Thailand: Methanol Market 2024

Methanol Market Size in Thailand

The Thai methanol market shrank to $X in 2022, reducing by -6.5% 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). Overall, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 +31.2% against 2020 indices. Methanol consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Methanol Exports

Exports from Thailand

In 2022, approx. X tons of methanol (methyl alcohol) were exported from Thailand; growing by 20% compared with 2021. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2021 when exports increased by 422%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, methanol exports rose significantly to $X in 2022. Overall, exports posted a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 275% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Cambodia (X tons) was the main destination for methanol exports from Thailand, accounting for a 87% share of total exports. Moreover, methanol exports to Cambodia exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), more than tenfold. India (X tons) ranked third in terms of total exports with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume to Cambodia stood at +240.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+23.6% per year) and India (+22.1% per year).

In value terms, Cambodia ($X) remains the key foreign market for methanol (methyl alcohol) exports from Thailand, comprising 67% of total exports. The second position in the ranking was held by India ($X), with a 5.7% share of total exports. It was followed by Lao People's Democratic Republic, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value to Cambodia amounted to +153.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+14.4% per year) and Lao People's Democratic Republic (+18.3% per year).

Export Prices by Country

The average methanol export price stood at $X per ton in 2022, waning by -10.3% against the previous year. Overall, the export price saw a drastic downturn. The pace of growth appeared the most rapid in 2017 an increase of 25%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Cambodia ($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 Lao People's Democratic Republic (-4.3%), while the prices for the other major destinations experienced a decline.

Methanol Imports

Imports into Thailand

In 2022, overseas purchases of methanol (methyl alcohol) decreased by -8% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, recorded a tangible expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 93% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, methanol imports fell to $X in 2022. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 +57.7% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 67%. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, Saudi Arabia (X tons) constituted the largest supplier of methanol to Thailand, accounting for a 44% share of total imports. Moreover, methanol imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. Bahrain (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Saudi Arabia totaled +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+3.2% per year) and Bahrain (+18.7% per year).

In value terms, Saudi Arabia ($X) constituted the largest supplier of methanol (methyl alcohol) to Thailand, comprising 42% of total imports. The second position in the ranking was taken by Malaysia ($X), with an 18% share of total imports. It was followed by Bahrain, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Saudi Arabia amounted to +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+3.3% per year) and Bahrain (+26.9% per year).

Import Prices by Country

In 2022, the average methanol import price amounted to $X per ton, with an increase of 2.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 62%. The import price peaked at $X per ton in 2013; however, from 2014 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 highest price was recorded for prices from Oman ($X per ton) and Qatar ($X per ton), while the price for Indonesia ($X per ton) and Brunei Darussalam ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :