Eastern Europe: Formaldehyde Market 2024

Formaldehyde Market Size in Eastern Europe

In 2022, the East European formaldehyde market increased by 0.1% to $X, rising for the second consecutive year after three years of decline. Overall, consumption continues to indicate a noticeable shrinkage. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Formaldehyde Production in Eastern Europe

In value terms, formaldehyde production totaled $X in 2022 estimated in export price. In general, production recorded a perceptible downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by 20%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Formaldehyde Exports

Exports in Eastern Europe

After three years of growth, shipments abroad of formaldehyde decreased by -20.3% to X tons in 2022. Over the period under review, exports saw a perceptible contraction. The growth pace was the most rapid in 2021 with an increase of 29%. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, formaldehyde exports declined to $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 80% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Poland (X tons), distantly followed by Russia (X tons), Slovakia (X tons) and Hungary (X tons) represented the largest exporters of formaldehyde, together making up 94% of total exports. Lithuania (X tons), the Czech Republic (X tons) and Romania (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +20.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest formaldehyde supplying countries in Eastern Europe were Poland ($X), Slovakia ($X) and Russia ($X), with a combined 87% share of total exports.

In terms of the main exporting countries, Poland, with a CAGR of +27.0%, saw the highest growth rate of 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

In 2022, the export price in Eastern Europe amounted to $X per ton, picking up by 12% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. The most prominent rate of growth was recorded in 2021 an increase of 40%. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Slovakia ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+10.4%), while the other leaders experienced more modest paces of growth.

Formaldehyde Imports

Imports in Eastern Europe

In 2022, after two years of growth, there was significant decline in purchases abroad of formaldehyde, when their volume decreased by -13.1% to X tons. The total import volume increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 43% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, formaldehyde imports rose sharply to $X in 2022. Over the period under review, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 82% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Poland represented the key importer of formaldehyde in Eastern Europe, with the volume of imports accounting for X tons, which was near 50% of total imports in 2022. Latvia (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Bulgaria (13%), the Czech Republic (10%) and Ukraine (5%). Belarus (X tons) took a little share of total imports.

Imports into Poland increased at an average annual rate of +10.0% from 2012 to 2022. At the same time, Ukraine (+73.8%), Bulgaria (+38.0%) and the Czech Republic (+11.0%) displayed positive paces of growth. Moreover, Ukraine emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +73.8% from 2012-2022. Latvia experienced a relatively flat trend pattern. By contrast, Belarus (-1.2%) illustrated a downward trend over the same period. Poland (+22 p.p.), Bulgaria (+12 p.p.), Ukraine (+5 p.p.) and the Czech Republic (+5 p.p.) significantly strengthened its position in terms of the total imports, while Belarus and Latvia saw its share reduced by -2.1% and -8% from 2012 to 2022, respectively.

In value terms, Poland ($X) constitutes the largest market for imported formaldehyde in Eastern Europe, comprising 63% of total imports. The second position in the ranking was taken by Latvia ($X), with a 12% share of total imports. It was followed by Bulgaria, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Poland amounted to +19.5%. The remaining importing countries recorded the following average annual rates of imports growth: Latvia (+2.7% per year) and Bulgaria (+35.1% per year).

Import Prices by Country

In 2022, the import price in Eastern Europe amounted to $X per ton, surging by 25% against the previous year. Import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.4% 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 +86.6% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 50%. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+8.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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