Report Update Nov 1, 2024

Nigeria - Methanol (Methyl Alcohol) - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Methanol Market 2024

Methanol Market Size in Nigeria

The Nigerien methanol market skyrocketed to $X in 2022, increasing by 215% 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). Over the period under review, consumption showed a significant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Methanol Exports

Exports from Nigeria

In 2022, methanol exports from Nigeria amounted to X kg, approximately equating 2021. Overall, exports showed a precipitous contraction. The pace of growth was the most pronounced in 2016 when exports increased by 68% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, methanol exports amounted to $X in 2022. In general, exports faced a dramatic decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 68%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Niger (X kg) was the main destination for methanol exports from Nigeria, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Niger was relatively modest.

From 2012 to 2022, the average annual rate of growth in terms of value to Niger was relatively modest.

Export Prices by Country

In 2022, the average methanol export price amounted to $X per ton, leveling off at the previous year. Overall, the export price showed a perceptible reduction. The pace of growth appeared the most rapid in 2016 when the average export price increased by 0.5% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Niger.

From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to 0.0% per year.

Methanol Imports

Imports into Nigeria

In 2022, overseas purchases of methanol (methyl alcohol) increased by 235% to X tons, rising for the second year in a row after two years of decline. Overall, imports continue to indicate significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

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

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of methanol to Nigeria, with a 58% share of total imports. Moreover, methanol imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Equatorial Guinea (X tons), threefold. Saudi Arabia (X tons) ranked third in terms of total imports with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands amounted to +100.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Equatorial Guinea (+48.0% per year) and Saudi Arabia (+56.5% per year).

In value terms, Equatorial Guinea ($X), the Netherlands ($X) and Saudi Arabia ($X) were the largest methanol suppliers to Nigeria, together accounting for 84% of total imports. The United Arab Emirates and South Africa lagged somewhat behind, together comprising a further 11%.

The United Arab Emirates, with a CAGR of +74.1%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average methanol import price stood at $X per ton in 2022, falling by -11.8% against the previous year. In general, the import price showed a abrupt setback. The pace of growth was the most pronounced in 2019 when the average import price increased by 30%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 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 Equatorial Guinea ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+3.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for methanol (methyl alcohol) in the world?

The country with the largest volume of methanol consumption was China, accounting for 23% of total volume. Moreover, methanol consumption in China exceeded the figures recorded by the second-largest consumer, the United States, twofold. The third position in this ranking was occupied by Russia, with a 4.8% share.

What are the largest producers of methanol (methyl alcohol) in the world?

The countries with the highest volumes of in 2021 were the United States, Saudi Arabia and Trinidad and Tobago, together comprising 29% of global production.

What are the leading suppliers of methanol (methyl alcohol) to Nigeria?

In value terms, the largest methanol suppliers to Nigeria were Equatorial Guinea, the Netherlands and South Africa, together comprising 88% of total imports. These countries were followed by India, Egypt and the United Arab Emirates, which together accounted for a further 9.8%.

What is the average export price for methanol (methyl alcohol) in Nigeria?

In 2016, the average methanol export price amounted to $587 per ton, approximately mirroring the previous year.

What is the average import price for methanol (methyl alcohol) in Nigeria?

The average methanol import price stood at $533 per ton in 2021, rising by 40% against the previous year.

This report provides an in-depth analysis of the methanol market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 20142210 - Methanol (methyl alcohol)

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023