United Kingdom: Methanol Market 2024

Methanol Market Size in the UK

The UK methanol market expanded sharply to $X in 2022, picking up by 9.5% against the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Methanol Production in the UK

In value terms, methanol production totaled $X in 2022 estimated in export price. Overall, the total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.7% against 2020 indices. The growth pace was the most rapid in 2014 when the production volume increased by 49%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Methanol Exports

Exports from the UK

In 2022, shipments abroad of methanol (methyl alcohol) decreased by -19% to X tons, falling for the second consecutive year after four years of growth. Overall, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 8% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, methanol exports stood at $X in 2022. In general, exports showed a abrupt contraction. The pace of growth appeared the most rapid in 2014 when exports increased by 22%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Ireland (X tons) was the main destination for methanol exports from the UK, accounting for a 56% share of total exports. Moreover, methanol exports to Ireland exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was held by Tunisia (X tons), with a 4.1% share.

From 2012 to 2022, the average annual growth rate of volume to Ireland amounted to -20.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+11.9% per year) and Tunisia (+14.5% per year).

In value terms, the largest markets for methanol exported from the UK were Ireland ($X), the Netherlands ($X) and France ($X), with a combined 57% share of total exports.

In terms of the main countries of destination, France, with a CAGR of +30.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average methanol export price amounted to $X per ton, picking up by 25% against the previous year. Overall, the export price recorded a prominent expansion. The most prominent rate of growth was recorded in 2014 an increase of 62% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Latvia ($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 Mauritania (+31.1%), while the prices for the other major destinations experienced more modest paces of growth.

Methanol Imports

Imports into the UK

In 2022, overseas purchases of methanol (methyl alcohol) decreased by 0% to X tons, falling for the second consecutive year after three years of growth. In general, imports continue to indicate a noticeable downturn. The pace of growth was the most pronounced in 2013 when imports increased by 65% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, methanol imports totaled $X in 2022. Over the period under review, imports saw a abrupt decrease. The growth pace was the most rapid in 2013 when imports increased by 69%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The Netherlands (X tons), Trinidad and Tobago (X tons) and the United States (X tons) were the main suppliers of methanol imports to the UK, with a combined 78% 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 the United States (with a CAGR of +76.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Trinidad and Tobago ($X) and Belgium ($X) were the largest methanol suppliers to the UK, with a combined 72% share of total imports. The United States, Italy, Egypt, Russia and Finland lagged somewhat behind, together accounting for a further 27%.

Russia, with a CAGR of +75.9%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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, therefore, remained relatively stable against the previous year. Overall, the import price continues to indicate a noticeable decrease. The growth pace was the most rapid in 2017 an increase of 34% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Italy ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+5.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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