Australia and Oceania: Formaldehyde Market 2024

Formaldehyde Market Size in Australia and Oceania

The formaldehyde market in Australia and Oceania shrank modestly to $X in 2022, falling by -3.3% against the previous year. Overall, consumption, however, recorded a pronounced increase. As a result, consumption reached the peak level of $X, and then dropped modestly in the following year.

Formaldehyde Production in Australia and Oceania

In value terms, formaldehyde production totaled $X in 2022 estimated in export price. Overall, production showed a dramatic curtailment. The pace of growth was the most pronounced in 2013 with a decrease of -88.4% 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 Australia and Oceania

In 2022, approx. X tons of formaldehyde were exported in Australia and Oceania; reducing by -27.7% compared with the year before. In general, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 137%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, formaldehyde exports shrank significantly to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 135%. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

New Zealand was the major exporting country with an export of around X tons, which finished at 79% of total exports. It was distantly followed by Australia (X tons), committing a 21% share of total exports.

New Zealand was also the fastest-growing in terms of the formaldehyde exports, with a CAGR of +18.7% from 2012 to 2022. Australia (-13.2%) illustrated a downward trend over the same period. While the share of New Zealand (+65 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Australia (-64.8 p.p.) displayed negative dynamics.

In value terms, Australia ($X) remains the largest formaldehyde supplier in Australia and Oceania, comprising 69% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 31% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Australia was relatively modest.

Export Prices by Country

In 2022, the export price in Australia and Oceania amounted to $X per ton, declining by -39.5% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 59%. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then fell markedly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Australia ($X per ton), while New Zealand totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+14.3%).

Formaldehyde Imports

Imports in Australia and Oceania

In 2022, approx. X tons of formaldehyde were imported in Australia and Oceania; waning by -6.1% on the year before. Total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +30.8% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 75% against the previous year. The volume of import peaked at X tons in 2021, and then fell in the following year.

In value terms, formaldehyde imports contracted to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 80%. As a result, imports attained the peak of $X, and then contracted modestly in the following year.

Imports by Country

New Zealand (X tons) and Australia (X tons) dominates imports structure, together achieving 97% of total imports. Papua New Guinea (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for New Zealand (with a CAGR of +7.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest formaldehyde importing markets in Australia and Oceania were Australia ($X), New Zealand ($X) and Papua New Guinea ($X), together accounting for 97% of total imports.

In terms of the main importing countries, Australia, with a CAGR of +7.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Australia and Oceania amounted to $X per ton, growing by 4.2% against the previous year. In general, the import price, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2021 when the import price increased by 29%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Papua New Guinea ($X per ton), while New Zealand ($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 a decline in the import price figures.

Source: IndexBox Platform

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