Benelux: Formaldehyde Market 2024

Formaldehyde Market Size in Benelux

In 2022, the Benelux formaldehyde market increased by 129% to $X, rising for the second year in a row after two years of decline. Overall, consumption posted a remarkable increase. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in years to come.

Formaldehyde Production in Benelux

In value terms, formaldehyde production soared to $X in 2022 estimated in export price. The total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +107.9% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of 55%. Over the period under review, production attained the maximum level in 2022 and is likely to continue growth in years to come.

Formaldehyde Exports

Exports in Benelux

In 2022, shipments abroad of formaldehyde decreased by -3.3% to X tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when exports increased by 16% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, formaldehyde exports expanded slightly to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 54% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands was the key exporting country with an export of about X tons, which finished at 71% of total exports. It was distantly followed by Belgium (X tons), constituting a 29% share of total exports.

The Netherlands experienced a relatively flat trend pattern with regard to volume of exports of formaldehyde. At the same time, Belgium (+3.8%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in Benelux, with a CAGR of +3.8% from 2012-2022. Belgium (+6.7 p.p.) significantly strengthened its position in terms of the total exports, while the Netherlands saw its share reduced by -6.7% from 2012 to 2022, respectively.

In value terms, the Netherlands ($X) remains the largest formaldehyde supplier in Benelux, comprising 68% of total exports. The second position in the ranking was held by Belgium ($X), with a 32% share of total exports.

In the Netherlands, formaldehyde exports remained relatively stable over the period from 2012-2022.

Export Prices by Country

The export price in Benelux stood at $X per ton in 2022, growing by 6.7% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by 38%. 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 remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the Netherlands totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+1.6%).

Formaldehyde Imports

Imports in Benelux

In 2022, overseas purchases of formaldehyde decreased by -20.1% to X tons, falling for the third consecutive year after three years of growth. Total imports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -24.4% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of 49%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, formaldehyde imports dropped to $X in 2022. Total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +11.3% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 69% against the previous year. Over the period under review, imports attained the peak figure 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 Belgium (X tons) and the Netherlands (X tons), together amounting to 100% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Belgium (with a CAGR of +4.4%).

In value terms, the largest formaldehyde importing markets in Benelux were Belgium ($X) and the Netherlands ($X).

In terms of the main importing countries, Belgium, with a CAGR of +6.8%, saw the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

The import price in Benelux stood at $X per ton in 2022, increasing by 7.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The pace of growth was the most pronounced in 2021 when the import price increased by 36%. Over the period under review, import prices attained the maximum in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the Netherlands stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+2.8%).

Source: IndexBox Platform