Hungary: Formaldehyde Market 2024

Formaldehyde Market Size in Hungary

In 2022, after two years of decline, there was significant growth in the Hungarian formaldehyde market, when its value increased by 9% to $X. Overall, consumption, however, recorded a relatively flat trend pattern. Formaldehyde consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Formaldehyde Production in Hungary

In value terms, formaldehyde production shrank to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 14% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Formaldehyde Exports

Exports from Hungary

In 2022, shipments abroad of formaldehyde decreased by -56.2% to X tons for the first time since 2015, thus ending a six-year rising trend. In general, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 258%. The exports peaked at X tons in 2021, and then dropped sharply in the following year.

In value terms, formaldehyde exports dropped markedly to $X in 2022. Overall, exports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 236%. Over the period under review, the exports hit record highs at $X in 2021, and then shrank significantly in the following year.

Exports by Country

The Czech Republic (X tons) was the main destination for formaldehyde exports from Hungary, accounting for a 80% share of total exports. Moreover, formaldehyde exports to the Czech Republic exceeded the volume sent to the second major destination, Romania (X tons), more than tenfold. Poland (X tons) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Czech Republic totaled +48.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-3.1% per year) and Poland (+22.5% per year).

In value terms, the Czech Republic ($X) emerged as the key foreign market for formaldehyde exports from Hungary, comprising 69% of total exports. The second position in the ranking was held by Poland ($X), with an 8.4% share of total exports. It was followed by Romania, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value to the Czech Republic stood at +45.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (+8.7% per year) and Romania (-1.8% per year).

Export Prices by Country

In 2022, the average formaldehyde export price amounted to $X per ton, reducing by -14.2% against the previous year. Over the period under review, the export price showed a pronounced decrease. The pace of growth was the most pronounced in 2021 when the average export price increased by 48% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ukraine ($X per ton), while the average price for exports to the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Formaldehyde Imports

Imports into Hungary

In 2022, formaldehyde imports into Hungary reduced remarkably to X tons, dropping by -32.9% compared with 2021. In general, imports faced a sharp setback. The most prominent rate of growth was recorded in 2021 with an increase of 1,416%. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, formaldehyde imports skyrocketed to $X in 2022. Overall, imports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 107% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Poland (X tons) constituted the largest supplier of formaldehyde to Hungary, with a 72% share of total imports. Moreover, formaldehyde imports from Poland exceeded the figures recorded by the second-largest supplier, Germany (X tons), fourfold. The Czech Republic (X tons) ranked third in terms of total imports with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland amounted to -14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+43.9% per year) and the Czech Republic (+117.0% per year).

In value terms, Germany ($X) constituted the largest supplier of formaldehyde to Hungary, comprising 64% of total imports. The second position in the ranking was held by the Czech Republic ($X), with a 17% share of total imports. It was followed by Poland, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Germany totaled +32.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+166.0% per year) and Poland (-11.7% per year).

Import Prices by Country

In 2022, the average formaldehyde import price amounted to $X per ton, surging by 207% against the previous year. In general, the import price showed buoyant growth. The most prominent rate of growth was recorded in 2020 an increase of 416% against the previous year. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovenia (+22.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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