Middle East: Formaldehyde Market 2024

Formaldehyde Market Size in the Middle East

The Middle Eastern formaldehyde market contracted to $X in 2022, dropping by -2.8% against the previous year. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level at $X in 2021, and then shrank in the following year.

Formaldehyde Production in the Middle East

In value terms, formaldehyde production fell rapidly to $X in 2022 estimated in export price. Overall, production, however, showed noticeable growth. The pace of growth was the most pronounced in 2021 when the production volume increased by 60% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Formaldehyde Exports

Exports in the Middle East

For the fourth year in a row, the Middle East recorded decline in shipments abroad of formaldehyde, which decreased by -4.7% to X tons in 2022. In general, exports saw a perceptible decrease. The pace of growth appeared the most rapid in 2013 when exports increased by 71%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, formaldehyde exports declined to $X in 2022. Overall, exports saw a abrupt descent. The pace of growth appeared the most rapid in 2013 when exports increased by 82%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Turkey (X tons) was the key exporter of formaldehyde, making up 49% of total exports. It was distantly followed by Saudi Arabia (X tons), Oman (X tons), the United Arab Emirates (X tons) and Iran (X tons), together committing a 50% share of total exports.

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, Iran (-6.3%), Oman (-9.6%) and Saudi Arabia (-12.6%) illustrated a downward trend over the same period. Turkey (+48 p.p.) and the United Arab Emirates (+6.2 p.p.) significantly strengthened its position in terms of the total exports, while Iran, Oman and Saudi Arabia saw its share reduced by -2.1%, -17.2% and -35.1% from 2012 to 2022, respectively.

In value terms, Turkey ($X) remains the largest formaldehyde supplier in the Middle East, comprising 40% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 19% share of total exports. It was followed by the United Arab Emirates, with an 18% share.

From 2012 to 2022, the average annual growth rate of value in Turkey stood at +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 the Middle East stood at $X per ton in 2022, growing by 1.9% against the previous year. Overall, the export price, however, saw a pronounced curtailment. The growth pace was the most rapid in 2021 an increase of 27%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 the Middle East

In 2022, approx. X tons of formaldehyde were imported in the Middle East; dropping by -2% against the year before. Over the period under review, imports recorded a mild slump. The growth pace was the most rapid in 2016 with an increase of 34% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, formaldehyde imports dropped modestly to $X in 2022. In general, imports recorded a abrupt downturn. The pace of growth appeared the most rapid in 2021 when imports increased by 28% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X tons) represented the major importer of formaldehyde, creating 58% of total imports. Yemen (X tons) ranks second in terms of the total imports with a 16% share, followed by Israel (12%). Iraq (X tons), Jordan (X tons), Syrian Arab Republic (X tons) and Qatar (X tons) followed a long way behind the leaders.

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%), Qatar (+14.6%) and Israel (+11.9%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +56.2% from 2012-2022. By contrast, Syrian Arab Republic (-10.1%) 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, Iraq and Qatar increased by +15, +11, +8.8, +3.4 and +1.6 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported formaldehyde in the Middle East, comprising 47% of total imports. The second position in the ranking was taken by Yemen ($X), with a 16% share of total imports. It was followed by Israel, with a 15% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at -2.8%. The remaining importing countries recorded the following average annual rates of imports growth: Yemen (+17.5% per year) and Israel (+12.3% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price, however, saw a perceptible decrease. The pace of growth was the most pronounced in 2021 an increase of 6.4%. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Qatar ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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