Chile: Methanol Market 2024

Methanol Market Size in Chile

The Chilean methanol market dropped markedly to $X in 2022, waning by -51.9% against the previous year. In general, consumption recorded a pronounced decrease. Methanol consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Methanol Production in Chile

In value terms, methanol production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, posted a buoyant increase. The growth pace was the most rapid in 2016 when the production volume increased by 86% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Methanol Exports

Exports from Chile

In 2022, shipments abroad of methanol (methyl alcohol) was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2016 when exports increased by 255%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, methanol exports skyrocketed to $X in 2022. In general, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2016 with an increase of 139% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Brazil (X tons) was the main destination for methanol exports from Chile, accounting for a 70% share of total exports. Moreover, methanol exports to Brazil exceeded the volume sent to the second major destination, China (X tons), fourfold. The third position in this ranking was held by South Korea (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Brazil stood at +6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+35.1% per year) and South Korea (+87.3% per year).

In value terms, Brazil ($X) remains the key foreign market for methanol (methyl alcohol) exports from Chile, comprising 80% of total exports. The second position in the ranking was taken by China ($X), with an 11% share of total exports. It was followed by South Korea, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value to Brazil totaled +10.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+33.5% per year) and South Korea (+78.1% per year).

Export Prices by Country

The average methanol export price stood at $X per ton in 2022, rising by 6.4% against the previous year. Over the period under review, export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, methanol export price increased by +101.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 90% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+3.5%), while the prices for the other major destinations experienced a decline.

Methanol Imports

Imports into Chile

In 2022, overseas purchases of methanol (methyl alcohol) increased by 848% to X tons, rising for the second consecutive year after five years of decline. Overall, imports, however, continue to indicate a abrupt shrinkage. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, methanol imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a perceptible setback. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of methanol to Chile, with a 86% share of total imports. Moreover, methanol imports from the United States exceeded the figures recorded by the second-largest supplier, Argentina (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +54.4%.

In value terms, the United States ($X) constituted the largest supplier of methanol (methyl alcohol) to Chile, comprising 92% of total imports. The second position in the ranking was taken by Argentina ($X), with a 6.1% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +56.3%.

Import Prices by Country

The average methanol import price stood at $X per ton in 2022, with an increase of 76% against the previous year. Overall, the import price recorded buoyant growth. The most prominent rate of growth was recorded in 2019 when the average import price increased by 252% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2020; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Argentina totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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