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Global Methanol Market was valued at USD 29.20 bn in 2021 and is expected to reach USD 41.43 bn by 2029, a CAGR of 4.47% during the forecast period of 2022-2029 Continuous Operation Vegetable Freezers
NEW YORK CITY, NEW YORK, UNITED STATE, January 11, 2023 /EINPresswire.com/ -- Methanol Market is becoming a popular alternative to conventional fuels like ethanol. Methanol is cheaper to produce and has a lower risk of flammability than gasoline-based fuels. Methanol is widely used. Methanol is able to meet domestic fuel needs because it can be made from different feedstocks, such as coal and natural gas. Methanol can be blended with gasoline, which replaces harmful octane boosters. Global Methanol Market was valued at USD 29.20 billion in 2021 and is expected to reach USD 41.43 billion by 2029, registering a CAGR of 4.47% during the forecast period of 2022-2029.
Methanol can be blended with gasoline to improve automobile performance and reduce flammability. Methanol is a key growth driver, as it is an excellent hydrogen carrierfuel fuel. Because it's a clean, efficient and cost-effective source of electricity generation, hydrogen fuel cells are gaining popularity. These factors will likely boost the growth of the methanol industry in the coming years.
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Heavy fuels like gasoline and diesel, which are major contributors to global environmental pollution, have led to many changes in climate and global warming. The effects of climate change will be significantly reduced if the fuel industry shifts to methanol or fuels that are blended with it. There are many benefits to using methyl alcohol for transportation, such as low toxic emissions and blends with gasoline that minimize harmful effects. The product's widespread adoption would greatly reduce carbon dioxide emissions from transportation. The market will also benefit from the replacement of heavy fuel oils in its marine sector.
Methanol can be used as a source or parent substance in the manufacture of many other chemical substances and products. Methanol is being used as an alternative fuel in many transportation systems due to its similarities to original fuel products that have ignition and easy availability. Wood alcohol is derived from the distillation of wood. However, many commercial methods for making it have been developed. The awareness of the environment is driving the market shift towards methanol as blended fuel in many transportation systems. This segment will be a major driver of market growth.
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Many countries were unable to continue operations due to the COVID-19 pandemic. Due to the long-term lockdowns imposed by governments, the manufacturing, construction, and automotive sectors will see a decline in growth and output. The forecast period saw a significant decline in market growth. Due to the reduction in population movement due to the pandemic risk factors, the demand for different fuel components saw a significant decline. The lockdown caused the closure of food outlets, which resulted in a reduction in the consumption of cooking fuel. This led to a drastic drop in demand and consumption of Methanol, which was a major obstacle to the growth of the market.
Methanol is used in many everyday products. Methanol can be used as a solvent in many chemical applications. Methanol can be used in the production of acetic acid or formaldehyde, for example, as feedstock. It is also used to make foams, windshield washer fluids, plywood substrates, and other chemicals. Methanol can also be mixed with gasoline to make high-octane gasoline. This high-octane fuel is also less polluting than gasoline, which reduces the environmental impact. Methanol is used extensively in China's industrial boilers, kilns and furnaces. Biodiesel, which is a large source of renewable fuel, also contains methanol.
ICI Low Pressure Method Lurgi Low Pressure Method
Formaldehyde Methyl Ether Acetic Acid Olefin Acetic Acid MTBE Other
Key Market Players included in the report:
Methanax Sabic MHT NPC CNPC Petronas Kingboard Datang International Jiutai Energy NINGXIA COAL Huayi Sinopec Yuanxing Energy Yunkuang Chemical Guanghui Industry OMC Yulin Natural Gas South Louisiana Shenda Chemical QFA
Q1. What is the size of the global methanol market? Q2. Which are the major companies in the methanol market? Q3. Which region, among others, possesses greater investment opportunities in the near future? Q4. What will be the growth rate of the Asia-Pacific methanol market? Q5. What are the strategies opted by the leading players in this market? Q6. Which companies are investing more on R&D practices?
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