Global methanol demand is expected to increase significantly – from 60.7 million metric tons (MMT) in 2013 to more than 109 MMT in 2023 – with an average annual growth rate of 6 percent, according to research from IHS.
The global methanol market has been estimated at USD 31.02 billion in 2016 and is projected to reach USD 51.6 billion by 2021, growing at a CAGR of 10.70% during the forecast period, 2016 to 2021 (Research and Markets).
See some familiar products made with methanol. There are thousands that are in our everyday lives.
One of the most promising new uses of methanol is as fuel for large ocean-going vessels, where it can reduce emissions up to 95% over current bunker fuels.