Africa: Methanol Market 2024

Methanol Market Size in Africa

In 2022, the African methanol market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Methanol Production in Africa

In value terms, methanol production reduced modestly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 22%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Methanol Exports

Exports in Africa

In 2022, methanol exports in Africa fell significantly to X tons, dropping by -32% on the year before. Over the period under review, exports, however, saw a modest increase. The pace of growth was the most pronounced in 2021 when exports increased by 111% against the previous year. As a result, the exports attained the peak of X tons, and then shrank sharply in the following year.

In value terms, methanol exports dropped dramatically to $X in 2022. In general, exports recorded a perceptible curtailment. The growth pace was the most rapid in 2021 when exports increased by 187%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Equatorial Guinea (X tons) and Egypt (X tons) dominates exports structure, together making up 93% of total exports. The following exporters - Algeria (X tons) and Libya (X tons) - together made up 7.1% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Libya (with a CAGR of +3.1%), while the other leaders experienced more modest paces of growth.

In value terms, Equatorial Guinea ($X) remains the largest methanol supplier in Africa, comprising 63% of total exports. The second position in the ranking was held by Egypt ($X), with a 28% share of total exports. It was followed by Algeria, with a 5.4% share.

In Equatorial Guinea, methanol exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Egypt (-6.9% per year) and Algeria (-0.4% per year).

Export Prices by Country

The export price in Africa stood at $X per ton in 2022, shrinking by -9.2% against the previous year. In general, the export price saw a noticeable slump. The pace of growth was the most pronounced in 2017 an increase of 39% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Libya ($X per ton), while Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Libya (-1.1%), while the other leaders experienced a decline in the export price figures.

Methanol Imports

Imports in Africa

In 2022, the amount of methanol (methyl alcohol) imported in Africa surged to X tons, jumping by 118% compared with 2021 figures. Over the period under review, imports enjoyed resilient growth. The growth pace was the most rapid in 2014 with an increase of 152%. The volume of import peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, methanol imports skyrocketed to $X in 2022. Overall, imports continue to indicate a notable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria was the main importer of methanol (methyl alcohol) in Africa, with the volume of imports resulting at X tons, which was approx. 52% of total imports in 2022. South Africa (X tons) ranks second in terms of the total imports with a 22% share, followed by Egypt (8.3%) and Angola (6.7%). Kenya (X tons) and Ghana (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +36.7% from 2012 to 2022. At the same time, Ghana (+44.8%), South Africa (+42.2%) and Kenya (+4.9%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Africa, with a CAGR of +44.8% from 2012-2022. By contrast, Angola (-5.8%) and Egypt (-11.2%) illustrated a downward trend over the same period. Nigeria (+47 p.p.), South Africa (+20 p.p.) and Ghana (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while Angola and Egypt saw its share reduced by -18.6% and -48.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported methanol (methyl alcohol) in Africa, comprising 52% of total imports. The second position in the ranking was held by South Africa ($X), with a 17% share of total imports. It was followed by Angola, with a 13% share.

In Nigeria, methanol imports increased at an average annual rate of +28.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Africa (+37.7% per year) and Angola (-8.3% per year).

Import Prices by Country

In 2022, the import price in Africa amounted to $X per ton, falling by -17.8% against the previous year. Over the period under review, the import price continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2013 an increase of 40%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Angola ($X per ton), while Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :