ASEAN: Formaldehyde Market 2024

Formaldehyde Market Size in ASEAN

The ASEAN formaldehyde market fell to $X in 2022, waning by -2.2% against the previous year. Over the period under review, consumption saw a noticeable slump. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Formaldehyde Production in ASEAN

In value terms, formaldehyde production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production saw a pronounced slump. The pace of growth was the most pronounced in 2016 with an increase of 11%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Formaldehyde Exports

Exports in ASEAN

After two years of growth, overseas shipments of formaldehyde decreased by -18.2% to X tons in 2022. Over the period under review, exports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2016 with an increase of 165% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then dropped markedly in the following year.

In value terms, formaldehyde exports declined to $X in 2022. In general, exports, however, showed a noticeable increase. The growth pace was the most rapid in 2016 with an increase of 81%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam represented the key exporting country with an export of around X tons, which resulted at 45% of total exports. It was distantly followed by Thailand (X tons), Indonesia (X tons), Malaysia (X tons) and Singapore (X tons), together committing a 55% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to formaldehyde exports from Vietnam stood at +20.2%. At the same time, Indonesia (+46.4%) and Thailand (+31.0%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +46.4% from 2012-2022. Malaysia experienced a relatively flat trend pattern. By contrast, Singapore (-10.9%) illustrated a downward trend over the same period. While the share of Vietnam (+27 p.p.), Indonesia (+16 p.p.) and Thailand (+15 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-23.3 p.p.) and Singapore (-34.4 p.p.) displayed negative dynamics.

In value terms, the largest formaldehyde supplying countries in ASEAN were Vietnam ($X), Thailand ($X) and Malaysia ($X), with a combined 73% share of total exports. Indonesia and Singapore lagged somewhat behind, together comprising a further 27%.

In terms of the main exporting countries, Indonesia, with a CAGR of +46.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, growing by 5.9% against the previous year. Overall, the export price, however, showed a abrupt descent. The pace of growth was the most pronounced in 2018 an increase of 13% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-0.2%), while the other leaders experienced a decline in the export price figures.

Formaldehyde Imports

Imports in ASEAN

Formaldehyde imports dropped significantly to X tons in 2022, which is down by -20.8% against 2021 figures. Overall, imports recorded a deep downturn. The pace of growth was the most pronounced in 2019 when imports increased by 38% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, formaldehyde imports contracted to $X in 2022. In general, imports continue to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2019 when imports increased by 23%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The Philippines was the major importer of formaldehyde in ASEAN, with the volume of imports resulting at X tons, which was near 39% of total imports in 2022. Cambodia (X tons) ranks second in terms of the total imports with a 17% share, followed by Vietnam (16%), Myanmar (11%), Thailand (5.5%) and Lao People's Democratic Republic (4.6%). Singapore (X tons) held a relatively small share of total imports.

The Philippines experienced a relatively flat trend pattern with regard to volume of imports of formaldehyde. At the same time, Lao People's Democratic Republic (+40.1%), Cambodia (+20.0%) and Thailand (+11.4%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +40.1% from 2012-2022. By contrast, Singapore (-9.2%), Vietnam (-12.5%) and Myanmar (-19.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Philippines, Cambodia, Thailand and Lao People's Democratic Republic increased by +20, +15, +4.6 and +4.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X) constitutes the largest market for imported formaldehyde in ASEAN, comprising 40% of total imports. The second position in the ranking was held by Vietnam ($X), with an 11% share of total imports. It was followed by Cambodia, with an 11% share.

In the Philippines, formaldehyde imports increased at an average annual rate of +2.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (-13.4% per year) and Cambodia (+21.8% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, rising by 7.9% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 24% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+3.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform