In Delaware, Transparency Market Research reported that the global methanol market was worth $22 billion in 2023 and is expected to reach $32.9 billion by 2034.
The report noted that the market is forecast to grow at a CAGR of 3.4% during the period.
“Demand for methanol is expected to increase in Asia Pacific. Automobile, construction, electronics, and textile industries are big consumers of methanol for various applications in Asia Pacific,” the report said.
“The situation is especially severe in nations such as China, India, and South Korea. Consumption of methanol in the region is strongly influenced by rapid urbanization and industrialization, along with a high demand for consumer goods, building materials, and cars,” it added.
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