Methanol Market is Anticipated to Reach US$72.9 Bn by 2029

Methanol Market Grows Stronger with an Increasing Perception as a Clean Burning Fuel Substitute for Gasoline Predominantly driven by a wide range of end-use industries that consume methanol as a versatile feedstock, methanol continues to witness sustained demand worldwide. The key industries majorly include pharmaceuticals, plastics, paints and adhesives, resins, plywood, foams, perfumes, and explosives, suggests the latest report released by Fairfield Market Research. The report further estimates that the methanol market size that was around US$44.4 Bn in the year 2021 will most likely experience around 1.4x expansion toward the end of 2029. By the end of the assessment period, the market size will reach a whopping US$72.9 Bn. There has been a growing perception about methanol as a clean burning potential fuel alternative to conventional gasoline over the recent past. This according to the report will drive the growth of methanol market ahead. As the consideration of methanol as a potentially efficient, safer, and economically viable alternative to conventional marine fuels will grow across the various parts of the world, methanol market will successfully maintain its steady momentum in the long run. Though steady, the market has been slated for a promising CAGR of 4.7% over 2022 – 2029. Coal will continue to be the most preferred feedstock for methanol production, and energy & MTO applications are likely to remain at the forefront in methanol consumption. Escalating demand for methanol in energy-related application areas such as biodiesel, fuel blending, DME, and MTBE/TAME will significantly shape market in future. For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/methanol-market Formaldehyde Bestseller, Coal Preferred Feedstock in Methanol Market The report reveals that the demand for formaldehyde continues to see an upswing owing to stable demand growth across key areas of application, including automotive, paints and adhesives, textile, plywood, plastics, pesticides, personal care, and construction. Formaldehyde will continue to surge ahead with more than a fifth of the overall market valuation throughout the end of forecast period. Attributing to a growing perception of formaldehyde as an ideal blended fuel candidate, it is more likely to garner greater attention in future. The report further marks that the production of melamine-, urea-, and phenol formaldehyde resins will remain responsible for nearly 70% of methanol consumption. Feedstock-wise analysis of the market uncovers the fact that the cost-competitive feedstock will remain preferred among end users. In 2021, coal recorded to be the most preferred feedstock with more than 65% share in methanol market. In terms of application, methanol consumption is projected to be the maximum for energy & MTO applications, which accounts for more than 60% share in methanol market. China Maintains Lead in Global Methanol Market