The methanol industry is involved in the production, distribution, and use of methanol, a colorless, volatile liquid with the chemical formula CH3OH. Methanol is also known as wood alcohol and is the simplest alcohol compound. As per the report, the market stood at USD 27.95 billion in 2020. It is projected to grow from USD 28.74 billion in 2021 to USD 39.18 billion in 2028 at a CAGR of 4.5% during the forecast period.
Source: https://www.fortunebusinessinsights.com/industry-reports/methanol-market-101552
Here are some key aspects of the methanol industry:
Production: Methanol can be produced from various feedstocks, including natural gas, coal, biomass, and even carbon dioxide. The most common method of methanol production is through the steam reforming of natural gas, where methane is converted to synthesis gas (a mixture of hydrogen and carbon monoxide), which is then catalytically converted to methanol.
Applications: Methanol has a wide range of applications. It is commonly used as a solvent, antifreeze, and as a raw material in the production of numerous chemicals, including formaldehyde, acetic acid, and methyl tert-butyl ether (MTBE). Methanol is also used as a fuel in transportation, either as a pure methanol fuel or blended with gasoline in flexible fuel vehicles.
