Asia-Pacific: Formaldehyde Market 2024

Formaldehyde Market Size in Asia-Pacific

The Asia-Pacific formaldehyde market reduced to $X in 2022, with a decrease of -1.7% against the previous year. Overall, consumption showed a mild curtailment. The pace of growth was the most pronounced in 2021 when the market value increased by 3.9% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Formaldehyde Production in Asia-Pacific

In value terms, formaldehyde production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a slight decrease. The most prominent rate of growth was recorded in 2021 when the production volume increased by 3.8%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Formaldehyde Exports

Exports in Asia-Pacific

In 2022, shipments abroad of formaldehyde decreased by -22.5% to X tons, falling for the third consecutive year after four years of growth. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 18%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, formaldehyde exports declined dramatically to $X in 2022. The total export value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 30%. The level of export peaked at $X in 2021, and then declined significantly in the following year.

Exports by Country

India was the major exporter of formaldehyde in Asia-Pacific, with the volume of exports accounting for X tons, which was near 57% of total exports in 2022. Taiwan (Chinese) (X tons) ranks second in terms of the total exports with an 18% share, followed by Vietnam (8.4%) and China (5.2%). The following exporters - Thailand (X tons), Indonesia (X tons) and Malaysia (X tons) - each resulted at a 9.3% share of total exports.

Exports from India increased at an average annual rate of +15.3% from 2012 to 2022. At the same time, Indonesia (+46.4%), Thailand (+31.0%) and Vietnam (+20.2%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +46.4% from 2012-2022. Malaysia experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-5.0%) and China (-18.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India, Vietnam, Thailand and Indonesia increased by +42, +6.9, +3.2 and +3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) remains the largest formaldehyde supplier in Asia-Pacific, comprising 54% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 19% share of total exports. It was followed by China, with an 8% share.

In India, formaldehyde exports expanded at an average annual rate of +14.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (-2.7% per year) and China (-11.9% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, growing by 7.7% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 25%. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat 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 China ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.7%), while the other leaders experienced mixed trends in the export price figures.

Formaldehyde Imports

Imports in Asia-Pacific

In 2022, formaldehyde imports in Asia-Pacific contracted to X tons, dropping by -12.7% against the previous year's figure. In general, imports showed a noticeable reduction. The most prominent rate of growth was recorded in 2019 when imports increased by 9.8%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, formaldehyde imports reduced to $X in 2022. Over the period under review, imports continue to indicate a perceptible descent. The most prominent rate of growth was recorded in 2021 when imports increased by 19% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Nepal (X tons) and Bangladesh (X tons) represented the largest importers of formaldehyde in 2022, recording near 32% and 24% of total imports, respectively. The Philippines (X tons) ranks next in terms of the total imports with a 12% share, followed by Cambodia (5%) and Vietnam (4.8%). The following importers - Myanmar (X tons), New Zealand (X tons), Australia (X tons), China (X tons), Bhutan (X tons) and Thailand (X tons) - together made up 15% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +21.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest formaldehyde importing markets in Asia-Pacific were Bangladesh ($X), Nepal ($X) and the Philippines ($X), together comprising 55% of total imports. Australia, Vietnam, Cambodia, New Zealand, Thailand, Myanmar, China and Bhutan lagged somewhat behind, together accounting for a further 24%.

In terms of the main importing countries, Cambodia, with a CAGR of +21.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2022, surging by 4.5% against the previous year. Overall, the import price, however, recorded a slight curtailment. The pace of growth was the most pronounced in 2021 an increase of 12%. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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