The global methanol market is estimated to reach USD 100.3 billion by 2024, primarily driven by its widespread of applications in adhesives, paints, and plastics. Asia Pacific is the fastest growing market in terms of volume, growing at a CAGR of 8.6% and is expected to maintain its dominance over the forecast period.

The traditional fuels such as diesel and petrol used in automobiles are now being replaced with competent substitutes and methanol derivatives such as propylene and ethylene glycol. Furthermore, the chemical had low production costs and improved safety that will give rise to its usage as a transportation fuel and will drive the market.

With the growth in the construction sector and increasing urbanization, there is an increase in demand for methanol derivatives such as formaldehyde which is usually utilized for producing adhesives, which is used for the manufacturing of plywood.

Browse Details of Report @ https://www.hexaresearch.com/research-report/methanol-market

Key players analyzed:
• Badische Anilin- und Soda-Fabrik
• Zagros Petrochemical Company
• Methanol Holdings Trinidad Limited
• Mitsui & Co., Ltd
• Celanese Corporation
• Petroliam Nasional Berhad
• Saudi Arabia Basic Industries Corporation
• Methanex Corporation
• Mitsubishi Gas Chemical Co., Inc.
• Valero Marketing and Supply Company

The rise in demand for petrochemicals and the advancement of new industrial segments are projected to offer new opportunities for the methanol market during the forecast period. In Asia Pacific region, China is the largest and the fastest growing market and is expected to show the same trend over the forecast period due to the abundance of coal and natural gas available in China.

The growth of methanol market is mainly due to the rise in demand for clean burning fuel and fuel substitutes such as biodiesel. Additionally, increase in R&D activities for the usage of methanol as an alternative to gasoline products for vehicles is projected to drive the demand for methanol.

Methanol by-products like formaldehyde, acetic acid, DME, gasoline is utilized in several industrial applications such as construction & building, production of petrochemicals, pharmaceuticals, synthesis of chemicals and in the automotive sector. Formaldehyde dominated the global market contributing to USD 6.2 billion in 2016. Formaldehyde is used to produce wood products such as plywood and adhesives.

Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/bulk-chemicals-industry