CIS: Formaldehyde Market 2024

Formaldehyde Market Size in CIS

The CIS formaldehyde market fell to $X in 2022, waning by -9.2% against the previous year. Overall, consumption saw a deep contraction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Formaldehyde Production in CIS

In value terms, formaldehyde production contracted to $X in 2022 estimated in export price. Overall, production saw a abrupt setback. The pace of growth was the most pronounced in 2021 with an increase of 21% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Formaldehyde Exports

Exports in CIS

Formaldehyde exports reduced modestly to X tons in 2022, almost unchanged from the previous year. Over the period under review, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2016 with an increase of 27%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, formaldehyde exports declined to $X in 2022. Overall, exports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 29% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Russia (X tons) represented roughly 99.9% of total exports in 2022.

Russia was also the fastest-growing in terms of the formaldehyde exports, with a CAGR of -10.2% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) also remains the largest formaldehyde supplier in the CIS.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia totaled -14.1%.

Export Prices by Country

The export price in the CIS stood at $X per ton in 2022, with a decrease of -11.2% against the previous year. Overall, the export price saw a noticeable decline. The most prominent rate of growth was recorded in 2021 when the export price increased by 29% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Russia.

From 2012 to 2022, the rate of growth in terms of prices for Russia amounted to -4.3% per year.

Formaldehyde Imports

Imports in CIS

In 2022, overseas purchases of formaldehyde decreased by -38.3% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, posted slight growth. The most prominent rate of growth was recorded in 2014 with an increase of 235% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, formaldehyde imports declined to $X in 2022. Overall, imports, however, posted prominent growth. The pace of growth was the most pronounced in 2014 when imports increased by 179%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Belarus represented the main importer of formaldehyde in the CIS, with the volume of imports finishing at X tons, which was approx. 49% of total imports in 2022. Azerbaijan (X tons) ranks second in terms of the total imports with a 24% share, followed by Kazakhstan (17%). The following importers - Uzbekistan (X tons), Armenia (X tons) and Moldova (X tons) - together made up 7.6% of total imports.

From 2012 to 2022, average annual rates of growth with regard to formaldehyde imports into Belarus stood at -1.2%. At the same time, Kazakhstan (+10.5%), Armenia (+9.7%) and Azerbaijan (+2.8%) displayed positive paces of growth. Moreover, Kazakhstan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +10.5% from 2012-2022. By contrast, Moldova (-2.3%) and Uzbekistan (-21.2%) illustrated a downward trend over the same period. While the share of Kazakhstan (+9.5 p.p.), Uzbekistan (+3.1 p.p.) and Azerbaijan (+2.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Belarus (-15.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kazakhstan ($X) constitutes the largest market for imported formaldehyde in the CIS, comprising 51% of total imports. The second position in the ranking was held by Belarus ($X), with a 21% share of total imports. It was followed by Azerbaijan, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Kazakhstan amounted to +24.3%. In the other countries, the average annual rates were as follows: Belarus (-4.3% per year) and Azerbaijan (+0.6% per year).

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per ton, picking up by 46% against the previous year. Import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, formaldehyde import price increased by +82.7% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kazakhstan ($X per ton), while Belarus ($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

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