Eastern Asia: Methanol Market 2024

Methanol Market Size in Eastern Asia

In 2022, the East Asian methanol market increased by 1.7% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +33.4% 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 Eastern Asia

In value terms, methanol production dropped to $X in 2022 estimated in export price. In general, production showed a slight downturn. The growth pace was the most rapid in 2017 with an increase of 155% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Methanol Exports

Exports in Eastern Asia

In 2022, approx. X tons of methanol (methyl alcohol) were exported in Eastern Asia; shrinking by -60.9% compared with the year before. Overall, exports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2013 with an increase of 958%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, methanol exports fell remarkably to $X in 2022. In general, exports, however, enjoyed a strong increase. The growth pace was the most rapid in 2013 with an increase of 867% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

China prevails in exports structure, finishing at X tons, which was near 94% of total exports in 2022. South Korea (X tons) and Japan (X tons) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +10.0% from 2012 to 2022. At the same time, Japan (+16.4%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +16.4% from 2012-2022. By contrast, South Korea (-1.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China increased by +6.7 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest methanol supplier in Eastern Asia, comprising 93% of total exports. The second position in the ranking was held by South Korea ($X), with a 3.7% share of total exports.

In China, methanol exports increased at an average annual rate of +9.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (-2.3% per year) and Japan (+13.8% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, increasing by 8.7% against the previous year. Overall, the export price, however, showed a mild downturn. The pace of growth was the most pronounced in 2021 when the export price increased by 39%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while China ($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 Eastern Asia

For the fifth year in a row, Eastern Asia recorded growth in supplies from abroad of methanol (methyl alcohol), which increased by 5.1% to X tons in 2022. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.2% 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 +29.1% against 2016 indices. The pace of growth appeared the most rapid in 2016 with an increase of 33% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in years to come.

In value terms, methanol imports rose to $X in 2022. Total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +60.8% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 57%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

China represented the key importing country with an import of about X tons, which reached 70% of total imports. It was distantly followed by South Korea (X tons), Japan (X tons) and Taiwan (Chinese) (X tons), together making up a 30% share of total imports.

China was also the fastest-growing in terms of the methanol (methyl alcohol) imports, with a CAGR of +9.3% from 2012 to 2022. At the same time, Taiwan (Chinese) (+2.1%) and South Korea (+2.0%) displayed positive paces of growth. Japan experienced a relatively flat trend pattern. While the share of China (+17 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Taiwan (Chinese) (-3.9 p.p.), South Korea (-6 p.p.) and Japan (-7.6 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported methanol (methyl alcohol) in Eastern Asia, comprising 68% of total imports. The second position in the ranking was held by South Korea ($X), with a 13% share of total imports. It was followed by Japan, with an 11% 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: South Korea (+2.3% per year) and Japan (+0.4% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, with a decrease of -2.3% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 49%. The level of import peaked at $X per ton in 2018; however, from 2019 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 South Korea ($X per ton) and Japan ($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 South Korea (+0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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