Norway: Methanol Market 2024

Methanol Market Size in Norway

The Norwegian methanol market reduced notably to $X in 2022, waning by -32.3% against the previous year. Over the period under review, consumption, however, saw a significant increase. Over the period under review, the market reached the maximum level at $X in 2021, and then declined notably in the following year.

Methanol Production in Norway

In value terms, methanol production declined modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a strong increase. The pace of growth appeared the most rapid in 2019 with an increase of 77% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Methanol Exports

Exports from Norway

In 2022, overseas shipments of methanol (methyl alcohol) were finally on the rise to reach X tons after two years of decline. Over the period under review, exports showed a tangible increase. The most prominent rate of growth was recorded in 2019 when exports increased by 121%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, methanol exports shrank slightly to $X in 2022. In general, exports continue to indicate a perceptible increase. The most prominent rate of growth was recorded in 2017 when exports increased by 92% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Germany (X tons), the Netherlands (X tons) and Poland (X tons) were the main destinations of methanol exports from Norway, with a combined 40% share of total exports. Sweden, Switzerland, Denmark, Ireland, the United States and France lagged somewhat behind, together comprising a further 12%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ireland (with a CAGR of +17.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for methanol exported from Norway were Germany ($X), the Netherlands ($X) and Poland ($X), with a combined 39% share of total exports. Sweden, Switzerland, Denmark, Ireland, France and the United States lagged somewhat behind, together comprising a further 12%.

In terms of the main countries of destination, Ireland, with a CAGR of +14.4%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average methanol export price stood at $X per ton in 2022, with a decrease of -23.4% against the previous year. Over the period under review, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, methanol export price increased by +23.6% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 73% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+0.8%), while the prices for the other major destinations experienced mixed trend patterns.

Methanol Imports

Imports into Norway

In 2022, the amount of methanol (methyl alcohol) imported into Norway declined notably to X tons, shrinking by -61.6% compared with the previous year's figure. In general, imports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2016 with an increase of 278%. Imports peaked at X tons in 2021, and then shrank notably in the following year.

In value terms, methanol imports shrank rapidly to $X in 2022. Over the period under review, imports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 125%. Over the period under review, imports hit record highs at $X in 2021, and then fell dramatically in the following year.

Imports by Country

In 2022, Sweden (X tons) constituted the largest methanol supplier to Norway, with a 30% share of total imports. Moreover, methanol imports from Sweden exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The Netherlands (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Sweden stood at +23.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+11,006.0% per year) and the Netherlands (+50.4% per year).

In value terms, the United States ($X), Sweden ($X) and Denmark ($X) were the largest methanol suppliers to Norway, with a combined 61% share of total imports.

The United States, with a CAGR of +10,730.8%, saw the highest rates of growth with regard to 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

In 2022, the average methanol import price amounted to $X per ton, growing by 108% against the previous year. Over the period under review, the import price, however, showed a abrupt shrinkage. The import price peaked 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 the United States ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (-1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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