A Growing Industry of 2022 - Methanol
Methanol is used as feedstock for manufacturing various construction-related materials such as plastic pipes, paints and coatings, carpet underlay, wood panels, and crane ropes. Moreover, formaldehyde-based resins, one of the methanol's derivatives, are widely used to manufacture composite and engineered wood products used in cabinetry, countertops, moldings, shelving, stair systems, flooring, wall sheathing, support beams, and trusses. Also, glue adhesives used as bonding agents for building blocks are made of formaldehyde-based chemistry. In addition, methanol is used as a solvent for paints and varnishes as it is easily dissolvable compared to ethanol. Hence, methanol and its derivates are extensively used while producing a range of building construction-related materials. Rapidly growing building constructions in developing and developed economies are increasing the demand for building construction-related materials. As per the National Bureau of Statistics of China, the country's real estate development witnessed 38.3% growth from January to April 2021 compared to the same months in 2020. The country's real estate industry estimated around 1 trillion investments in construction activities in 2021.
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In 2020, Asia Pacific held the largest revenue share of the global methanol market.
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