Latin America and the Caribbean: Formaldehyde Market 2024

Formaldehyde Market Size in Latin America and the Caribbean

The Latin American formaldehyde market reduced modestly to $X in 2022, waning by -2% against the previous year. In general, consumption recorded a noticeable contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Formaldehyde Production in Latin America and the Caribbean

In value terms, formaldehyde production dropped modestly to $X in 2022 estimated in export price. Overall, production showed a perceptible slump. The pace of growth was the most pronounced in 2017 when the production volume increased by 19%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Formaldehyde Exports

Exports in Latin America and the Caribbean

In 2022, shipments abroad of formaldehyde decreased by -57% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2021 when exports increased by 432%. As a result, the exports attained the peak of X tons, and then shrank significantly in the following year.

In value terms, formaldehyde exports fell sharply to $X in 2022. In general, exports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 558%. As a result, the exports attained the peak of $X, and then fell markedly in the following year.

Exports by Country

Brazil prevails in exports structure, amounting to X tons, which was near 89% of total exports in 2022. Peru (X tons), Colombia (X tons), Panama (X tons) and Chile (X tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to formaldehyde exports from Brazil stood at +27.7%. At the same time, Panama (+28.1%), Peru (+20.2%) and Chile (+3.1%) displayed positive paces of growth. Moreover, Panama emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +28.1% from 2012-2022. By contrast, Colombia (-6.7%) illustrated a downward trend over the same period. Brazil (+67 p.p.) and Peru (+1.5 p.p.) significantly strengthened its position in terms of the total exports, while Chile and Colombia saw its share reduced by -1.8% and -9.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest formaldehyde supplier in Latin America and the Caribbean, comprising 86% of total exports. The second position in the ranking was taken by Peru ($X), with a 3% share of total exports. It was followed by Chile, with a 2.2% share.

In Brazil, formaldehyde exports expanded at an average annual rate of +32.0% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Peru (+19.7% per year) and Chile (+11.2% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, surging by 15% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2021 an increase of 24% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

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 Chile ($X per ton), while Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+7.9%), while the other leaders experienced more modest paces of growth.

Formaldehyde Imports

Imports in Latin America and the Caribbean

After three years of growth, supplies from abroad of formaldehyde decreased by -9.9% to X tons in 2022. Overall, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 178% against the previous year. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, formaldehyde imports shrank markedly to $X in 2022. Over the period under review, imports, however, posted resilient growth. The pace of growth was the most pronounced in 2021 with an increase of 124% against the previous year. As a result, imports attained the peak of $X, and then shrank rapidly in the following year.

Imports by Country

Bolivia was the main importer of formaldehyde in Latin America and the Caribbean, with the volume of imports reaching X tons, which was approx. 49% of total imports in 2022. Argentina (X tons) took the second position in the ranking, distantly followed by Chile (X tons). All these countries together held approx. 32% share of total imports. The following importers - the Dominican Republic (X tons), Guatemala (X tons) and Jamaica (X tons) - together made up 7.9% of total imports.

Bolivia was also the fastest-growing in terms of the formaldehyde imports, with a CAGR of +47.8% from 2012 to 2022. At the same time, Argentina (+36.4%), Chile (+24.8%), the Dominican Republic (+7.9%), Guatemala (+6.4%) and Jamaica (+5.5%) displayed positive paces of growth. From 2012 to 2022, the share of Bolivia, Argentina and Chile increased by +46, +18 and +5.6 percentage points, respectively.

In value terms, Chile ($X), Bolivia ($X) and Argentina ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 74% of total imports.

Bolivia, with a CAGR of +42.0%, recorded the highest growth rate of 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 Latin America and the Caribbean stood at $X per ton in 2022, which is down by -6.6% against the previous year. Overall, the import price continues to indicate a mild decrease. The most prominent rate of growth was recorded in 2015 an increase of 17% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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 Chile ($X per ton), while Bolivia ($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 Dominican Republic (+8.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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