Global Methyl Alcohol Market is expected to grow at a significant CAGR in the upcoming years as the scope and its applications are rising enormously across the globe. Methyl alcohol, also known as “methanol”, or “wood alcohol”, is a chemical with molecular formula CH3OH. It is abbreviated as MeOH and comes across as the simplest form of alcohol, and a colorless, flammable liquid. In presence of catalysts, methyl alcohol is produced by the reaction of carbon monoxide and hydrogen.
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Methyl Alcohol Market is segmented based on end users, derivatives, and region. End users such as Energy Industry, Chemical Industry, Construction, Paints & Coatings, Automotive, and others classify Methyl Alcohol Market. The “Automotive” segment accounts for the largest market share of Methyl Alcohol Market and is expected to lead the overall market in the years to come; the reason being, it being exclusively used in the automotive industry, in internal combustion engines of vehicles when combined with gasoline, and also as an anti-freezing agent, and its derivatives are also used widely.
Derivatives such as Gasoline, Formaldehyde, DME, TAME, Acetic Acid, MTBE, and others classify Methyl Alcohol Market. The “formaldehyde” segment accounts for the largest market share of Methyl Alcohol Market and is expected to lead the overall market in the years to come. This could be attributed to the fact that it is the main derivative of methyl alcohol coupled with rising demand in the construction industry. Methyl Alcohol Market is segmented, geographically into Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific, Latin America, and Middle East and Africa.
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Globally, Asia Pacific accounts for the largest share of Methyl Alcohol Market and is expected to lead the overall market over the period of time owing to the growing demand for methanol and its derivatives like furniture, construction, textile, and automotive industries. China is the major consumer of Methyl Alcohol Market in this region. The key players of Methyl Alcohol Market are Arkema, BASF, Shell, SABIC, Celanese, PETRONAS, Methanex, and DOW classify Methyl Alcohol Market.These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
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