Methanol market to grow to $36 billion by 2026

Methanex in Geismar is a major producer of methanol (Courtesy Methanex)

Chicago-based MarketsandMarkets predicts that the global methanol market will expand to $36 billion in five years from nearly $31 billion in 2021, reports Reuters.

Methanol-to-olefins and methanol-to-propylene end uses will account for the fastest growth during the period, the market research company says.

The growth is due to the rise of investments in plants in China to produce olefins through methanol. Methanol is used in construction, automotive, electronics, coatings, insulation, pharmaceuticals and solvents.

Coal will account for the fastest growth in the methanol feedstock segment from 2021 to 2026, the company adds. Read the entire story.