GCC: Formaldehyde Market 2024

Formaldehyde Market Size in GCC

The GCC formaldehyde market declined to $X in 2022, falling by -7.2% against the previous year. Over the period under review, consumption continues to indicate a slight decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Formaldehyde Production in GCC

In value terms, formaldehyde production shrank to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible descent. The pace of growth was the most pronounced in 2021 when the production volume increased by 20%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Formaldehyde Exports

Exports in GCC

In 2022, overseas shipments of formaldehyde were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, continue to indicate a deep setback. The pace of growth was the most pronounced in 2013 when exports increased by 71%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, formaldehyde exports fell slightly to $X in 2022. In general, exports, however, recorded a abrupt curtailment. The pace of growth was the most pronounced in 2013 with an increase of 85%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons) and Oman (X tons) represented roughly 85% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), constituting a 14% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +35.8%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 100% of total exports.

In terms of the main exporting countries, the United Arab Emirates, with a CAGR of +38.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, dropping by -8.3% against the previous year. In general, the export price showed a mild reduction. The pace of growth appeared the most rapid in 2021 when the export price increased by 19% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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 the United Arab Emirates ($X per ton), while Oman ($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 United Arab Emirates (+2.3%), while the other leaders experienced a decline in the export price figures.

Formaldehyde Imports

Imports in GCC

In 2022, overseas purchases of formaldehyde increased by 15% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2013 when imports increased by 55%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, formaldehyde imports stood at $X in 2022. In general, imports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2013 with an increase of 75% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates prevails in imports structure, accounting for X tons, which was approx. 95% of total imports in 2022. The following importers - Qatar (X tons) and Kuwait (X tons) - together made up 5% of total imports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of formaldehyde. At the same time, Qatar (+14.6%) and Kuwait (+13.0%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +14.6% from 2012-2022. The United Arab Emirates (+26 p.p.) and Qatar (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported formaldehyde in GCC, comprising 88% of total imports. The second position in the ranking was taken by Qatar ($X), with a 6.9% share of total imports.

In the United Arab Emirates, formaldehyde imports shrank by an average annual rate of -2.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Qatar (+1.4% per year) and Kuwait (+11.6% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the import price continues to indicate a perceptible setback. The pace of growth appeared the most rapid in 2013 when the import price increased by 13% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (-1.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform