The North America methanol market reached a volume of 8 Million Tons in 2019. Methanol, also known as wood alcohol, is a colorless, water-soluble liquid with a mild alcoholic odor. It presents an excellent way to store and transport energy conveniently and safely. Methanol is used in fuel cells as a direct reagent or indirectly as a source of hydrogen. In the chemical industry, methanol is used mainly for manufacturing formaldehyde, acetic acid, dimethyl terephthalate (DMT) and other solvents. Similarly, in the energy industry, it is employed in the manufacturing of methyl tertiary butyl ether (MTBE), tertiary amyl methyl ether (TAME), dimethyl ether (DME) and biodiesel.
The North America methanol market is currently being driven by various factors. Methanol offers long term possibilities for reducing greenhouse gas emissions. Therefore, the rising environmental concerns among the consumers have stimulated the usage of methanol as a safer fuel owing to its low rate of evaporation and low radiant heat energy. In addition to this, it biodegrades easily and can be a safer replacement of products such as crude oil, gasoline and diesel fuel. Apart from this, methanol can be manufactured from a variety of carbon-based feedstock such as natural gas, coal and biomass. These raw materials are readily available in the market and thus driving the production of methanol in the region. Looking forward, IMARC Group expects the market to reach a volume of nearly 10 Million Tons by 2025, registering a CAGR of 3.8% during 2020-2025.
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