The Formaldehydeproduced resins are mostly utilized to create glues for plywood, chipboard/particle board, furniture manufacturing, and the building industry. In 2021, the Formaldehyde, of the Derivatives segment, held the largest market share for Methanol.Natural Gas is also safer to employ as a feedstock than gasoline fuels, which have a higher risk of ignitability. This is because Methanol can be produced with the appropriate purity using Natural Gas as a feedstock and is a straightforward process. The Natural Gas segment dominated the Global Methanol Market in 2021.The current bunkering infrastructure can accept Methanol with relatively minor alterations because it is readily available in liquid form. Methanol, one of the components, is a low-cost, clean-burning marine fuel that helps comply with the shipping industry's ever-stricter emissions and regulations issued over the forecast period. As a result of the market's promising growth prospects, Methanol sales will have reached amazing levels. Methanol finds extensive use in the packaging, pharmaceutical, paints and coatings, automotive, electronics, and insulation industries. It is also known as methyl hydrate or methyl alcohol. Methanol is a colorless, flammable, light chemical with a pronounced alcoholic door. In terms of revenue, the Global Methanol Market is expected to reach USD 37.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.3% from 2022 to 2028.
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