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According to ICIS website news 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 a potential decline in demand for liquid fuels, may limit methanol in the coming decades.
demand
.
The IEA added that this 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 to come
.
However, consumption could peak in the mid-2040s under the IEA Sustainability Scenario, the agency's roadmap for the world to reach net-zero emissions by 2070
.
According to the IEA, the main factors driving the peak in methanol demand will be the growth of the plastics recycling industry and the reduction in the use of liquid fuels in the transportation industry as the electric vehicle (EV) industry and clean hydrogen power continue to grow
.
"Increased recycling of plastics reduces the need for methanol production," the Paris-based agency said in its Energy Technology Outlook report released on Thursday
.
Fuel use accounts for about one-third of methanol production, and under the agency's sustainability assumptions, the use of liquid fuels will largely disappear during this time
.
