MENA: Formaldehyde Market 2024

Formaldehyde Market Size in MENA

The MENA's formaldehyde market contracted to $X in 2022, shrinking by -1.8% against the previous year. The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2021, and then contracted in the following year.

Formaldehyde Production in MENA

In value terms, formaldehyde production reduced markedly to $X in 2022 estimated in export price. Overall, production, however, recorded a perceptible increase. The most prominent rate of growth was recorded in 2021 when the production volume increased by 50%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Formaldehyde Exports

Exports in MENA

In 2022, approx. X tons of formaldehyde were exported in MENA; with a decrease of -16.2% against the previous year's figure. Over the period under review, exports recorded a pronounced descent. The pace of growth appeared the most rapid in 2013 with an increase of 64% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, formaldehyde exports shrank to $X in 2022. Overall, exports recorded a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 75%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Turkey (X tons) was the largest exporter of formaldehyde, comprising 43% of total exports. Saudi Arabia (X tons) took an 18% share (based on physical terms) of total exports, which put it in second place, followed by Oman (16%), Egypt (12%), the United Arab Emirates (5.7%) and Iran (5.2%).

Turkey was also the fastest-growing in terms of the formaldehyde exports, with a CAGR of +42.7% from 2012 to 2022. At the same time, the United Arab Emirates (+35.8%) displayed positive paces of growth. By contrast, Egypt (-4.2%), Iran (-6.3%), Oman (-9.6%) and Saudi Arabia (-12.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and the United Arab Emirates increased by +42 and +5.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest formaldehyde supplier in MENA, comprising 34% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 16% share of total exports. It was followed by the United Arab Emirates, with a 15% share.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to +37.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-18.0% per year) and the United Arab Emirates (+38.9% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, picking up by 2.1% against the previous year. Over the period under review, the export price, however, saw a noticeable reduction. The pace of growth appeared the most rapid in 2021 an increase of 25%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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 ($X per ton), while Turkey ($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 MENA

In 2022, the amount of formaldehyde imported in MENA contracted to X tons, declining by -5.5% against 2021. Overall, imports saw a mild slump. The pace of growth was the most pronounced in 2016 with an increase of 20% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, formaldehyde imports declined slightly to $X in 2022. In general, imports showed a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of 39% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United Arab Emirates represented the key importer of formaldehyde in MENA, with the volume of imports reaching X tons, which was approx. 50% of total imports in 2022. Yemen (X tons) took the second position in the ranking, followed by Israel (X tons), Tunisia (X tons) and Morocco (X tons). All these countries together took near 35% share of total imports. The following importers - Iraq (X tons) and Jordan (X tons) - each reached a 5.4% share 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, Iraq (+56.2%), Yemen (+31.4%), Tunisia (+15.3%) and Israel (+11.9%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in MENA, with a CAGR of +56.2% from 2012-2022. By contrast, Morocco (-8.4%) and Jordan (-17.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Yemen, the United Arab Emirates, Israel, Tunisia and Iraq increased by +13, +12, +7.7, +4.6 and +2.9 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported formaldehyde in MENA, comprising 36% of total imports. The second position in the ranking was held by Yemen ($X), with a 12% share of total imports. It was followed by Israel, with an 11% share.

In the United Arab Emirates, formaldehyde imports decreased 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: Yemen (+17.5% per year) and Israel (+12.3% per year).

Import Prices by Country

The import price in MENA stood at $X per ton in 2022, picking up by 5.5% against the previous year. Overall, the import price, however, continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2018 when the import price increased by 18% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 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 Morocco ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform