Singapore: Methanol Market 2024

Methanol Market Size in Singapore

The Singaporean methanol market fell to $X in 2022, declining by -8.1% 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). In general, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 +55.3% against 2020 indices. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Methanol Exports

Exports from Singapore

In 2022, approx. X tons of methanol (methyl alcohol) were exported from Singapore; shrinking by -42% compared with the year before. Overall, exports showed a abrupt slump. The pace of growth appeared the most rapid in 2019 with an increase of 120%. 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 declined significantly to $X in 2022. In general, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of 50%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Thailand (X tons), Bangladesh (X tons) and Australia (X tons) were the main destinations of methanol exports from Singapore, with a combined 86% share of total exports. Myanmar, Sri Lanka, Papua New Guinea, Malaysia and Indonesia lagged somewhat behind, together accounting for a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Papua New Guinea (with a CAGR of +1.5%), while the other leaders experienced a decline.

In value terms, the largest markets for methanol exported from Singapore were Thailand ($X), Bangladesh ($X) and Australia ($X), with a combined 82% share of total exports. Myanmar, Papua New Guinea, Sri Lanka, Indonesia and Malaysia lagged somewhat behind, together comprising a further 15%.

Among the main countries of destination, Papua New Guinea, with a CAGR of +9.0%, 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 mixed trend patterns.

Export Prices by Country

In 2022, the average methanol export price amounted to $X per ton, growing by 18% against the previous year. Overall, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 +48.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 26%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Papua New Guinea ($X per ton), while the average price for exports to Myanmar ($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 Indonesia (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Methanol Imports

Imports into Singapore

In 2022, the amount of methanol (methyl alcohol) imported into Singapore contracted to X tons, waning by -13.7% compared with 2021. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 24% against the previous year. As a result, imports reached the peak of X tons, and then fell in the following year.

In value terms, methanol imports shrank to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 101%. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Saudi Arabia (X tons), Malaysia (X tons) and Oman (X tons) were the main suppliers of methanol imports to Singapore, together comprising 93% of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +34.7%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest methanol suppliers to Singapore were Saudi Arabia ($X), Malaysia ($X) and the United States ($X), with a combined 90% share of total imports.

Malaysia, with a CAGR of +34.9%, saw 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 mixed trend patterns.

Import Prices by Country

In 2022, the average methanol import price amounted to $X per ton, growing by 7.1% against the previous year. In general, import price indicated a slight increase from 2012 to 2022: its price 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, methanol import price increased by +73.1% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 62%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :