LONDON, Nov. 01, 2022 (GLOBE NEWSWIRE) — Methanol has continued to be a versatile feedstock for a variety of applications including plastics, resins, paints and adhesives, plywood, perfumes, foams, explosives and pharmaceuticals. The increasing perception of methanol as a potential fuel alternative is likely to drive this Global methanol market, suggests a newly released report from Fairfield Market Research. As methanol gradually gains ground as a clean-burning fuel over conventional gasoline in major European and North American countries, the report expects the market to do so 2022 – 2029 will show a promising CAGR of 4.7%. Toward the end of the forecast year, the methanol market revenue is expected to exceed $72.9 billion. Methanol consumption will remain high as it plays an indispensable role in industrial chemical production processes.
Get the sample copy of the report at: https://www.fairfieldmarketresearch.com/report/methanol-market/request-sample
Important findings from research
- The global methanol market size was around US$44.4 billion in 2021 and is expected to grow 1.4 times by 2029
- Coal remained the most desirable commodity, accounting for more than 65% of the methanol market in 2021
- Methanol consumption continues to be the maximum for power and MTO applications, accounting for over 60% market share
Insights into segment analysis
Based on feedstocks, maintaining access to low-cost feedstock alternatives remains critical to the methanol economy. While this helps keep the market competitive, the report clearly states that coal will remain the preferred feedstock choice among methanol producers, which accounted for over 65% of the total methanol market value in 2021. Formaldehyde will remain the best-selling category in the methanol market, accounting for over 20% of market value. Formaldehyde’s market positioning continues to be sustained by its increasing attention as a preferred blended fuel candidate. Over 70% of formaldehyde is lost in the manufacture of melamine, urea and…
