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The global methanol market size is projected to grow from USD 28.74 billion in 2021 to USD 39.18 billion in 2028. The transportation industry is striving persistently to reduce carbon dioxide emissions by equipping vehicles with methyl alcohol. Also, the marine industry is using this chemical compound by replacing all the heavy fuels, which would positively affect growth. Fortune Business Insights™ mentioned this in a report, titled, “Methanol Market Size, Share & COVID-19 Impact 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, 2021-2028.” The report further states that the market stood at USD 27.95 billion in 2020. It is set to exhibit a CAGR of 4.5% during 2021-2028.
Celanese Corporation Expands Methanol Production Capacity in Texas, U.S.
In April 2019, Celanese Corporation, a specialty chemical providing company based in the U.S., announced the expansion of methanol production capacity in Texas. It will take place in the Clear Lake acetyl intermediates manufacturing facility. The company recently bagged approval for the second phase of expansion from the Fairway Methanol LLC board of directors. With this new development, it is set to broaden expansion to 1.7 million metric tons per year. As per one of the company officials, “This expansion would help us to manage future growth and product configuration options.”
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Increasing Demand for Plastics from Piping and Crane Rope Applications to Spur Growth
The automobile industry utilizes plastic for enhancing fuel efficiency and reducing the weight of vehicles. They provide various properties that are similar to metals. On the other hand, the construction industry uses plastics for making ropes of cranes and piping applications. At the same time, adhesives are showcasing high demand from the consumer goods and furniture industries. These factors are expected to boost the methanol market growth in the near future. However, if exposed to humans, this chemical can lead to numerous health effects, such as respiratory failure, nausea, kidney failure, seizures, heart issues, and vomiting. It may hamper growth.
Key Companies Aim to Gain More Opportunities through Capacity Expansions
The global market is fragmented, with the presence of various reputed companies worldwide. Most of them plan to establish new manufacturing facilities and expand production capacities to gain more opportunities in the market. A few others are forming joint ventures with regional and international organizations to compete with their rivals.
Fortune Business Insights™ presents a list of prominent Methyl Alcohol providers operating in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in this way:
Value (USD Billion) and Volume (Million ton)