ASEAN: Methanol Market 2024

Methanol Market Size in ASEAN

The ASEAN methanol market reduced to $X in 2022, dropping by -10.7% against the previous year. The total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +25.1% against 2020 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Methanol Production in ASEAN

In value terms, methanol production shrank significantly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 25% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Methanol Exports

Exports in ASEAN

In 2022, after two years of decline, there was significant growth in overseas shipments of methanol (methyl alcohol), when their volume increased by 38% to X tons. The total export volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 42% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, methanol exports expanded sharply to $X in 2022. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 56%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Malaysia (X tons) represented the major exporter of methanol (methyl alcohol), mixing up 66% of total exports. Brunei Darussalam (X tons) took a 25% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (8.2%).

Malaysia was also the fastest-growing in terms of the methanol (methyl alcohol) exports, with a CAGR of +1.6% from 2012 to 2022. Brunei Darussalam experienced a relatively flat trend pattern. Indonesia (-8.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brunei Darussalam increased by +25 percentage points.

In value terms, Malaysia ($X) remains the largest methanol supplier in ASEAN, comprising 62% of total exports. The second position in the ranking was taken by Brunei Darussalam ($X), with a 29% share of total exports.

In Malaysia, methanol exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brunei Darussalam (0.0% per year) and Indonesia (-9.6% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, falling by -16.7% against the previous year. Overall, the export price saw a mild descent. The most prominent rate of growth was recorded in 2021 an increase of 69%. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brunei Darussalam ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-1.3%).

Methanol Imports

Imports in ASEAN

Methanol imports fell to X tons in 2022, waning by -8.2% compared with the year before. Total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by +0.5% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 27%. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, methanol imports shrank to $X in 2022. Total imports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +62.9% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 76% against the previous year. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

The purchases of the four major importers of methanol (methyl alcohol), namely Indonesia, Thailand, Singapore and Malaysia, represented more than two-thirds of total import. It was distantly followed by Vietnam (X tons) and the Philippines (X tons), together mixing up a 15% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Indonesia (with a CAGR of +12.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest methanol importing markets in ASEAN were Indonesia ($X), Thailand ($X) and Singapore ($X), together comprising 74% of total imports.

Indonesia, with a CAGR of +13.7%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, standing approx. at the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 61% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Indonesia ($X per ton) and the Philippines ($X per ton), while Malaysia ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform