The global methanol market is set to grow astonishingly backed by the rising shift of the transportation industry towards methanol-powered vehicles. The main reason for this is that methyl alcohol reduces the emissions of carbon dioxide in the atmosphere. The report further states that the methanol market size was USD 28.50 billion in 2019 and is projected to reach USD 40.48 billion by 2027, exhibiting a CAGR of 4.6% during the forecast period. The COVID-19 pandemic has led to severe repercussion owing to its widespread effects across several economies. Multiple industries are facing unprecedented economic loss owing to the lockdown announced by the governments across the globe that has resulted in the complete shutdown of businesses. The crippling economy, however, is being revived through collective efforts from the government, as well as the industries and is expected to bounce back in the near future.

Key Question Answered in report:

• Business Opportunities

• Commerce Challenges

• Demand Insights

• CAGR Values

• Historic Analysis

• Detailed Segmentation

• Top Companies Data

• Market Size

• Supply Trend

• Target Audience

• Key Geographies

Drivers & Restraints-

High Demand from Automotive & Construction Industries to Aid Growth

Heavy fuels, namely, diesel and gasoline are considered to be the major causes of environmental pollution. They often result in global warming and rapid changes in climate. Hence, the fuel industry is inclining towards methanol-infused fuels to lower the severe climatic conditions. Methyl alcohol is also used extensively as a transportation fuel owing to its possession of multiple properties. When mixed with gasoline, it reduces the toxic emissions. Apart from that, its high demand from construction and automotive industries would also contribute to the methanol market growth in the coming years. However, the outbreak of the COVID-19 pandemic is expected to affect the market negatively as the manufacturers have shut down their plants temporarily.

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Fortune Business Insights™ lists out the names of all the methanol manufacturers operating in the global market. They are as follows:

• Methanex Corporation

• HELM AG

• Southern Chemical Corporation

• SABIC

• Mitsubishi Gas Chemical Company, Inc.

• Zagros Petroleum

• PETRONAS

• Mitsui & Co., Ltd.

• Celanese Corporation

• BASF SE

• Simalin Chemical Industries Pvt. Ltd.

• Other Players

Segment-

Formaldehyde Segment to Grow Rapidly Fueled by Increasing Demand from Multiple Industries

Based on derivatives, the market is segregated into solvent, MTO/MTP, biodiesel, gasoline blending, DME, MTBE, acetic acid, formaldehyde, and others. Out of these, the acetic acid segment held 5.4% in terms of methanol market share in 2019. The formaldehyde segment is likely to be the largest throughout the forthcoming years owing to their high demand from a wide range of industries, such as textile, automobile, and construction.

Regional Analysis-

Rising Production of Green Fuels to Favor Growth in North America

Geographically, in 2019, Asia Pacific procured USD 17.94 billion in terms of revenue. It is anticipated to be the major contributor to the market growth backed by the persistent expansion of the construction and automotive industries. China is a significant consumer and manufacturer of methanol derivatives. North America, on the other hand, is set to exhibit high growth stoked by the rising fuel blending and the increasing production of green fuels in this region.