Croatia: Formaldehyde Market 2024

Formaldehyde Market Size in Croatia

In 2022, the Croatian formaldehyde market decreased by -64.4% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, posted a resilient expansion. Over the period under review, the market reached the peak level at $X in 2021, and then declined dramatically in the following year.

Formaldehyde Production in Croatia

In value terms, formaldehyde production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, recorded a dramatic descent. Formaldehyde production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Formaldehyde Exports

Exports from Croatia

After four years of decline, overseas shipments of formaldehyde increased by 120% to X tons in 2022. Over the period under review, exports saw notable growth. The pace of growth was the most pronounced in 2015 when exports increased by 229% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, formaldehyde exports surged to $X in 2022. Overall, exports, however, recorded a mild shrinkage. The pace of growth was the most pronounced in 2013 when exports increased by 137%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Bosnia and Herzegovina (X tons) was the main destination for formaldehyde exports from Croatia, with a 92% share of total exports. Moreover, formaldehyde exports to Bosnia and Herzegovina exceeded the volume sent to the second major destination, Slovenia (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bosnia and Herzegovina totaled +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (+24.3% per year) and Serbia (-11.7% per year).

In value terms, Bosnia and Herzegovina ($X) remains the key foreign market for formaldehyde exports from Croatia, comprising 88% of total exports. The second position in the ranking was taken by Slovenia ($X), with a 6.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Bosnia and Herzegovina totaled -1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (+2.6% per year) and Serbia (-7.0% per year).

Export Prices by Country

In 2022, the average formaldehyde export price amounted to $X per ton, declining by -9.3% against the previous year. Overall, the export price recorded a pronounced descent. The most prominent rate of growth was recorded in 2019 an increase of 37% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Serbia ($X per ton), while the average price for exports to Bosnia and Herzegovina ($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 Serbia (+5.3%), while the prices for the other major destinations experienced a decline.

Formaldehyde Imports

Imports into Croatia

In 2022, the amount of formaldehyde imported into Croatia fell sharply to X tons, dropping by -68.3% compared with 2021 figures. Over the period under review, imports, however, saw a perceptible increase. The pace of growth appeared the most rapid in 2020 with an increase of 329%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, formaldehyde imports contracted notably to $X in 2022. Overall, imports, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of 662% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Hungary (X tons) constituted the largest formaldehyde supplier to Croatia, accounting for a 74% share of total imports. Moreover, formaldehyde imports from Hungary exceeded the figures recorded by the second-largest supplier, Austria (X tons), fivefold. Italy (X tons) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume from Hungary totaled +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+1.5% per year) and Italy (+32.2% per year).

In value terms, the largest formaldehyde suppliers to Croatia were Denmark ($X), Hungary ($X) and Austria ($X), with a combined 82% share of total imports. Italy, the Czech Republic and Slovenia lagged somewhat behind, together accounting for a further 6.3%.

The Czech Republic, with a CAGR of +66.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers 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, picking up by 42% against the previous year. In general, the import price showed resilient growth. The growth pace was the most rapid in 2013 when the average import price increased by 161% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (+10.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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