Republic of Korea: Methanol Market 2024

Methanol Market Size in Republic of Korea

In 2022, the South Korean methanol market increased by 1.9% to $X, rising for the second consecutive year after two years of decline. In general, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.2% 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 +54.8% against 2020 indices. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in years to come.

Methanol Exports

Exports from Republic of Korea

Methanol exports from South Korea fell remarkably to X tons in 2022, reducing by -55.7% on the year before. In general, exports saw a mild shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 1,779% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, methanol exports fell rapidly to $X in 2022. Overall, exports saw a pronounced decrease. The pace of growth was the most pronounced in 2019 with an increase of 296%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for methanol exports from South Korea, accounting for a 85% share of total exports. Moreover, methanol exports to China exceeded the volume sent to the second major destination, India (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to China totaled -2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+36.1% per year) and Taiwan (Chinese) (+11.4% per year).

In value terms, China ($X) remains the key foreign market for methanol (methyl alcohol) exports from South Korea, comprising 37% of total exports. The second position in the ranking was held by India ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at -10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+41.1% per year) and Taiwan (Chinese) (+10.0% per year).

Export Prices by Country

The average methanol export price stood at $X per ton in 2022, rising by 45% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 160%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to China ($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 India (+3.7%), while the prices for the other major destinations experienced a decline.

Methanol Imports

Imports into Republic of Korea

In 2022, the amount of methanol (methyl alcohol) imported into South Korea amounted to X tons, flattening at the year before. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 13%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, methanol imports expanded to $X in 2022. Over the period under review, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.3% 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 +90.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 88%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

The United States (X tons), Trinidad and Tobago (X tons) and Oman (X tons) were the main suppliers of methanol imports to South Korea, with a combined 78% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +152.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Trinidad and Tobago ($X) and Oman ($X) constituted the largest methanol suppliers to South Korea, together comprising 77% of total imports. Saudi Arabia, Chile, New Zealand, Brunei Darussalam and Malaysia lagged somewhat behind, together accounting for a further 21%.

Among the main suppliers, Chile, with a CAGR of +138.4%, recorded the highest rates of growth with regard to the value of imports, 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, approximately equating the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 66%. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Brunei Darussalam ($X per ton) and Malaysia ($X per ton), while the price for New Zealand ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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