Global Formaldehyde Market to Experience Slight Growth with +0.4% CAGR from 2024 to 2030

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The global formaldehyde market is set to experience a slight increase in performance, with a projected CAGR of +0.4% in volume and +2.4% in value from 2024 to 2030. This growth is driven by rising demand for formaldehyde worldwide, leading to a positive consumption trend in the market.

Market Forecast

Driven by rising demand for formaldehyde worldwide, the market is expected to start an upward consumption trend over the next six-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.4% for the period from 2024 to 2030, which is projected to bring the market volume to 9.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.4% for the period from 2024 to 2030, which is projected to bring the market value to $5.6B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Formaldehyde (Methanal)

Global formaldehyde consumption totaled 9.1M tons in 2024, growing by 2.9% compared with the year before. Overall, consumption, however, continues to indicate a mild setback. Over the period under review, global consumption hit record highs at 11M tons in 2014; however, from 2015 to 2024, consumption failed to regain momentum.

The global formaldehyde market size rose to $4.8B in 2024, picking up by 4.3% 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, however, showed a noticeable curtailment. Global consumption peaked at $6.2B in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.

Consumption By Country

China (2.6M tons) remains the largest formaldehyde consuming country worldwide, comprising approx. 28% of total volume. Moreover, formaldehyde consumption in China exceeded the figures recorded by the second-largest consumer, India (1M tons), twofold. The United States (905K tons) ranked third in terms of total consumption with a 9.9% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in China amounted to +1.6%. In the other countries, the average annual rates were as follows: India (+0.9% per year) and the United States (-3.6% per year).

In value terms, China ($1.2B) led the market, alone. The second position in the ranking was held by the United States ($593M). It was followed by Japan.

From 2013 to 2024, the average annual growth rate of value in China totaled +4.9%. In the other countries, the average annual rates were as follows: the United States (-3.8% per year) and Japan (-9.9% per year).

The countries with the highest levels of formaldehyde per capita consumption in 2024 were Russia (2.7 kg per person), the United States (2.7 kg per person) and Mexico (2.1 kg per person).

From 2013 to 2024, the biggest increases were recorded for China (with a CAGR of +1.2%), while consumption for the other global leaders experienced a decline in the per capita consumption figures.

Production

World Production of Formaldehyde (Methanal)

In 2024, approx. 9M tons of formaldehyde were produced worldwide; approximately mirroring 2023 figures. Over the period under review, production, however, continues to indicate a slight shrinkage. The pace of growth was the most pronounced in 2021 when the production volume increased by 12% against the previous year. Global production peaked at 11M tons in 2014; however, from 2015 to 2024, production failed to regain momentum.

In value terms, formaldehyde production expanded slightly to $4.9B in 2024 estimated in export price. Overall, production, however, showed a perceptible descent. The pace of growth was the most pronounced in 2022 with an increase of 18% against the previous year. Over the period under review, global production hit record highs at $6.2B in 2014; however, from 2015 to 2024, production remained at a lower figure.

Production By Country

China (2.6M tons) remains the largest formaldehyde producing country worldwide, accounting for 28% of total volume. Moreover, formaldehyde production in China exceeded the figures recorded by the second-largest producer, India (1.1M tons), twofold. The United States (906K tons) ranked third in terms of total production with a 10% share.

In China, formaldehyde production expanded at an average annual rate of +1.5% over the period from 2013-2024. The remaining producing countries recorded the following average annual rates of production growth: India (+1.1% per year) and the United States (-3.7% per year).

Imports

World Imports of Formaldehyde (Methanal)

In 2024, supplies from abroad of formaldehyde increased by 13% to 503K tons for the first time since 2021, thus ending a two-year declining trend. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 19% against the previous year. Global imports peaked at 533K tons in 2014; however, from 2015 to 2024, imports failed to regain momentum.

In value terms, formaldehyde imports skyrocketed to $219M in 2024. In general, total imports indicated a mild increase from 2013 to 2024: its value increased at an average annual rate of +1.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 62%. Global imports peaked in 2024 and are likely to see gradual growth in years to come.

