ECOWAS: Methanol Market 2024

Methanol Market Size in ECOWAS

The ECOWAS methanol market reached $X in 2022, picking up by 3.8% against the previous year. The market value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Methanol Production in ECOWAS

In value terms, methanol production contracted slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 36% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Methanol Exports

Exports in ECOWAS

After five years of decline, shipments abroad of methanol (methyl alcohol) increased by 6.4% to X tons in 2022. Overall, exports, however, showed a dramatic descent. The most prominent rate of growth was recorded in 2014 when exports increased by 677%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, methanol exports expanded to $X in 2022. In general, exports, however, showed a dramatic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 473%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Guinea (X tons) represented the largest exporter of methanol (methyl alcohol), comprising 81% of total exports. It was distantly followed by Cote d'Ivoire (X tons), constituting a 17% share of total exports.

Guinea was also the fastest-growing in terms of the methanol (methyl alcohol) exports, with a CAGR of -26.9% from 2012 to 2022. Cote d'Ivoire (-40.4%) illustrated a downward trend over the same period. While the share of Guinea (+46 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-39.7 p.p.) displayed negative dynamics.

In value terms, Guinea ($X) remains the largest methanol supplier in ECOWAS, comprising 71% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 28% share of total exports.

In Guinea, methanol exports declined by an average annual rate of -26.9% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, remaining constant against the previous year. Overall, the export price, however, enjoyed a measured increase. The pace of growth appeared the most rapid in 2017 when the export price increased by 140%. Over the period under review, the export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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 Cote d'Ivoire ($X per ton), while Guinea stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+10.1%).

Methanol Imports

Imports in ECOWAS

In 2022, purchases abroad of methanol (methyl alcohol) increased by 188% to X tons, rising for the second year in a row after two years of decline. Overall, imports enjoyed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, methanol imports soared to $X in 2022. Over the period under review, imports posted a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, reaching X tons, which was near 94% of total imports in 2022. The following importers - Ghana (X tons) and Cote d'Ivoire (X tons) - together made up 6% of total imports.

Imports into Nigeria increased at an average annual rate of +36.7% from 2012 to 2022. At the same time, Ghana (+44.8%) and Cote d'Ivoire (+12.3%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +44.8% from 2012-2022. Nigeria (+8.2 p.p.) and Ghana (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire saw its share reduced by -9.2% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported methanol (methyl alcohol) in ECOWAS, comprising 96% of total imports. The second position in the ranking was held by Ghana ($X), with a 3.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at +28.8%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+31.0% per year) and Cote d'Ivoire (+5.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, waning by -7.9% against the previous year. In general, the import price showed a deep downturn. The pace of growth was the most pronounced in 2019 when the import price increased by 24%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-5.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform