Middle East: Methanol Market 2024

Methanol Market Size in the Middle East

The Middle Eastern methanol market declined significantly to $X in 2022, waning by -19.2% against the previous year. The total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Methanol Production in the Middle East

In value terms, methanol production fell to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 26% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Methanol Exports

Exports in the Middle East

In 2022, approx. X tons of methanol (methyl alcohol) were exported in the Middle East; with an increase of 12% compared with 2021 figures. The total export volume increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2015 with an increase of 23%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, methanol exports reduced to $X in 2022. Over the period under review, exports, however, continue to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2021 with an increase of 30% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Saudi Arabia (X tons) represented the major exporter of methanol (methyl alcohol), creating 40% of total exports. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 22% share, followed by Oman (20%) and Iran (14%). Bahrain (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +41.5%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest methanol supplying countries in the Middle East were Saudi Arabia ($X), Oman ($X) and the United Arab Emirates ($X), with a combined 82% share of total exports.

The United Arab Emirates, with a CAGR of +34.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, waning by -20.1% against the previous year. Overall, the export price continues to indicate a noticeable setback. The pace of growth appeared the most rapid in 2021 an increase of 62% against the previous year. 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 remained at a 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 Bahrain ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+0.2%), while the other leaders experienced a decline in the export price figures.

Methanol Imports

Imports in the Middle East

In 2022, methanol imports in the Middle East dropped to X tons, waning by -11.7% against the previous year's figure. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 30%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, methanol imports contracted to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 103% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Turkey was the key importer of methanol (methyl alcohol) in the Middle East, with the volume of imports accounting for X tons, which was near 68% of total imports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 22% share, followed by Israel (6.7%). Iraq (X tons) followed a long way behind the leaders.

Imports into Turkey increased at an average annual rate of +2.0% from 2012 to 2022. At the same time, Iraq (+61.1%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +61.1% from 2012-2022. By contrast, Israel (-1.7%) and the United Arab Emirates (-2.3%) illustrated a downward trend over the same period. While the share of Turkey (+12 p.p.) and Iraq (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of the United Arab Emirates (-6.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported methanol (methyl alcohol) in the Middle East, comprising 74% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 16% share of total imports. It was followed by Israel, with a 7% share.

In Turkey, methanol imports increased at an average annual rate of +3.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (-4.0% per year) and Israel (-1.0% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, rising by 5.8% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 55% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Turkey ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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