Market Challenges And Opportunities

Restraints

However, ingestion of ethanol in combination with denatured alcohol can cause death, which can restrain the market growth. Furthermore, growing preference among the automobile industry for hybrid fuel engines is likely to affect demand for ethanol across the globe. However, factors such as low toxicity, low cost, high purity, and easy availability are projected to drive the market growth over the forecast period.

It is worth noting, however, that increasing number of electric cars, growing health awareness, and rising cost of raw materials is projected to hamper the market growth.

Methanol is a type of alcohol that finds application across a variety of industries, and is commonly used as an intermediate in industries such as pharmaceuticals, automotive, wood, resins, and in chemicals such as acetic acid, methyl chloride, and dimethyl terephthalate. These factors are projected to contribute to the growth of the global alcohol market in the near future.