Imports By Country

Belgium represented the largest importer of formaldehyde in the world, with the volume of imports amounting to 166K tons, which was approx. 33% of total imports in 2024. Germany (74K tons) ranks second in terms of the total imports with a 15% share, followed by Slovenia (5.4%). The following importers - the Netherlands (18K tons), Latvia (16K tons), Nepal (15K tons), Switzerland (15K tons), Poland (14K tons), France (13K tons) and the United States (13K tons) - together made up 21% of total imports.

Belgium was also the fastest-growing in terms of the formaldehyde imports, with a CAGR of +21.0% from 2013 to 2024. At the same time, Nepal (+9.6%), the United States (+8.7%), Poland (+1.5%) and Slovenia (+1.1%) displayed positive paces of growth. Latvia and Switzerland experienced a relatively flat trend pattern. By contrast, the Netherlands (-4.5%), France (-6.1%) and Germany (-9.9%) illustrated a downward trend over the same period. Belgium (+29 p.p.), Nepal (+1.9 p.p.) and the United States (+1.5 p.p.) significantly strengthened its position in terms of the global imports, while the Netherlands, France and Germany saw its share reduced by -2.2%, -2.5% and -30% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belgium ($64M) constitutes the largest market for imported formaldehyde worldwide, comprising 29% of global imports. The second position in the ranking was taken by Germany ($23M), with an 11% share of global imports. It was followed by Poland, with a 6.9% share.

In Belgium, formaldehyde imports increased at an average annual rate of +22.7% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Germany (-8.8% per year) and Poland (+12.3% per year).

Import Prices By Country

In 2024, the average formaldehyde import price amounted to $436 per ton, increasing by 9.8% against the previous year. Over the last eleven-year period, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 36% against the previous year. Global import price peaked at $440 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Poland ($1,105 per ton), while Nepal ($215 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Poland (+10.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Formaldehyde (Methanal)

Global formaldehyde exports fell remarkably to 365K tons in 2024, with a decrease of -16.6% against 2023 figures. Overall, exports recorded a perceptible slump. The most prominent rate of growth was recorded in 2021 when exports increased by 25%. The global exports peaked at 558K tons in 2015; however, from 2016 to 2024, the exports remained at a lower figure.

In value terms, formaldehyde exports contracted slightly to $160M in 2024. In general, exports saw a noticeable decrease. The pace of growth was the most pronounced in 2021 with an increase of 68%. The global exports peaked at $213M in 2014; however, from 2015 to 2024, the exports remained at a lower figure.

Exports By Country

In 2024, the Netherlands (82K tons), distantly followed by Belgium (40K tons), India (30K tons), Germany (29K tons), Italy (25K tons) and Poland (21K tons) represented the key exporters of formaldehyde, together mixing up 62% of total exports. Austria (15K tons), the United States (14K tons), Canada (14K tons) and Turkey (12K tons) followed a long way behind the leaders.

Exports from the Netherlands decreased at an average annual rate of -4.4% from 2013 to 2024. At the same time, Turkey (+22.3%), Poland (+12.6%), India (+11.8%) and Canada (+9.6%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +22.3% from 2013-2024. The United States, Italy, Germany and Belgium experienced a relatively flat trend pattern. By contrast, Austria (-5.8%) illustrated a downward trend over the same period. India (+6.4 p.p.), Poland (+4.6 p.p.), Turkey (+3.1 p.p.), Canada (+2.7 p.p.), Belgium (+2 p.p.), Germany (+1.6 p.p.) and Italy (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while Austria and the Netherlands saw its share reduced by -1.7% and -4.7% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($39M) remains the largest formaldehyde supplier worldwide, comprising 24% of global exports. The second position in the ranking was held by Belgium ($18M), with an 11% share of global exports. It was followed by Germany, with a 9% share.

In the Netherlands, formaldehyde exports contracted by an average annual rate of -3.0% over the period from 2013-2024. The remaining exporting countries recorded the following average annual rates of exports growth: Belgium (+1.0% per year) and Germany (+2.3% per year).

Export Prices By Country

In 2024, the average formaldehyde export price amounted to $438 per ton, growing by 19% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 35%. Over the period under review, the average export prices reached the maximum in 2024 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($593 per ton), while India ($237 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Germany (+3.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform