What Role is Methanol Playing in Reducing Air Pollution?
The petrochemical industry uses methanol to manufacture methyl methacrylate (MMA), dimethyl ether (DME), methyl tert-butyl ether/tert-amyl methyl ether (MTBE/TAME), acetic acid, solvents, and formaldehyde. These petrochemical products are widely used in the construction and automotive sectors. Thus, the boom in these industries, primarily, on account of the rising disposable income of people, will create a huge requirement for methanol in the forthcoming years. Moreover, the increasing globalization will accelerate the establishment of petrochemical manufacturing facilities in different parts of the world, owing to which the consumption of this chemical will rise exponentially. Additionally, the burgeoning demand for clean fuel, due to the surging air pollution levels caused due to vehicular and industrial emissions, will propel the methanol market growth during the forecast period (2021–2030). According to P&S Intelligence, the market generated ~$20 billion in 2020. In recent yea...