Methanol is a key component in the manufacture of hundreds of other chemicals, solvents and other formulations. Approximately 40% of methanol is converted into formaldehyde which is in turn used in the manufacture of a diverse range of products such as plastics, paints, textiles, pigments and dyes. Methanol is also used to manufacture acetic acid, the fuel additive methyl tertiary-butyl ether (MTBE), biodiesel and increasingly as a feedstock for new methanol to olefins plants.