Methanol Procurement Intelligence: Trends to Watch
The methanol category is expected to grow at a CAGR of 4.6% from 2023 to 2030. Methanol is used as a fuel source due to its blending capacity and high-octane rating. Methanol, alternatively referred to as methyl alcohol or wood alcohol, is a transparent, lightweight, volatile, and combustible liquid possessing an aroma akin to ethanol or alcoholic beverages. It stands as one of the widely employed industrial chemicals, serving as a precursor in the manufacturing processes of formaldehyde, acetic acid, Methyl Tert-Butyl Ether (MTBE), Dimethyl Ether (DME), biodiesels, olefins, and various other compounds. Methanol finds extensive application in the production of biodiesel, a biodegradable and environmentally safe alternative that generates fewer air pollutants compared to other fuels. Anticipated growth in the market is expected through government initiatives aimed at reducing the global carbon footprint. The category also plays a crucial role in olefins generation through the Methanol-...