Oman: Methanol Market 2024

Methanol Market Size in Oman

The Omani methanol market was finally on the rise to reach $X in 2022, after three years of decline. Overall, consumption showed a buoyant increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Methanol Production in Oman

In value terms, methanol production contracted to $X in 2022 estimated in export price. In general, the total production indicated a mild increase 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, production decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Methanol production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

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Methanol Exports

Exports from Oman

In 2022, exports of methanol (methyl alcohol) from Oman declined slightly to X tons, which is down by X% against the previous year. Over the period under review, exports, however, enjoyed pronounced growth. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, methanol exports declined markedly to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Singapore (X tons) was the main destination for methanol exports from Oman, with a X% share of total exports. Moreover, methanol exports to Singapore exceeded the volume sent to the second major destination, China (X tons), twofold. The third position in this ranking was taken by South Korea (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (X% per year) and South Korea (X% per year).

In value terms, Singapore ($X) remains the key foreign market for methanol (methyl alcohol) exports from Oman, comprising X% of total exports. The second position in the ranking was taken by South Korea ($X), with a X% share of total exports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and China (X% per year).

Export Prices by Country

The average methanol export price stood at $X per ton in 2022, declining by X% against the previous year. Over the period under review, the export price showed a pronounced setback. The pace of growth was the most pronounced in 2021 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Taiwan (Chinese) ($X per ton) and South Korea ($X per ton), while the average price for exports to China ($X per ton) and Singapore ($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 the Netherlands (X%), while the prices for the other major destinations experienced a decline.

Methanol Imports

Imports into Oman

In 2022, approx. X tons of methanol (methyl alcohol) were imported into Oman; with a decrease of X% on 2021. Over the period under review, imports showed a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of X% 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 shrank dramatically to $X in 2022. Overall, imports showed a deep slump. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of methanol to Oman, with a X% share of total imports. Moreover, methanol imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Qatar (X% per year).

In value terms, the largest methanol suppliers to Oman were the United Arab Emirates ($X), India ($X) and Qatar ($X), together comprising X% of total imports.

Qatar, with a CAGR of X%, 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

The average methanol import price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the import price, however, saw a slight decrease. The most prominent rate of growth was recorded in 2014 when the average import price increased by X% 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.

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 Qatar ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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