Global Methanol Market Influenced by its Diverse Applications

1. Global Methanol Market Influenced by its Diverse Applications Copyright © IMARC. All Rights Reserved

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3. Report Description and Highlights Report Description Global Methanol Market Influenced by its Diverse Applications Methanol, also known as wood alcohol or methyl alcohol, is a volatile, clear and flammable liquid with the chemical formula CH3OH. It is the simplest alcohol and one of the most vital chemical compounds shipped around the world. Earlier, methanol was chiefly produced as a by-product of the destructive distillation of wood, whereas it is now manufactured in a catalytic process from hydrogen, carbon dioxide and carbon monoxide. Methanol is widely used in the production of acetic acid, formaldehyde, paints, plywood, plastics, explosives, polyesters, detergents, biodiesel, fungicides, pesticides, insecticides, etc. According to IMARC Group, the global methanol market reached a volume of 75 Million Tons in 2017. Looking forward, the market is expected to reach a volume of nearly 95 Million Tons, exhibiting a CAGR of 4% during 2018-2023. Major Applications Chemical Applications Methanol is chiefly employed as a feedstock in the chemical industry for manufacturing numerous industrial organic chemical products.

4. Report Description and Highlights Report Description • The majority of methanol is used in the production of formaldehyde, which is further used to form paints, explosives, plastics, polymers, plywood, etc. Other major chemical derivatives of methanol include dimethyl ether (DME) which finds application as an aerosol propellent, and acetic acid which is employed in the manufacturing of terephthalic acid, vinyl acetate and acetic anhydride. Rising demand for methanol and its derivatives in the automotive, furniture, construction and textile industries is propelling the growth of the market. • Fuel Applications • Applications of methanol in the fuel industry currently represent the fastest growing end-use segment. It is used as a fuel in internal combustion engines, including vehicles and aircrafts. It is also mixed with petrochemicals and employed in the production of other fuels including tertiary amyl methyl ether (TAME), dimethyl ether (DME), methyl tertiary butyl ether (MTBE) and biodiesel. Moreover, methanol mixed with nitrous oxide and gasoline produces more power than nitrous oxide and gasoline alone. As a result of this, it is used as the primary fuel source by mud racers and drag racers, and in heavily modified tractor pullers.

5. Report Description and Highlights China dominates the global production China is the leading producer of methanol in the world, holding the largest market share. Other major producers include Europe, North America, Asia-Pacific (excluding China), Latin America, and Middle East and Africa. Based on the import data, China represents the largest importer of methanol, closely followed by the United States. On the other hand, Trinidad and Tobago are the biggest exporters of methanol. Want more information about this market? Request a free report sample : https://www.imarcgroup.com/request?type=report&id=650&flag=B In the current scenario, Methanex accounts for the majority of the total share, representing the world’s largest methanol manufacturer. Some of the other key players include Southern Chemical Corporation, Saudi Arabian Basic Industries Corp and Mitsubishi Gas Chemical. Source: https://chemicalmaterial265414441.wordpress.com/2018/03/20/global-methanol-market-influenced-by-its-diverse-applications/

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