Report shows global methanol market reached $34.5 billion last year
In New York, market research firm IMARC Group reported that the global methanol market size reached $34.5 billion in 2022.
The research firm said it expects the market to reach $ 47 billion by 2028, exhibiting a CAGR of 5.1% during 2023-2028.
“The escalating demand for cleaner and safer fuels and the increasing awareness about environmental pollution are some of the key factors providing an impetus to the methanol market growth. Moreover, the surging demand for biodiesel and the rising product demand in the construction industry are bolstering the market growth,” the report said.
“Besides this, rapid technological advancements in methanol production and the extensive application of formaldehyde in producing building materials, furniture, and textiles are creating a positive outlook for the market. Additionally, governments across nations are introducing various initiatives and policies to promote the use of renewable energy sources, such as methanol, which is positively supporting the market growth,” IMARC added.
Category: Fuels
