EU: Formaldehyde Market 2024

Formaldehyde Market Size in the EU

In 2022, the EU formaldehyde market increased by 6.1% to $X, rising for the second year in a row after two years of decline. The total consumption indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +96.2% against 2020 indices. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in the immediate term.

Formaldehyde Production in the EU

In value terms, formaldehyde production expanded sharply to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the production volume increased by 31% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Formaldehyde Exports

Exports in the EU

After two years of growth, shipments abroad of formaldehyde decreased by -13.7% to X tons in 2022. The total export volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 22%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, formaldehyde exports contracted to $X in 2022. Total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +55.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 68% against the previous year. As a result, the exports attained the peak of $X, and then fell in the following year.

Exports by Country

The Netherlands represented the largest exporter of formaldehyde in the European Union, with the volume of exports resulting at X tons, which was near 39% of total exports in 2022. Belgium (X tons) took a 16% share (based on physical terms) of total exports, which put it in second place, followed by Italy (11%), Germany (9.9%) and Poland (8.4%). Slovakia (X tons), Spain (X tons), Finland (X tons) and Hungary (X tons) followed a long way behind the leaders.

The Netherlands experienced a relatively flat trend pattern with regard to volume of exports of formaldehyde. At the same time, Finland (+21.3%), Poland (+20.3%), Hungary (+18.7%), Belgium (+3.8%), Italy (+3.4%) and Germany (+2.6%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +21.3% from 2012-2022. By contrast, Spain (-1.0%) and Slovakia (-8.1%) illustrated a downward trend over the same period. While the share of Poland (+6.9 p.p.), Belgium (+3.4 p.p.), Finland (+1.9 p.p.), Italy (+1.9 p.p.) and Hungary (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the Netherlands (-4.6 p.p.) and Slovakia (-5.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest formaldehyde supplier in the European Union, comprising 34% of total exports. The second position in the ranking was held by Belgium ($X), with a 16% share of total exports. It was followed by Poland, with an 11% share.

In the Netherlands, formaldehyde exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belgium (+5.5% per year) and Poland (+27.0% per year).

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, picking up by 7.6% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by 37%. The level of export peaked in 2022 and is likely to see steady 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 Slovakia ($X per ton), while Hungary ($X per ton) was amongst the lowest.

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

Formaldehyde Imports

Imports in the EU

In 2022, approx. X tons of formaldehyde were imported in the European Union; with a decrease of -20.8% compared with 2021 figures. Overall, imports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 14%. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, formaldehyde imports declined to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 69%. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Germany was the major importing country with an import of about X tons, which recorded 40% of total imports. Poland (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Belgium (10%), the Netherlands (9.3%) and France (7.7%). The following importers - Latvia (X tons) and Bulgaria (X tons) - each finished at an 8% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to formaldehyde imports into Germany stood at -5.7%. At the same time, Bulgaria (+38.0%), Poland (+10.0%) and Belgium (+4.4%) displayed positive paces of growth. Moreover, Bulgaria emerged as the fastest-growing importer imported in the European Union, with a CAGR of +38.0% from 2012-2022. The Netherlands and Latvia experienced a relatively flat trend pattern. By contrast, France (-2.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Poland, Belgium, Bulgaria and the Netherlands increased by +9.7, +5.1, +3.4 and +2.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest formaldehyde importing markets in the European Union were Germany ($X), Poland ($X) and Belgium ($X), with a combined 62% share of total imports. France, the Netherlands, Latvia and Bulgaria lagged somewhat behind, together accounting for a further 24%.

Bulgaria, with a CAGR of +35.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the European Union stood at $X per ton in 2022, increasing by 13% against the previous year. Import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 +67.0% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 48% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Poland ($X per ton), while Germany ($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 more modest paces of growth.

Source: IndexBox Platform

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