The global methanol market size is expected to reach USD 40.48 billion by 2027. Fortune Business Insights™ mentioned this information in a new report. The report further states that the market stood at USD 28.50 billion in 2019. It is set to exhibit a CAGR of 4.6% during the forecast period between 2020 to 2027.
New Company to Become Major Market Player
In June 2018, SCC, Proman AG, and HELM AG announced that they would develop a joint venture called HELM Proman Methanol AG. This newly developed company will be a leading player in the methanol marketing industry. It will be based in Switzerland with two of its principal offices in Singapore and Houston.
Methanol – Precursor to Several Chemicals
Methanol is considered to be a perfect precursor to several compounds and chemicals, such as insulation materials, adhesives, textiles, and plastics. Out of these, plastics play a crucial role in the automobile industry as they are capable of lowering the weight of the vehicles. They possess similar properties to metals and hence, are able to enhance the fuel efficiency.
Apart from that, methyl alcohol is experiencing high demand for fuel blending applications. Coupled with this, the increasing usage of adhesives in the manufacturing of consumer goods and furniture would contribute to the methanol market growth in the near future. However, the consumption or inhalation of this chemical may result in the accumulation of acid in blood, death, and blindness. This factor may hamper the market growth.
The companies present in the global market are currently striving to gain a competitive edge by implementing acquisitions and expansion strategies. Some of them are also developing brand new methanol manufacturing plants in various countries across the globe to generate more sales.
Source: Fortune Business Insights™