Ecuador: Formaldehyde Market 2024

Formaldehyde Market Size in Ecuador

The Ecuadorian formaldehyde market fell modestly to $X in 2022, with a decrease of -3.7% against the previous year. Overall, consumption showed a mild setback. The most prominent rate of growth was recorded in 2021 with an increase of 8.3% against the previous year. Formaldehyde consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Formaldehyde Production in Ecuador

In value terms, formaldehyde production contracted slightly to $X in 2022 estimated in export price. In general, production saw a mild reduction. The growth pace was the most rapid in 2017 with an increase of 8.5%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Formaldehyde Exports

Exports from Ecuador

In 2022, overseas shipments of formaldehyde decreased by -11.3% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports continue to indicate a sharp downturn. The pace of growth was the most pronounced in 2020 when exports increased by 713% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, formaldehyde exports reduced to $X in 2022. In general, exports recorded a dramatic curtailment. The growth pace was the most rapid in 2020 when exports increased by 668% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Peru (X tons) was the main destination for formaldehyde exports from Ecuador, with a 89% share of total exports. Moreover, formaldehyde exports to Peru exceeded the volume sent to the second major destination, Colombia (X kg), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Peru amounted to -37.6%.

In value terms, Peru ($X) remains the key foreign market for formaldehyde exports from Ecuador, comprising 89% of total exports. The second position in the ranking was held by Colombia ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Peru totaled -36.2%.

Export Prices by Country

The average formaldehyde export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period under review, the export price saw a temperate increase. The pace of growth was the most pronounced in 2015 an increase of 150% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to Colombia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+2.3%).

Formaldehyde Imports

Imports into Ecuador

In 2022, after two years of growth, there was significant decline in overseas purchases of formaldehyde, when their volume decreased by -20.9% to X tons. Overall, imports showed a mild curtailment. The growth pace was the most rapid in 2018 with an increase of 198% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, formaldehyde imports shrank sharply to $X in 2022. In general, imports, however, recorded a prominent increase. The pace of growth was the most pronounced in 2018 with an increase of 210% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then contracted notably in the following year.

Imports by Country

Mexico (X tons), Taiwan (Chinese) (X tons) and Belgium (X tons) were the main suppliers of formaldehyde imports to Ecuador, with a combined 94% share of total imports. Italy and Spain lagged somewhat behind, together comprising a further 4.1%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +70.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constituted the largest supplier of formaldehyde to Ecuador, comprising 79% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 7.1% share of total imports. It was followed by Italy, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Mexico amounted to +21.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+28.8% per year) and Italy (+46.5% per year).

Import Prices by Country

In 2022, the average formaldehyde import price amounted to $X per ton, approximately equating the previous year. Overall, the import price continues to indicate a strong expansion. The pace of growth was the most pronounced in 2017 an increase of 65%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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 Italy ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+21.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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