The global methanol market size is set to gain traction from the urgent need to lower environmental pollution caused by the surging usage of heavy fuels, such as diesel and gasoline. This information is published by Fortune Business Insights™ in a report titled, “Methanol Market, 2021-2028.” 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

COVID-19 Pandemic: Lower Demand for Paints and Adhesives to Hamper Growth

The outbreak of the COVID-19 pandemic has slowed down manufacturing activities worldwide. For instance, Methanex Corporation, a leading firm in the market, stopped activities in its plants with production capacities of 800 KT and 850 KT per annum in Chile and Trinidad, respectively. Besides, the lower demand for chemicals, paints, and adhesives derived from this compound is set to hamper growth amid the pandemic.