China: Formaldehyde Market 2024

Formaldehyde Market Size in China

The Chinese formaldehyde market contracted slightly to $X in 2022, remaining constant against the previous year. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Formaldehyde Production in China

In value terms, formaldehyde production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 28%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Formaldehyde Exports

Exports from China

In 2022, shipments abroad of formaldehyde decreased by -68.3% to X tons, falling for the second consecutive year after four years of growth. Overall, exports saw a abrupt contraction. The pace of growth appeared the most rapid in 2019 when exports increased by 23%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, formaldehyde exports reduced dramatically to $X in 2022. In general, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2013 when exports increased by 23%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

South Korea (X tons), Vietnam (X tons) and Thailand (X tons) were the main destinations of formaldehyde exports from China, together accounting for 59% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +30.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for formaldehyde exported from China were South Korea ($X), Vietnam ($X) and Thailand ($X), with a combined 59% share of total exports. Cameroon and Bangladesh lagged somewhat behind, together accounting for a further 8.6%.

In terms of the main countries of destination, Cameroon, with a CAGR of +37.2%, saw the highest rates of growth with regard to 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 average formaldehyde export price stood at $X per ton in 2022, increasing by 62% against the previous year. In general, the export price continues to indicate a strong increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Cameroon ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cameroon (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Formaldehyde Imports

Imports into China

Formaldehyde imports into China soared to X tons in 2022, with an increase of 381% against the previous year. In general, imports saw a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, formaldehyde imports skyrocketed to $X in 2022. Overall, imports continue to indicate prominent growth. The pace of growth was the most pronounced in 2017 with an increase of 94%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Germany (X tons) constituted the largest formaldehyde supplier to China, with a 13% share of total imports. Moreover, formaldehyde imports from Germany exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. The third position in this ranking was held by Japan (X tons), with a 1.2% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +78.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+89.5% per year) and Japan (+6.5% per year).

In value terms, the United States ($X), Germany ($X) and Japan ($X) appeared to be the largest formaldehyde suppliers to China, with a combined 93% share of total imports.

Among the main suppliers, the United States, with a CAGR of +52.7%, 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 average formaldehyde import price stood at $X per ton in 2022, with a decrease of -74.7% against the previous year. Overall, the import price recorded a deep setback. The pace of growth appeared the most rapid in 2021 when the average import price increased by 85%. Over the period under review, average import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-12.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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