Latvia: Formaldehyde Market 2024

Formaldehyde Market Size in Latvia

In 2022, the Latvian formaldehyde market increased by 14% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Formaldehyde consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Formaldehyde Exports

Exports from Latvia

In 2022, approx. X tons of formaldehyde were exported from Latvia; increasing by 273% on the previous year's figure. Over the period under review, exports saw measured growth. The pace of growth was the most pronounced in 2020 when exports increased by 75,370% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, formaldehyde exports surged to $X in 2022. In general, exports, however, showed a slight reduction. The most prominent rate of growth was recorded in 2020 with an increase of 130,380%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for formaldehyde exports from Latvia, accounting for a 79% share of total exports. Moreover, formaldehyde exports to the United Arab Emirates exceeded the volume sent to the second major destination, Bahamas (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates stood at +17.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahamas (-43.7% per year) and Russia (+16.9% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for formaldehyde exports from Latvia, comprising 71% of total exports. The second position in the ranking was held by Bahamas ($X), with a 20% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates stood at +10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahamas (-63.0% per year) and Russia (+3.8% per year).

Export Prices by Country

In 2022, the average formaldehyde export price amounted to $X per ton, which is down by -6.4% against the previous year. In general, the export price continues to indicate a perceptible slump. The pace of growth appeared the most rapid in 2020 when the average export price increased by 73%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+14.3%), while the prices for the other major destinations experienced a decline.

Formaldehyde Imports

Imports into Latvia

In 2022, the amount of formaldehyde imported into Latvia fell to X tons, waning by -5.4% against 2021 figures. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 13%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, formaldehyde imports surged to $X in 2022. Over the period under review, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.7% 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 +55.0% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 31%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Finland (X tons) constituted the largest supplier of formaldehyde to Latvia, with a 53% share of total imports. Moreover, formaldehyde imports from Finland exceeded the figures recorded by the second-largest supplier, Lithuania (X tons), threefold. Russia (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from Finland stood at +24.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+29.1% per year) and Russia (-16.6% per year).

In value terms, Finland ($X) constituted the largest supplier of formaldehyde to Latvia, comprising 50% of total imports. The second position in the ranking was held by Lithuania ($X), with a 19% share of total imports. It was followed by Poland, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Finland stood at +22.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Lithuania (+35.3% per year) and Poland (+24.2% per year).

Import Prices by Country

The average formaldehyde import price stood at $X per ton in 2022, with an increase of 29% against the previous year. Overall, import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.0% 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 +73.5% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 35% against the previous year. Over the period under review, average import prices hit record highs 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 highest price was recorded for prices from Poland ($X per ton) and Lithuania ($X per ton), while the price for Russia ($X per ton) and Finland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform