Africa: Formaldehyde Market 2024

Formaldehyde Market Size in Africa

In 2022, the African formaldehyde market increased by 3.4% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 6%. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Formaldehyde Production in Africa

In value terms, formaldehyde production shrank slightly to $X in 2022 estimated in export price. In general, production, however, recorded a perceptible curtailment. The pace of growth appeared the most rapid in 2016 when the production volume increased by 9.8% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Formaldehyde Exports

Exports in Africa

In 2022, the amount of formaldehyde exported in Africa declined remarkably to X tons, falling by -55.2% compared with the year before. Over the period under review, exports recorded a pronounced decline. The growth pace was the most rapid in 2021 with an increase of 123%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, formaldehyde exports reduced rapidly to $X in 2022. In general, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 133%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Egypt prevails in exports structure, recording X tons, which was approx. 95% of total exports in 2022. South Africa (X tons) held a little share of total exports.

Exports from Egypt decreased at an average annual rate of -4.2% from 2012 to 2022. At the same time, South Africa (+3.3%) displayed positive paces of growth. Moreover, South Africa emerged as the fastest-growing exporter exported in Africa, with a CAGR of +3.3% from 2012-2022. While the share of South Africa (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Egypt (-2.4 p.p.) displayed negative dynamics.

In value terms, Egypt ($X) remains the largest formaldehyde supplier in Africa, comprising 90% of total exports. The second position in the ranking was taken by South Africa ($X), with an 8.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Egypt amounted to -5.4%.

Export Prices by Country

In 2022, the export price in Africa amounted to $X per ton, with an increase of 19% against the previous year. In general, the export price, however, showed a mild decline. Over the period under review, the export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while Egypt amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (-1.2%).

Formaldehyde Imports

Imports in Africa

In 2022, the amount of formaldehyde imported in Africa stood at X tons, growing by 1.8% compared with the year before. Over the period under review, imports saw a strong increase. The pace of growth was the most pronounced in 2015 with an increase of 152% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, formaldehyde imports skyrocketed to $X in 2022. In general, imports recorded a resilient expansion. The pace of growth appeared the most rapid in 2015 with an increase of 112% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Nigeria dominates imports structure, finishing at X tons, which was approx. 73% of total imports in 2022. It was distantly followed by Tunisia (X tons) and Morocco (X tons), together achieving a 10% share of total imports. The following importers - Ghana (X tons) and Kenya (X tons) - together made up 5% of total imports.

Nigeria was also the fastest-growing in terms of the formaldehyde imports, with a CAGR of +22.8% from 2012 to 2022. At the same time, Tunisia (+15.3%), Kenya (+7.7%) and Ghana (+3.8%) displayed positive paces of growth. By contrast, Morocco (-8.4%) illustrated a downward trend over the same period. While the share of Nigeria (+49 p.p.) and Tunisia (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-2 p.p.) and Morocco (-25.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported formaldehyde in Africa, comprising 83% of total imports. The second position in the ranking was held by Morocco ($X), with a 3% share of total imports. It was followed by Tunisia, with a 2.5% share.

In Nigeria, formaldehyde imports expanded at an average annual rate of +30.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Morocco (-5.3% per year) and Tunisia (+12.8% per year).

Import Prices by Country

In 2022, the import price in Africa amounted to $X per ton, jumping by 49% against the previous year. Overall, the import price enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 when the import price increased by 57%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Kenya ($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 (+6.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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