Factors such as the increasing need for methanol for the production of petrochemicals, including formaldehyde, dimethyl ether (DME), acetic acid, olefins, methyl methacrylate (MMA), methyl tert-butyl ether/tert-amyl methyl ether (MTBE/TAME), and solvent; and rising demand for methanol-based fuel as an alternative fuel for automobiles are projected to propel the growth of the methanol market at a significant rate during the forecast period (2021–2030). According to P&S Intelligence, the market generated around $20 billion in 2020. Moreover, the market is witnessing a trend of surging research and development (R&D) activities on new and sustainable manufacturing procedures of methanol.