The global methanol market size 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. This information is given by Fortune Business Insights™ in a new report, titled, “Methanol Market Size, Share & Industry Analysis, By Feedstock (Natural Gas, Coal, Biomass & Renewables), By Derivative (Formaldehyde, Acetic Acid, MTBE, DME, Gasoline Blending, Biodiesel, MTO/MTP, Solvent, and Others), By Application (Construction, Automotive, Electronics, and Others) and Regional Forecast, 2020-2027.” 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 emergence of the COVID-19 pandemic is causing huge losses for numerous industries. Some of them have resumed operations by reducing their workforce and maintaining social distancing. Our reports are specially created to provide elaborate information about the present scenario of every market. You can select the best strategy to intensify competition and gain business confidence.
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 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.
Information source: https://www.fortunebusinessinsights.com/industry-reports/methanol-market-101552