Asia-Pacific: Methanol Market 2024

Methanol Market Size in Asia-Pacific

In 2022, the Asia-Pacific methanol market increased by 4.9% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +39.7% against 2020 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Methanol Production in Asia-Pacific

In value terms, methanol production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 52%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Methanol Exports

Exports in Asia-Pacific

Methanol exports reached X tons in 2022, with an increase of 2.9% compared with the year before. The total export volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2013 when exports increased by 19%. As a result, the exports reached the peak of X tons; afterwards, it flattened through to 2022.

In value terms, methanol exports fell sharply to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 30% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia was the major exporter of methanol (methyl alcohol) in Asia-Pacific, with the volume of exports amounting to X tons, which was approx. 60% of total exports in 2022. Brunei Darussalam (X tons) ranks second in terms of the total exports with a 23% share, followed by Indonesia (7.4%) and China (7.1%).

From 2012 to 2022, average annual rates of growth with regard to methanol exports from Malaysia stood at +1.6%. At the same time, China (+10.0%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +10.0% from 2012-2022. Brunei Darussalam experienced a relatively flat trend pattern. By contrast, Indonesia (-8.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Brunei Darussalam and China increased by +23 and +3.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X) remains the largest methanol supplier in Asia-Pacific, comprising 54% of total exports. The second position in the ranking was held by Brunei Darussalam ($X), with a 25% share of total exports. It was followed by China, with a 9% share.

From 2012 to 2022, the average annual growth rate of value in Malaysia was relatively modest. In the other countries, the average annual rates were as follows: Brunei Darussalam (0.0% per year) and China (+9.4% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, reducing by -22.3% against the previous year. In general, the export price recorded a slight setback. The pace of growth was the most pronounced in 2018 when the export price increased by 27% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2015; however, from 2016 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 China ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.5%), while the other leaders experienced a decline in the export price figures.

Methanol Imports

Imports in Asia-Pacific

In 2022, approx. X tons of methanol (methyl alcohol) were imported in Asia-Pacific; rising by 4.2% against 2021 figures. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.9% 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 +81.4% against 2013 indices. The growth pace was the most rapid in 2016 when imports increased by 26%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, methanol imports amounted to $X in 2022. Total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.5% 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 +65.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 64% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

Imports by Country

China represented the major importer of methanol (methyl alcohol) in Asia-Pacific, with the volume of imports finishing at X tons, which was near 52% of total imports in 2022. India (X tons) ranks second in terms of the total imports with an 11% share, followed by South Korea (8.8%), Japan (7.5%) and Taiwan (Chinese) (6.1%). Indonesia (X tons) and Thailand (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to methanol imports into China stood at +9.3%. At the same time, Indonesia (+12.4%), India (+6.3%), Thailand (+3.1%), Taiwan (Chinese) (+2.1%) and South Korea (+2.0%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +12.4% from 2012-2022. Japan experienced a relatively flat trend pattern. While the share of China (+14 p.p.) and Indonesia (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Taiwan (Chinese) (-2.7 p.p.), South Korea (-4 p.p.) and Japan (-5.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported methanol (methyl alcohol) in Asia-Pacific, comprising 50% of total imports. The second position in the ranking was taken by India ($X), with a 12% share of total imports. It was followed by South Korea, with a 9.6% share.

In China, methanol imports increased at an average annual rate of +8.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: India (+7.1% per year) and South Korea (+2.3% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, dropping by -3% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 54%. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+1.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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