Oman: Methanol Market 2024

Methanol Market Size in Oman

In 2022, after two years of decline, there was significant growth in the Omani methanol market, when its value increased by 67% to $X. Over the period under review, consumption enjoyed a significant increase. Methanol consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Methanol Production in Oman

In value terms, methanol production declined to $X in 2022 estimated in export price. Overall, the total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -19.2% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 79% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Methanol Exports

Exports from Oman

In 2022, exports of methanol (methyl alcohol) from Oman declined to X tons, which is down by -3.6% compared with the year before. Over the period under review, total exports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -4.7% against 2019 indices. The pace of growth appeared the most rapid in 2019 when exports increased by 89%. As a result, the exports attained 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 rapidly to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 87% against the previous year. As a result, the exports reached the peak of $X, and then dropped dramatically in the following year.

Exports by Country

Singapore (X tons) was the main destination for methanol exports from Oman, with a 41% share of total exports. Moreover, methanol exports to Singapore exceeded the volume sent to the second major destination, China (X tons), twofold. South Korea (X tons) ranked third in terms of total exports with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore stood at +32.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-3.9% per year) and South Korea (+13.1% per year).

In value terms, Singapore ($X) remains the key foreign market for methanol (methyl alcohol) exports from Oman, comprising 40% of total exports. The second position in the ranking was held by South Korea ($X), with a 19% share of total exports. It was followed by China, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Singapore amounted to +26.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+8.6% per year) and China (-9.2% per year).

Export Prices by Country

In 2022, the average methanol export price amounted to $X per ton, declining by -20.4% against the previous year. Overall, the export price saw a noticeable descent. The most prominent rate of growth was recorded in 2021 an increase of 74%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Taiwan (Chinese) ($X per ton) and South Korea ($X per ton), while the average price for exports to China ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+0.4%), while the prices for the other major destinations experienced a decline.

Methanol Imports

Imports into Oman

In 2022, after three years of growth, there was significant decline in purchases abroad of methanol (methyl alcohol), when their volume decreased by -44.5% to X tons. In general, imports faced a deep slump. The most prominent rate of growth was recorded in 2014 with an increase of 528% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, methanol imports fell rapidly to $X in 2022. Over the period under review, imports faced a deep reduction. The pace of growth was the most pronounced in 2021 with an increase of 643% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest methanol supplier to Oman, accounting for a 80% share of total imports. Moreover, methanol imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+36.0% per year) and Qatar (+355.4% per year).

In value terms, the United Arab Emirates ($X), India ($X) and Qatar ($X) were the largest methanol suppliers to Oman, together comprising 100% of total imports.

Qatar, with a CAGR of +233.7%, recorded the highest growth rate of the value of imports, in terms of 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, picking up by 2.2% against the previous year. Overall, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% 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 +53.2% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 50%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Qatar ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (-3.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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