Guatemala: Formaldehyde Market 2024

Formaldehyde Market Size in Guatemala

The Guatemalan formaldehyde market skyrocketed to $X in 2022, rising by 56% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted a remarkable increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Formaldehyde Exports

Exports from Guatemala

In 2022, overseas shipments of formaldehyde were finally on the rise to reach X tons after two years of decline. Overall, exports saw a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 108%. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, formaldehyde exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed strong growth. The pace of growth was the most pronounced in 2014 when exports increased by 127%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Honduras (X tons) was the main destination for formaldehyde exports from Guatemala, with a 50% share of total exports. Moreover, formaldehyde exports to Honduras exceeded the volume sent to the second major destination, El Salvador (X tons), twofold. The third position in this ranking was held by Nicaragua (X tons), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Honduras totaled +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+10.2% per year) and Nicaragua (+4.7% per year).

In value terms, Honduras ($X), El Salvador ($X) and Nicaragua ($X) appeared to be the largest markets for formaldehyde exported from Guatemala worldwide, with a combined 91% share of total exports. Costa Rica lagged somewhat behind, accounting for a further 7.3%.

Among the main countries of destination, Costa Rica, with a CAGR of +101.8%, recorded the highest rates of growth with regard to 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

The average formaldehyde export price stood at $X per ton in 2022, surging by 30% against the previous year. Over the period under review, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, formaldehyde export price increased by +39.0% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Nicaragua ($X per ton) and Costa Rica ($X per ton), while the average price for exports to Honduras ($X per ton) and El Salvador ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nicaragua (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Formaldehyde Imports

Imports into Guatemala

In 2022, formaldehyde imports into Guatemala skyrocketed to X tons, jumping by 36% on the previous year's figure. Overall, total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +85.3% against 2012 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 37%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, formaldehyde imports skyrocketed to $X in 2022. In general, imports saw a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico (X tons), Belgium (X tons) and Colombia (X tons) were the main suppliers of formaldehyde imports to Guatemala, together accounting for 77% of total imports. Portugal, the Netherlands and Honduras lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +35.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest formaldehyde suppliers to Guatemala were Mexico ($X), Belgium ($X) and Colombia ($X), with a combined 76% share of total imports. Portugal, the Netherlands and Honduras lagged somewhat behind, together comprising a further 23%.

The Netherlands, with a CAGR of +37.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average formaldehyde import price amounted to $X per ton, surging by 21% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price 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, formaldehyde import price increased by +62.4% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 34% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Honduras ($X per ton) and Belgium ($X per ton), while the price for Mexico ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform