Central Asia: Formaldehyde Market 2024

Formaldehyde Market Size in Central Asia

The Central Asian formaldehyde market declined to $X in 2022, reducing by -4.4% against the previous year. Overall, consumption saw a slight setback. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Formaldehyde Production in Central Asia

In value terms, formaldehyde production reached $X in 2022 estimated in export price. Over the period under review, production, however, showed a noticeable setback. The most prominent rate of growth was recorded in 2017 with an increase of 27% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Formaldehyde Exports

Exports in Central Asia

In 2022, the amount of formaldehyde exported in Central Asia contracted markedly to X tons, waning by -82.8% against 2021 figures. In general, exports recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when exports increased by 335%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, formaldehyde exports contracted remarkably to $X in 2022. Over the period under review, exports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by 239%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Kazakhstan dominates exports structure, accounting for X tons, which was approx. 94% of total exports in 2022. It was distantly followed by Uzbekistan (X kg), achieving a 6.1% share of total exports.

Kazakhstan was also the fastest-growing in terms of the formaldehyde exports, with a CAGR of -15.1% from 2012 to 2022. Uzbekistan (-17.1%) illustrated a downward trend over the same period. Kazakhstan (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while Uzbekistan saw its share reduced by -1.5% from 2012 to 2022, respectively.

In value terms, Kazakhstan ($X) emerged as the largest formaldehyde supplier in Central Asia, comprising 99% of total exports. The second position in the ranking was held by Uzbekistan ($X), with a 1.2% share of total exports.

In Kazakhstan, formaldehyde exports decreased by an average annual rate of -15.6% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Central Asia amounted to $X per ton, picking up by 35% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the export price increased by 43% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 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 Kazakhstan ($X per ton), while Uzbekistan stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (-0.6%).

Formaldehyde Imports

Imports in Central Asia

In 2022, supplies from abroad of formaldehyde decreased by -71.8% to X tons, falling for the second year in a row after six years of growth. Overall, imports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2019 with an increase of 155%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, formaldehyde imports fell to $X in 2022. In general, imports, however, posted significant growth. The growth pace was the most rapid in 2016 with an increase of 144%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Kazakhstan represented the main importer of formaldehyde in Central Asia, with the volume of imports resulting at X tons, which was near 78% of total imports in 2022. It was distantly followed by Uzbekistan (X tons), committing a 14% share of total imports. Kyrgyzstan (X tons), Tajikistan (X tons) and Turkmenistan (X tons) took a minor share of total imports.

Imports into Kazakhstan increased at an average annual rate of +10.5% from 2012 to 2022. At the same time, Turkmenistan (+35.5%) and Kyrgyzstan (+1.0%) displayed positive paces of growth. Moreover, Turkmenistan emerged as the fastest-growing importer imported in Central Asia, with a CAGR of +35.5% from 2012-2022. Tajikistan experienced a relatively flat trend pattern. By contrast, Uzbekistan (-21.2%) illustrated a downward trend over the same period. Uzbekistan (+14 p.p.) and Turkmenistan (+2 p.p.) significantly strengthened its position in terms of the total imports, while Kazakhstan, Kyrgyzstan and Tajikistan saw its share reduced by -2.9%, -4.4% and -4.9% from 2012 to 2022, respectively.

In value terms, Kazakhstan ($X) constitutes the largest market for imported formaldehyde in Central Asia, comprising 94% of total imports. The second position in the ranking was taken by Uzbekistan ($X), with a 2.6% share of total imports. It was followed by Kyrgyzstan, with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Kazakhstan totaled +24.3%. The remaining importing countries recorded the following average annual rates of imports growth: Uzbekistan (-24.6% per year) and Kyrgyzstan (-2.8% per year).

Import Prices by Country

In 2022, the import price in Central Asia amounted to $X per ton, rising by 205% against the previous year. Over the period under review, the import price continues to indicate a prominent expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Kazakhstan ($X per ton), while Uzbekistan ($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 mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :