Methanol Market to Reach Nearly USD 30.74 Billion and Expected to Grow at a CAGR of 5.20% by 2028 | Reports and data
Growing demand for methanol-based biofuels is one of the significant factors influencing the growth of the market over the forecast period.
NEW YORK CITY, NEW YORK, USA, September 14, 2022 /EINPresswire.com/ — The Global Methanol market is expected to reach $30.74 billion by 2028, according to a new report from Reports and Data. Methanol is used as an alternative fuel for transportation, due to its ease of distribution and availability, and its combustion efficiency worldwide. It is a high octane fuel that enables efficient performance in internal combustion (IC) engines. Engines optimized for methanol-fuel could offer an energy efficiency gain of around 50.0% over a standard gasoline engine in a light-duty automobile. In addition, it can be used in heat engines as a replacement for diesel fuels. It has been found that heavy-duty dual-fuel engines running on diesel and methanol can improve efficiency and significantly reduce emissions from buses, trucks and off-road vehicles.
Growing acceptance of methanol to olefins (MTO) process is expected to drive the market growth in the coming years. MTO is an essential reaction for both industrial applications and basic research. Propylene and ethylene are among the important intermediates used in the petrochemical industry.
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Other key findings from the report suggest
By type, non-renewable methanol dominated the market in 2018 and is expected to grow at a rate of 2.4% over the forecast period. Methanol is a vital and versatile chemical for the chemical industry, mainly used in the production of chemicals, including solvents and antifreezes, gasoline additives or biodiesel production process.
By commodity, natural gas has contributed a larger market share over the forecast period and is expected to grow at a rate of 2.7% over the forecast period.
By application, formaldehyde accounted for the largest market share in 2018 and is expected to witness a growth rate of 2.3% during the period 2019-2027. It is an essential element used in plywood for home construction, modern airliner window/door insulation, and automotive fuel system components. Formaldehyde offers superior utility to consumers in the form of consistent quality, extended use, and reliable performance and safety.
By vertical, the automotive industry led the market in 2018 and is expected to grow at a CAGR of 2.5% over the forecast period.
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For the purpose of this report, Reports and Data has segmented the global construction films market based on type, application and region:
Type of Outlook (Volume, Kilotons; 2018-2028 & Revenue, USD Million; 2018-2028)
Commodity Outlook (Volume, Kilotons; 2018-2028 and Revenue, USD Million; 2018-2028)
Application Outlook (Volume, Kilotons; 2018-2028 and Revenue, USD Million; 2018-2028)
Methyl tert-butyl ether (MTBE)
Dimethyl ether (DME)
Industry Vertical Outlook (Volume, Kilotons; 2018-2028 & Revenue, USD Million; 2018-2028)
Paints and coatings
Key Regional Markets Covered in the Report:
North America (United States, Canada, Mexico)
Europe (Italy, UK, Germany, France, Rest of Europe)
Asia-Pacific (India, China, Japan, South Korea, Australia, Rest of Asia-Pacific)
Latin America (Chile, Brazil, Argentina, Peru, rest of Latin America)
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Key questions answered by the report:
What is the expected year-on-year growth of Construction Films during the forecast period?
What key trends are expected to influence market revenue growth in the future?
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