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The global methanol market reached a value of US$ 26 Billion in 2020.
According to the estimates by IMARC Group, the global methanol market is expected to grow at a CAGR of 9.8% during 2021-2026.
The expanding automotive industry has propelled the demand for methanol as a transportation fuel and antifreeze agent for automobile radiators, thereby representing one of the key drivers for the global methanol market.
The rising environmental concerns towards growing carbon emissions have led to the adoption of methanol as a cleaner alternative to conventional fuels, such as diesel, gasoline, crude oil, etc., thereby representing one of the key trends in the global methanol market.
Sudden outbreak of the COVID-19 pandemic has led to a surging demand for methanol in the pharmaceutical sector, thereby positively influencing the growth of the global methanol market.
On the basis of application, the market has been bifurcated into formaldehyde, gasoline, acetic acid, chloromethane, dimethyl ether, and Methyl Tert-Butyl Ether (MTBE)/Tertiary Amyl Methyl Ether (TAME). Amongst these, formaldehyde represents the largest application segment in the market.
Region-wise, the global methanol market has been segmented into China, Asia Pacific (excluding China), Europe, North America, Middle East and Africa, and Latin America, where China exhibits a clear dominance in the market.
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