According to the ICIS website on September 10, the International Energy Agency (IEA) said on Thursday that the development of plastic recycling and the development of clean energy such as hydrogen, coupled with the potential decline in liquid fuel demand, may limit methanol production in the next few decades. demand.
IEA added that this goal can only be achieved if the commitment to these reforms remains firm.
Methanol is a key intermediate in the production of chemicals and fuels, and its demand is expected to continue to grow for a long time in the future.
However, according to the IEA's sustainable development vision (the agency's roadmap for the world to achieve net zero emissions by 2070), consumption may peak in the mid-2040s.
According to the IEA, the main factors driving the peak of methanol demand will be the growth of the plastic recycling industry, and with the continuous growth of the electric vehicle (EV) industry and clean hydrogen power, the use of liquid fuels in the transportation industry will decrease.
The Paris-based agency stated in its "Energy Technology Outlook" report released on Thursday: "The increase in plastic recycling has reduced the demand for methanol production."
Fuel applications account for about one-third of methanol production. Under the organization's sustainable development vision, the use of liquid fuels will basically disappear during this time.
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