Methanol market in Russia

Earlier Report Observations

From 2018 to 2021, methanol production in Russia increased from 4.4 million tons to 4.5 million tons, supported by capacity expansion and state price regulation. The COVID-19 pandemic in 2020 temporarily reduced global demand and exports, but the domestic market recovered in 2021 due to growing consumption from chemical plants such as Nizhnekamskneftekhim. Simultaneously, exports to Europe began to decline because of sanctions.

In 2022, the EU's eighth sanctions package banned supplies of Russian methanol to Europe, forcing producers to redirect exports to Turkey, China, and Eastern Europe. This shift, however, was accompanied by logistical challenges, leading to a significant production drop to 3.9 million tons in 2023. By 2024, market volume rose to 2.8 million tons as demand for formaldehyde recovered and shipments to Turkey increased. In 2025, production showed a slight rise to 4.0 million tons, reflecting continued adaptation to new export routes.

Production methanol in Russia

In kind, 2018-2021, K t

Russia produced 4,507 thousand tons of methanol in 2021, marking a 1.9% increase compared to the previous year. Over the period from 2018 to 2021, production grew by 2.7%, which translates to an average annual growth rate of 0.9%. The highest production level was recorded in 2019 at 4,529 thousand tons. That year also saw the largest annual increase of 3.2%. In contrast, 2020 experienced the most significant decline, with production dropping by 2.4%.

Annual dynamics of production in Russia in kind, 2018-2021, K t

Exports methanol from Russia

Exports in kind, K t

Methanol exports from Russia declined for the second consecutive year. In 2021, export volumes reached 1,896 thousand tons, representing a 9.5% decrease from the previous year. Looking at the broader period from 2018 to 2021, exports increased by 3.8%, with an average annual growth rate of 1.2%. The peak export volume was recorded in 2019 at 2,111 thousand tons, which also saw the largest annual increase of 15.6%.

Annual dynamics of product's exports from Russia in kind, 2018-2021, K t

Between 2018 and 2021, the largest buyers of Russian methanol were Finland, Poland, and Slovakia. Finland accounted for 43.9% of exports in volume, Poland for 17.2%, and Slovakia for 7.8%. Together, these three countries represented 68.9% of Russia's total methanol exports by volume during this period.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Russia in kind, 2018-2021

Exports in value, M $ US

After two years of decline, Russia's methanol exports in value terms rebounded in 2021. The country exported methanol worth $633.2 million, a substantial 67.3% increase from the previous year. Over the 2018-2021 period, export value grew by 5.2%, with an average annual growth rate of 1.7%. The lowest value was recorded in 2020 at $378.5 million, which also saw the largest decline of 27.0%.

Annual dynamics of product's exports from Russia in value, 2018-2021, M $ US

From 2018 to 2021, Finland, Poland, and Slovakia were the top destinations for Russian methanol in value terms. Finland accounted for 40.7% of export value, Poland for 18.1%, and Slovakia for 9.2%. Collectively, these three markets represented 68.0% of Russia's total methanol export value during this period.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Russia in value, 2018-2021

Imports methanol to Russia

Imports in kind, K t

The import data shows significant volatility, reflecting an unstable market environment. Imports reached their lowest point in 2018 and peaked in 2019, with a 404-fold difference between these two years. In 2021, Russia imported 0.0 thousand tons of methanol, which represents a 41.8% increase from the previous year. The highest import volume was recorded in 2019 at 7 thousand tons. That year also saw the largest annual increase of 40,304.4%, while 2020 experienced the most significant decline of 99.6%.

Annual dynamics of product's imports to Russia in kind, 2018-2021, K t

Between 2018 and 2021, Equatorial Guinea dominated Russia's methanol imports by volume, accounting for 98.7% of total imports during this period.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Russia in kind, 2018-2021

Imports in value, M $ US

The market exhibited considerable volatility during these years. Import values dropped to their minimum in 2018 and climbed to their maximum in 2019, showing a 369-fold difference. In 2021, Russia imported methanol worth $0.3 million, a dramatic 132.2% increase from the previous year. The peak import value was recorded in 2019 at $3.5 million. That year also saw the largest annual increase of 36,773.9%, while 2020 experienced the most significant decline of 96.1%.

Annual dynamics of product's imports to Russia in value, 2018-2021, M $ US

From 2018 to 2021, Equatorial Guinea and Belarus were the two main sources of methanol imports to Russia in value terms, together accounting for 99.5% of total import value during this period.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Russia in value, 2018-2021