ECOWAS: Methanol Market 2024

Methanol Market Size in ECOWAS

The ECOWAS methanol market expanded slightly to $X in 2022, growing by X% against the previous year. The total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Methanol Production in ECOWAS

In value terms, methanol production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Methanol Exports

Exports in ECOWAS

In 2022, overseas shipments of methanol (methyl alcohol) were finally on the rise to reach X tons for the first time since 2014, thus ending a seven-year declining trend. Over the period under review, exports, however, recorded a sharp decrease. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, methanol exports skyrocketed to $X in 2022. Overall, exports, however, faced a abrupt decrease. The pace of growth was the most pronounced in 2014 when exports increased by X% 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 (X tons) and Nigeria (X tons) dominates exports structure, together mixing up X% of total exports. Burkina Faso (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Burkina Faso (with a CAGR of X%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Nigeria ($X) emerged as the largest methanol supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Guinea ($X), with a X% share of total exports.

In Nigeria, methanol exports increased at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Guinea (X% per year) and Burkina Faso (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the export price recorded strong growth. The pace of growth was the most pronounced in 2018 an increase of X%. The level of export peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while Guinea ($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 (X%).

Methanol Imports

Imports in ECOWAS

In 2022, approx. X tons of methanol (methyl alcohol) were imported in ECOWAS; dropping by X% against 2021. In general, imports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2019 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, methanol imports shrank remarkably to $X in 2022. Over the period under review, imports, however, posted strong growth. The most prominent rate of growth was recorded in 2013 when imports increased by X%. The level of import peaked at $X in 2021, and then contracted remarkably in the following year.

Imports by Country

Nigeria (X tons) and Ghana (X tons) prevails in imports structure, together generating X% of total imports. It was distantly followed by Cote d'Ivoire (X tons), making up a X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Ghana (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price posted pronounced growth. The most prominent rate of growth was recorded in 2018 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Ghana ($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 (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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