Methanol Market is estimated to be US$ 5.77 billion by 2030 with a CAGR of 5.30% during the forecast

Nisha Shaha06 May, 2022Business

Global Methanol Market accounted for US$ 3.45 billion in 2020 and is estimated to be US$ 5.77 billion by 2030 and is anticipated to register a CAGR of 5.30%. Methanol fuel is an alternate biofuel for combustion and other engines, either together with gasoline or independently. Methanol is a smaller amount expensive to supply sustainably than ethanol fuel, although it's generally more toxic and has lower energy density. For optimizing engine performance and fuel availability, however, a mix of ethanol, methanol and petroleum is probably going to be preferable to using any of those alone. Methanol could also be made up of hydrocarbon or renewable resources, especially gas and biomass respectively. It also can be synthesized from carbon dioxide and hydrogen. Methanol fuel is currently employed by racing cars in many countries but has not seen widespread use otherwise.