Alcohols Market

The article discusses the increasing demand for alcohols and their derivatives worldwide, with a focus on market performance, consumption trends, production, imports, and exports. It provides insights into key countries driving the market growth and forecasts the market to continue its upward trend over the next eight years.

Market Forecast

Driven by increasing demand for alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.6% for the period from 2022 to 2030, which is projected to bring the market volume to 86M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.1% for the period from 2022 to 2030, which is projected to bring the market value to $49.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Alcohols And Their Halogenated, Sulphonated, Nitrated Or Nitrosated Derivatives

In 2022, consumption of alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives increased by 1.3% to 76M tons, rising for the fourth consecutive year after two years of decline. The total consumption volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs in 2022 and is expected to retain growth in years to come.

The global alcohols market size reached $45.7B in 2022, remaining relatively unchanged 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). In general, consumption saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the market value increased by 10%. Over the period under review, the global market attained the peak level at $47.8B in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (21M tons) constituted the country with the largest volume of alcohols consumption, comprising approx. 29% of total volume. Moreover, alcohols consumption in China exceeded the figures recorded by the second-largest consumer, the United States (7.6M tons), threefold. The third position in this ranking was taken by India (5.8M tons), with a 7.8% share.

In China, alcohols consumption increased at an average annual rate of +7.0% over the period from 2012-2020. In the other countries, the average annual rates were as follows: the United States (+2.6% per year) and India (+8.3% per year).

In value terms, China ($11.5B), the United States ($6.4B) and India ($3.1B) appeared to be the countries with the highest levels of market value in 2020, together accounting for 47% of the global market.

India, with a CAGR of +4.8%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2020, the highest levels of alcohols per capita consumption was registered in Belgium (104 kg per person), followed by South Korea (40 kg per person), Germany (34 kg per person) and the United States (23 kg per person), while the world average per capita consumption of alcohols was estimated at 9.4 kg per person.

From 2012 to 2020, the average annual growth rate of the alcohols per capita consumption in Belgium amounted to +4.3%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: South Korea (+3.3% per year) and Germany (+5.3% per year).

Production

World Production of Alcohols And Their Halogenated, Sulphonated, Nitrated Or Nitrosated Derivatives

For the third consecutive year, the global market recorded growth in production of alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives, which increased by 1.6% to 70M tons in 2020. The total output volume increased at an average annual rate of +2.7% over the period from 2012 to 2020; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2016 when the production volume increased by 12%. Over the period under review, global production reached the peak volume in 2020 and is likely to see steady growth in the near future.

In value terms, alcohols production dropped modestly to $39.7B in 2020 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 13%. Over the period under review, global production attained the peak level at $40.6B in 2013; however, from 2014 to 2020, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2020 were Saudi Arabia (12M tons), the United States (8.7M tons) and Trinidad and Tobago (4.7M tons), with a combined 36% share of global production. Iran, Russia, Oman, India, Germany, Canada, Malaysia, Venezuela, Egypt and Indonesia lagged somewhat behind, together comprising a further 38%.

From 2012 to 2020, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by India (with a CAGR of +16.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Alcohols And Their Halogenated, Sulphonated, Nitrated Or Nitrosated Derivatives

For the ninth consecutive year, the global market recorded growth in supplies from abroad of alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives, which increased by 2.3% to 59M tons in 2020. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2020; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when imports increased by 7.1%. Over the period under review, global imports hit record highs in 2020 and are likely to continue growth in the near future.

In value terms, alcohols imports contracted to $30.3B in 2020. Over the period under review, imports, however, recorded a perceptible contraction. The pace of growth appeared the most rapid in 2017 when imports increased by 28% against the previous year. Over the period under review, global imports attained the maximum at $41.9B in 2013; however, from 2014 to 2020, imports stood at a somewhat lower figure.

Imports By Country

In 2020, China (22M tons) was the largest importer of alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives, creating 38% of total imports. It was distantly followed by the United States (3.5M tons), India (3.3M tons) and South Korea (2.9M tons), together achieving a 16% share of total imports. The Netherlands (2.4M tons), Germany (2M tons), Taiwan (Chinese) (1.7M tons), Brazil (1.6M tons), Japan (1.6M tons), Belgium (1.4M tons), Indonesia (1.4M tons), Turkey (1.3M tons) and Thailand (1.1M tons) took a relatively small share of total imports.

From 2012 to 2020, average annual rates of growth with regard to alcohols imports into China stood at +7.2%. At the same time, Brazil (+7.8%), Indonesia (+6.8%), Turkey (+6.4%), India (+3.7%), Thailand (+3.1%), South Korea (+2.6%) and Taiwan (Chinese) (+1.9%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing importer imported in the world, with a CAGR of +7.8% from 2012-2020. By contrast, the Netherlands (-1.2%), Germany (-1.3%), the United States (-1.8%), Belgium (-2.2%) and Japan (-2.6%) illustrated a downward trend over the same period. While the share of China (+10 p.p.) increased significantly in terms of the global imports from 2012-2020, the share of Japan (-1.5 p.p.), the Netherlands (-1.6 p.p.) and the United States (-2.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($9.6B) constitutes the largest market for imported alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives worldwide, comprising 32% of global imports. The second position in the ranking was taken by the United States ($1.9B), with a 6.1% share of global imports. It was followed by India, with a 5.4% share.

From 2012 to 2020, the average annual growth rate of value in China was relatively modest. In the other countries, the average annual rates were as follows: the United States (-4.9% per year) and India (-1.1% per year).

Import Prices By Country

The average alcohols import price stood at $516 per ton in 2020, with a decrease of -11.6% against the previous year. In general, the import price recorded a drastic downturn. The growth pace was the most rapid in 2017 when the average import price increased by 22%. Global import price peaked at $860 per ton in 2013; however, from 2014 to 2020, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2020, major importing countries recorded the following prices: in Germany ($627 per ton) and Turkey ($593 per ton), while Brazil ($427 per ton) and China ($429 per ton) were amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Germany (-2.9%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Alcohols And Their Halogenated, Sulphonated, Nitrated Or Nitrosated Derivatives

In 2020, after two years of growth, there was decline in overseas shipments of alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives, when their volume decreased by -4.6% to 54M tons. The total export volume increased at an average annual rate of +1.4% from 2012 to 2020; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2018 with an increase of 9.3%. The global exports peaked at 57M tons in 2019, and then declined slightly in the following year.

In value terms, alcohols exports contracted sharply to $27.2B in 2020. Overall, exports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 20% against the previous year. The global exports peaked at $38.1B in 2012; however, from 2013 to 2020, the exports remained at a lower figure.

Exports By Country

In 2020, Saudi Arabia (11M tons), distantly followed by Trinidad and Tobago (4.7M tons), the United States (4.6M tons), Oman (3.8M tons), Iran (3.5M tons) and the Netherlands (2.9M tons) were the major exporters of alcohols and their halogenated, sulphonated, nitrated or nitrosated derivatives, together achieving 56% of total exports. Malaysia (2.4M tons), Canada (2M tons), Taiwan (Chinese) (2M tons), Russia (1.9M tons), Germany (1.5M tons), Singapore (1.3M tons) and the United Arab Emirates (1.2M tons) followed a long way behind the leaders.

From 2012 to 2020, average annual rates of growth with regard to alcohols exports from Saudi Arabia stood at +1.6%. At the same time, the United Arab Emirates (+35.2%), the United States (+12.8%), Oman (+12.7%), Canada (+2.6%), Taiwan (Chinese) (+2.3%), Malaysia (+1.6%) and Trinidad and Tobago (+1.2%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the world, with a CAGR of +35.2% from 2012-2020. Russia and Iran experienced a relatively flat trend pattern. By contrast, the Netherlands (-1.4%), Singapore (-4.7%) and Germany (-5.4%) illustrated a downward trend over the same period. The United States (+4.8 p.p.), Oman (+4.1 p.p.) and the United Arab Emirates (+1.9 p.p.) significantly strengthened its position in terms of the global exports, while Germany saw its share reduced by -2.1% from 2012 to 2020, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest alcohols supplying countries worldwide were Saudi Arabia ($4.3B), the United States ($3B) and Germany ($1.8B), with a combined 34% share of global exports. The Netherlands, Singapore, Taiwan (Chinese), Trinidad and Tobago, Malaysia, Iran, Oman, Canada, Russia and the United Arab Emirates lagged somewhat behind, together comprising a further 34%.

The United Arab Emirates, with a CAGR of +21.2%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2020, the average alcohols export price amounted to $502 per ton, which is down by -11% against the previous year. In general, the export price showed a abrupt shrinkage. The growth pace was the most rapid in 2017 an increase of 15% against the previous year. The global export price peaked at $802 per ton in 2014; however, from 2015 to 2020, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2020, amid the top suppliers, the country with the highest price was Germany ($1,205 per ton), while Trinidad and Tobago ($212 per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Singapore (-2.6%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform