Latvia: Methanol Market 2025

Methanol Market Size in Latvia

The Latvian methanol market contracted to $X in 2022, reducing by -11.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a mild descent. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Methanol Exports

Exports from Latvia

In 2022, overseas shipments of methanol (methyl alcohol) increased by 3,161% to X tons, rising for the fourth consecutive year after two years of decline. In general, exports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 20,049%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, methanol exports soared to $X in 2022. Overall, exports saw significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by 20,250% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Lithuania (X tons) was the main destination for methanol exports from Latvia, with a 98% share of total exports. It was followed by Estonia (X tons), with a 1.8% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Lithuania stood at +16.9%.

In value terms, Lithuania ($X) emerged as the key foreign market for methanol (methyl alcohol) exports from Latvia, comprising 97% of total exports. The second position in the ranking was held by Estonia ($X), with a 1.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Lithuania stood at +21.2%.

Export Prices by Country

The average methanol export price stood at $X per ton in 2022, rising by 22% against the previous year. In general, the export price enjoyed a temperate increase. The pace of growth was the most pronounced in 2017 when the average export price increased by 77%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Lithuania ($X per ton), while the average price for exports to Estonia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Estonia (+18.1%).

Methanol Imports

Imports into Latvia

In 2022, after two years of decline, there was significant growth in supplies from abroad of methanol (methyl alcohol), when their volume increased by 52% to X tons. Overall, imports posted moderate growth. The most prominent rate of growth was recorded in 2018 when imports increased by 64%. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, methanol imports skyrocketed to $X in 2022. Over the period under review, imports recorded a tangible increase. The growth pace was the most rapid in 2018 when imports increased by 110%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Russia (X tons) constituted the largest methanol supplier to Latvia, accounting for a 65% share of total imports. Moreover, methanol imports from Russia exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. The third position in this ranking was taken by Estonia (X tons), with a 5.7% share.

From 2012 to 2022, the average annual growth rate of volume from Russia was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+89.8% per year) and Estonia (-1.8% per year).

In value terms, Russia ($X) constituted the largest supplier of methanol (methyl alcohol) to Latvia, comprising 68% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 22% share of total imports. It was followed by Estonia, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value from Russia stood at +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+105.6% per year) and Estonia (+0.5% per year).

Import Prices by Country

In 2022, the average methanol import price amounted to $X per ton, surging by 5.9% against the previous year. Overall, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, methanol import price increased by +95.4% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 85%. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+36.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform