Asia: Formaldehyde Market 2024

Formaldehyde Market Size in Asia

The Asian formaldehyde market fell to $X in 2022, which is down by -1.9% against the previous year. Over the period under review, consumption showed a mild descent. The most prominent rate of growth was recorded in 2021 with an increase of 4.9%. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Formaldehyde Production in Asia

In value terms, formaldehyde production fell to $X in 2022 estimated in export price. In general, production saw a slight decline. The most prominent rate of growth was recorded in 2021 with an increase of 11% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Formaldehyde Exports

Exports in Asia

For the fourth year in a row, Asia recorded decline in overseas shipments of formaldehyde, which decreased by -14% to X tons in 2022. In general, exports showed a slight curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 51%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, formaldehyde exports shrank to $X in 2022. Overall, exports recorded a perceptible descent. The pace of growth was the most pronounced in 2013 with an increase of 67%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, India (X tons) and Turkey (X tons) were the largest exporters of formaldehyde in Asia, together mixing up 53% of total exports. Saudi Arabia (X tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by Oman (9.5%) and Taiwan (Chinese) (8.4%). Vietnam (X tons) and the United Arab Emirates (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +42.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest formaldehyde supplying countries in Asia were India ($X), Turkey ($X) and Saudi Arabia ($X), with a combined 56% share of total exports. Taiwan (Chinese), the United Arab Emirates, Oman and Vietnam lagged somewhat behind, together accounting for a further 29%.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +38.9%, recorded the highest growth rate of 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 Asia stood at $X per ton in 2022, surging by 4.7% against the previous year. In general, the export price, however, showed a mild slump. The pace of growth appeared the most rapid in 2021 when the export price increased by 27% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.4%), while the other leaders experienced mixed trends in the export price figures.

Formaldehyde Imports

Imports in Asia

Formaldehyde imports declined to X tons in 2022, waning by -13.5% compared with 2021 figures. Overall, imports continue to indicate a mild downturn. The pace of growth was the most pronounced in 2016 when imports increased by 6.9% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, formaldehyde imports contracted to $X in 2022. In general, imports recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 11% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of formaldehyde imports in 2022 were Nepal (X tons), the United Arab Emirates (X tons) and Bangladesh (X tons), together finishing at 56% of total import. It was distantly followed by the Philippines (X tons) and Yemen (X tons), together creating a 13% share of total imports. The following importers - Israel (X tons), Cambodia (X tons), Vietnam (X tons), Azerbaijan (X tons), Myanmar (X tons) and Kazakhstan (X tons) - together made up 17% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Yemen (with a CAGR of +31.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X), Nepal ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of imports in 2022, together comprising 43% of total imports. The Philippines, Kazakhstan, Yemen, Israel, Vietnam, Cambodia, Myanmar and Azerbaijan lagged somewhat behind, together accounting for a further 32%.

Kazakhstan, with a CAGR of +24.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, surging by 7.3% against the previous year. Overall, the import price, however, showed a mild decline. The most prominent rate of growth was recorded in 2021 when the import price increased by 11%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+12.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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