Western Africa: Methanol Market 2024

Methanol Market Size in Western Africa

The West African methanol market stood at $X in 2022, with an increase of 4.5% against the previous year. The market value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is expected to retain growth in the near future.

Methanol Production in Western Africa

In value terms, methanol production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 35%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Methanol Exports

Exports in Western Africa

Methanol exports reduced notably to X tons in 2022, falling by -34.9% on the year before. Overall, exports faced a significant decline. The pace of growth appeared the most rapid in 2014 when exports increased by 677%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, methanol exports reduced dramatically to $X in 2022. Over the period under review, exports faced a dramatic setback. The pace of growth was the most pronounced in 2014 with an increase of 473% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Guinea was the main exporter of methanol (methyl alcohol) in Western Africa, with the volume of exports accounting for X tons, which was near 81% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), comprising a 17% share of total exports.

Guinea was also the fastest-growing in terms of the methanol (methyl alcohol) exports, with a CAGR of -26.9% from 2012 to 2022. Cote d'Ivoire (-40.4%) illustrated a downward trend over the same period. Guinea (+46 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -39.7% from 2012 to 2022, respectively.

In value terms, Guinea ($X) remains the largest methanol supplier in Western Africa, comprising 71% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Guinea amounted to -26.9%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, shrinking by -53.6% against the previous year. In general, the export price, however, recorded a measured expansion. The pace of growth was the most pronounced in 2021 when the export price increased by 116% against the previous year. As a result, the export price attained the peak level of $X per ton, and then shrank dramatically in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Guinea amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+10.1%).

Methanol Imports

Imports in Western Africa

In 2022, purchases abroad of methanol (methyl alcohol) increased by 187% to X tons, rising for the second consecutive year after two years of decline. In general, imports showed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, methanol imports surged to $X in 2022. Overall, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria dominates imports structure, reaching X tons, which was near 94% of total imports in 2022. Ghana (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +36.7% from 2012 to 2022. At the same time, Ghana (+44.8%) and Cote d'Ivoire (+12.3%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +44.8% from 2012-2022. From 2012 to 2022, the share of Nigeria and Ghana increased by +22 and +2.4 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported methanol (methyl alcohol) in Western Africa, comprising 95% of total imports. The second position in the ranking was taken by Ghana ($X), with a 3.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +28.8%. In the other countries, the average annual rates were as follows: Ghana (+31.0% per year) and Cote d'Ivoire (+5.1% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, reducing by -8% against the previous year. Overall, the import price saw a abrupt descent. The pace of growth was the most pronounced in 2019 when the import price increased by 24%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-5.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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