Venezuela: Methanol Market 2024

Methanol Market Size in Venezuela

The Venezuelan methanol market soared to $X in 2022, picking up by 63% against the previous year. In general, consumption, however, recorded a mild decrease. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Methanol Production in Venezuela

In value terms, methanol production shrank to $X in 2022 estimated in export price. In general, the total production indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +13.7% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 32% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Methanol Exports

Exports from Venezuela

In 2022, the amount of methanol (methyl alcohol) exported from Venezuela contracted to X tons, which is down by -14.5% compared with the year before. In general, total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +54.6% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 81% against the previous year. As a result, the exports reached the peak of X tons, and then reduced in the following year.

In value terms, methanol exports dropped notably to $X in 2022. Over the period under review, total exports indicated tangible growth 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, exports increased by +64.5% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 129% against the previous year. As a result, the exports reached the peak of $X, and then reduced markedly in the following year.

Exports by Country

The United States (X tons), Brazil (X tons) and the Netherlands (X tons) were the main destinations of methanol exports from Venezuela, together comprising 55% of total exports. China, India, Japan and Belgium lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by India (with a CAGR of +650.0%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), the Netherlands ($X) and China ($X) were the largest markets for methanol exported from Venezuela worldwide, with a combined 54% share of total exports. The United States, India, Japan and Belgium lagged somewhat behind, together comprising a further 24%.

India, with a CAGR of +652.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination 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, declining by -16% against the previous year. In general, the export price showed a mild contraction. The growth pace was the most rapid in 2021 an increase of 27%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Brazil ($X per ton) and India ($X per ton), while the average price for exports to the United States ($X per ton) and Belgium ($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 Japan (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Methanol Imports

Imports into Venezuela

In 2022, approx. X tons of methanol (methyl alcohol) were imported into Venezuela; which is down by -4.9% against the previous year's figure. Overall, imports faced a sharp reduction. The most prominent rate of growth was recorded in 2017 with an increase of 153% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, methanol imports soared to $X in 2022. In general, imports recorded a dramatic decrease. The growth pace was the most rapid in 2017 when imports increased by 188%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Germany (X tons), Austria (X tons) and the United States (X tons) were the main suppliers of methanol imports to Venezuela, with a combined 54% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of 0.0%), while purchases for the other leaders experienced a decline.

In value terms, Germany ($X) constituted the largest supplier of methanol (methyl alcohol) to Venezuela, comprising 32% of total imports. The second position in the ranking was held by Austria ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Germany amounted to -33.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (0.0% per year) and the United States (-24.0% per year).

Import Prices by Country

The average methanol import price stood at $X per ton in 2022, increasing by 44% against the previous year. Overall, the import price recorded a prominent expansion. The most prominent rate of growth was recorded in 2014 when the average import price increased by 247% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.7%).

Source: IndexBox Platform

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