Eastern Asia: Formaldehyde Market 2024

Formaldehyde Market Size in Eastern Asia

The East Asian formaldehyde market dropped modestly to $X in 2022, waning by -2.4% against the previous year. Overall, consumption continues to indicate a noticeable decline. The growth pace was the most rapid in 2018 when the market value increased by 6.2%. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Formaldehyde Production in Eastern Asia

In value terms, formaldehyde production shrank slightly to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2014 when the production volume increased by 7.2%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Formaldehyde Exports

Exports in Eastern Asia

In 2022, overseas shipments of formaldehyde decreased by -39% to X tons, falling for the third year in a row after two years of growth. Over the period under review, exports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2019 with an increase of 13% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, formaldehyde exports reduced markedly to $X in 2022. In general, exports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when exports increased by 13% 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 failed to regain momentum.

Exports by Country

In 2022, Taiwan (Chinese) (X tons) represented the main exporter of formaldehyde, achieving 75% of total exports. It was distantly followed by China (X tons), creating a 22% share of total exports. The following exporters - Japan (X tons) and Hong Kong SAR (X tons) - each accounted for a 3.2% share of total exports.

Exports from Taiwan (Chinese) decreased at an average annual rate of -5.0% from 2012 to 2022. Hong Kong SAR (-3.6%), Japan (-7.6%) and China (-18.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Taiwan (Chinese) increased by +32 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Taiwan (Chinese) ($X) remains the largest formaldehyde supplier in Eastern Asia, comprising 63% of total exports. The second position in the ranking was taken by China ($X), with a 27% share of total exports. It was followed by Japan, with a 5.1% share.

In Taiwan (Chinese), formaldehyde exports shrank by an average annual rate of -2.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: China (-11.9% per year) and Japan (-9.0% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, growing by 7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.9%. The pace of growth was the most pronounced in 2021 an increase of 46%. Over the period under review, the export prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.7%), while the other leaders experienced more modest paces of growth.

Formaldehyde Imports

Imports in Eastern Asia

In 2022, overseas purchases of formaldehyde increased by 8.9% to X tons, rising for the third year in a row after three years of decline. Overall, imports continue to indicate a resilient increase. The growth pace was the most rapid in 2016 with an increase of 147% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, formaldehyde imports amounted to $X in 2022. In general, imports saw a prominent expansion. The pace of growth was the most pronounced in 2016 when imports increased by 112%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

China (X tons), Taiwan (Chinese) (X tons), South Korea (X tons) and Hong Kong SAR (X tons) represented roughly 89% of total imports in 2022. It was distantly followed by Democratic People's Republic of Korea (X tons), making up a 6.6% share of total imports. Japan (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +58.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported formaldehyde in Eastern Asia, comprising 47% of total imports. The second position in the ranking was taken by South Korea ($X), with an 18% share of total imports. It was followed by Taiwan (Chinese), with a 16% share.

In Hong Kong SAR, formaldehyde imports increased at an average annual rate of +15.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+28.2% per year) and Taiwan (Chinese) (+13.8% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, remaining constant against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% 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 +5.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 28% against the previous year. The level of import peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+11.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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