME, gasoline blending, biodiesel, methanol to olefins (MTO)/methanol to propylene (MTP), solvent, and others. Among these, the MTO/MTP segment exhibits the highest CAGR in the near future, backed by the high demand for polyolefins from a wide range of end-user industries. The acetic acid segment earned 5.5% in terms of the methanol market share in 2020.
Report Coverage-
The research report studies decisive segments of the methyl alcohol industry containing regions, end-users, technologies, types, and applications. It elaborates the performance and significance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. In addition to this, it will help our clients to accurately determine the market size to guide them in choosing the right segment for their business growth.
List of Key Players Present in the Report:
• Methanex Corporation (Canada)
• HELM AG (Germany)
• Southern Chemical Corporation (U.S.)
• SABIC (Saudi Arabia)
• Mitsubishi Gas Chemical Company, Inc. (Japan)
• Zagros Petroleum(Iran)
• PETRONAS (Malaysia)
• Mitsui & Co., Ltd. (Japan)
• Celanese Corporation (U.S.)
• BASF SE (Germany)
• Simalin Chemical Industries Pvt. Ltd. (India)
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Drivers & Restraints-
Surging Usage as a Precursor in Plastics and Textiles to Bolster Growth
The high demand for the product from the construction and automotive industries is set to surge its usage across the globe. The chemical compound is often used in insulation materials, adhesives, textiles, and plastics as a precursor. However, the consumption of inhalation of this chemical can result in death, accumulation of acids in blood, and blindness. It may obstruct the methanol market growth in the near future.
Regional Insights-
Asia Pacific to Remain at Forefront Stoked by Expansion of Construction Industry
Geographically, in 2020, Asia Pacific held USD 17.60 billion in terms of revenue. It is set to be the major contributor to the growth of the industry because of the rapid expansion of the construction and automotive industries. In North America, on the other hand, the higher demand for this chemical compound from green fuel manufacturers would propel growth. Europe is likely to grow considerably on account of the expansion of the automotive industry.
Competitive Landscape-
Key Players Focus on Forming Joint Ventures with Others to Intensify Competition
The global market contains many companies, out of which, most of them are participating in acquisitions, mergers, and joint venture strategies. A few others are focusing more on expanding their production capacities to meet the high
consumer demand.
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Key Industry Developments:
• September 2024 - Methanex signed a definitive agreement to acquire OCI Global's international methanol business for $2.05 billion. This strategic move positions Methanex to expand its global footprint and enhance its production capabilities.
Read Related News:
Dimethyl Ether (DME) Market: https://www.fortunebusinessinsights.com/dimethyl-ether-market-104309
Acetic Acid Market: https://www.fortunebusinessinsights.com/acetic-acid-market-103386
Paints and Coatings Market: https://www.fortunebusinessinsights.com/industry-reports/paints-and-coatings-market-101947
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