In Canada, Emergen Research reported that the global methanol market is projected to reach a market value of $44.82 billion by 2032, growing at a CAGR of 3.4% during the 2023-2032 period.
“One of the primary drivers is the expanding demand for methanol as a key feedstock in the production of a wide range of chemicals, including formaldehyde, acetic acid, and olefins, which are vital components in various industries such as automotive, construction, and textiles,” the report said.
“Moreover, the growing utilization of methanol as a cleaner-burning fuel alternative in the transportation sector, owing to its lower emissions compared to conventional fuels, has spurred its demand further,” it added.
Emergen Research also noted that the development of new applications for methanol, such as its potential use in renewable energy storage and the synthesis of sustainable materials, has opened up new opportunities for market expansion.
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