Portugal: Methanol Market 2024

Methanol Market Size in Portugal

The Portuguese methanol market shrank to $X in 2022, which is down by -5% 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, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +64.3% against 2020 indices. As a result, consumption attained the peak level of $X, and then shrank in the following year.

Methanol Exports

Exports from Portugal

In 2022, approx. X tons of methanol (methyl alcohol) were exported from Portugal; with a decrease of -11.6% on 2021 figures. Overall, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2015 when exports increased by 110% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, methanol exports shrank to $X in 2022. In general, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 68% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then declined modestly in the following year.

Exports by Country

Spain (X tons) was the main destination for methanol exports from Portugal, accounting for a approx. 99% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Spain amounted to +18.4%.

In value terms, Spain ($X) also remains the key foreign market for methanol (methyl alcohol) exports from Portugal.

From 2012 to 2022, the average annual growth rate of value to Spain totaled +21.4%.

Export Prices by Country

In 2022, the average methanol export price amounted to $X per ton, with an increase of 9.1% against the previous year. Overall, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.5% 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 +75.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 61%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Spain amounted to +2.5% per year.

Methanol Imports

Imports into Portugal

After two years of growth, overseas purchases of methanol (methyl alcohol) decreased by -9.9% to X tons in 2022. In general, total imports indicated a tangible expansion from 2012 to 2022: its volume 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. Based on 2022 figures, imports increased by +44.0% against 2019 indices. The growth pace was the most rapid in 2021 when imports increased by 40% against the previous year. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, methanol imports fell modestly to $X in 2022. Overall, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +76.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 82% against the previous year. As a result, imports reached the peak of $X, and then declined slightly in the following year.

Imports by Country

In 2022, Trinidad and Tobago (X tons) constituted the largest supplier of methanol to Portugal, with a 71% share of total imports. Moreover, methanol imports from Trinidad and Tobago exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. Spain (X tons) ranked third in terms of total imports with a 6.1% share.

From 2012 to 2022, the average annual growth rate of volume from Trinidad and Tobago stood at +18.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+211.2% per year) and Spain (-14.6% per year).

In value terms, Trinidad and Tobago ($X) constituted the largest supplier of methanol (methyl alcohol) to Portugal, comprising 71% of total imports. The second position in the ranking was held by the United States ($X), with a 14% share of total imports. It was followed by Spain, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Trinidad and Tobago stood at +19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+153.3% per year) and Spain (-12.1% per year).

Import Prices by Country

The average methanol import price stood at $X per ton in 2022, rising by 7.8% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 30% against the previous year. 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 stood at a somewhat 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 Spain ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+40.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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