Republic of Korea: Methanol Market 2024

Methanol Market Size in Republic of Korea

In 2022, the South Korean methanol market increased by X% to $X, rising for the second year in a row after two years of decline. In general, the total consumption indicated a noticeable 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, consumption increased by X% against 2020 indices. Methanol consumption peaked in 2022 and is expected to retain growth in the immediate term.

Methanol Exports

Exports from Republic of Korea

In 2022, the amount of methanol (methyl alcohol) exported from South Korea reduced remarkably to X tons, waning by X% on the previous year. Overall, exports, however, continue to indicate a temperate expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 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 failed to regain momentum.

In value terms, methanol exports dropped remarkably to $X in 2022. Over the period under review, exports recorded a noticeable decline. The growth pace was the most rapid in 2019 with an increase of X%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for methanol exports from South Korea, accounting for a X% share of total exports. Moreover, methanol exports to China exceeded the volume sent to the second major destination, India (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Taiwan (Chinese) (X% per year).

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

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

Export Prices by Country

In 2022, the average methanol export price amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price showed a pronounced downturn. The pace of growth appeared the most rapid in 2018 when the average export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

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

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Methanol Imports

Imports into Republic of Korea

In 2022, imports of methanol (methyl alcohol) into South Korea totaled X tons, approximately equating the year before. The total import volume increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, methanol imports stood at $X in 2022. Over the period under review, total imports indicated a tangible 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

The United States (X tons), Trinidad and Tobago (X tons) and Oman (X tons) were the main suppliers of methanol imports to South Korea, together accounting for X% of total imports.

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

In value terms, the largest methanol suppliers to South Korea were the United States ($X), Trinidad and Tobago ($X) and Oman ($X), with a combined X% share of total imports. Saudi Arabia, Chile, New Zealand, Brunei Darussalam and Malaysia lagged somewhat behind, together accounting for a further X%.

Chile, with a CAGR of X%, recorded the highest growth rate of 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, almost unchanged from the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Brunei Darussalam ($X per ton) and Malaysia ($X per ton), while the price for New Zealand ($X per ton) and Oman ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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