Turkey: Methanol Market 2024

Methanol Market Size in Turkey

The Turkish methanol market fell to $X in 2022, shrinking by -5.4% 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 perceptible expansion from 2012 to 2022: its value 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, consumption increased by +42.6% against 2020 indices. Methanol consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Methanol Exports

Exports from Turkey

For the third consecutive year, Turkey recorded growth in overseas shipments of methanol (methyl alcohol), which increased by 30% to X tons in 2022. Over the period under review, exports posted significant growth. The pace of growth was the most pronounced in 2015 when exports increased by 468% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, methanol exports skyrocketed to $X in 2022. Overall, exports saw a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 490% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Romania (X tons) was the main destination for methanol exports from Turkey, accounting for a 47% share of total exports. Moreover, methanol exports to Romania exceeded the volume sent to the second major destination, Bulgaria (X tons), twofold. The third position in this ranking was taken by Greece (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania totaled -1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+46.6% per year) and Greece (+2.3% per year).

In value terms, Romania ($X) emerged as the key foreign market for methanol (methyl alcohol) exports from Turkey, comprising 44% of total exports. The second position in the ranking was taken by Bulgaria ($X), with a 22% share of total exports. It was followed by Greece, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Romania stood at -5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+41.5% per year) and Greece (+2.4% per year).

Export Prices by Country

In 2022, the average methanol export price amounted to $X per ton, picking up by 5.4% against the previous year. Overall, the export price, however, recorded a slight slump. The pace of growth was the most pronounced in 2021 an increase of 59% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Greece ($X per ton) and Israel ($X per ton), while the average price for exports to Ukraine ($X per ton) and Romania ($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 Ukraine (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Methanol Imports

Imports into Turkey

In 2022, overseas purchases of methanol (methyl alcohol) decreased by -10.1% to X tons for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 29% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, methanol imports totaled $X in 2022. Overall, imports, however, continue to indicate a noticeable expansion. The growth pace was the most rapid in 2021 with an increase of 99%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Egypt (X tons), Azerbaijan (X tons) and Russia (X tons) were the main suppliers of methanol imports to Turkey, with a combined 88% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Azerbaijan (with a CAGR of +18.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest methanol suppliers to Turkey were Egypt ($X), Azerbaijan ($X) and Russia ($X), together accounting for 79% of total imports.

In terms of the main suppliers, Azerbaijan, with a CAGR of +19.2%, saw 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

In 2022, the average methanol import price amounted to $X per ton, rising by 12% against the previous year. Over the period under review, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.5% 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 +90.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 71%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat 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 Iran ($X per ton) and Egypt ($X per ton), while the price for Russia ($X per ton) and Trinidad and Tobago ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Iran (+1.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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