Traditionally Methanol is used in a variety of industrial applications. Methanol is primarily used as an industrial solvent for inks, resins, adhesives to wood items, and dyes. It is used as a solvent in the manufacture of cholesterol, streptomycin, vitamins, hormones, and other pharmaceuticals.ethanol is used to produce a variety of chemicals, including formaldehyde and acetic acid. Formaldehyde is added to adhesives used in the wood industry, such as plywood, particle board and laminates.