Growing Petrochemical Industry Driving Methanol Market Growth

The high-volume consumption of methanol in the production of a wide range of petrochemicals is expected to support the methanol market growth, worldwide. According to P&S Intelligence, the market generated a revenue of over $20 billion in 2020. Moreover, the rising adoption of methanol as an alternative fuel in vehicles, on account of the increasing environmental concerns, will drive the demand for the chemical during the forecast period (2021–2030).