Northern America: Formaldehyde Market 2024

Formaldehyde Market Size in Northern America

The North American formaldehyde market declined to $X in 2022, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Formaldehyde Production in Northern America

In value terms, formaldehyde production reduced slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 17% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Formaldehyde Exports

Exports in Northern America

In 2022, shipments abroad of formaldehyde increased by 10% to X tons, rising for the sixth consecutive year after two years of decline. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 34%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, formaldehyde exports reached $X in 2022. Total exports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +146.5% against 2016 indices. The pace of growth was the most pronounced in 2017 with an increase of 54%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Canada (X tons), followed by the United States (X tons) represented the major exporters of formaldehyde, together mixing up 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +6.2%).

In value terms, the United States ($X) and Canada ($X) appeared to be the countries with the highest levels of exports in 2022.

Canada, with a CAGR of +7.6%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in Northern America amounted to $X per ton, waning by -8.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2017 an increase of 17% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

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 States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.5%).

Formaldehyde Imports

Imports in Northern America

In 2022, supplies from abroad of formaldehyde increased by 22% to X tons, rising for the sixth consecutive year after two years of decline. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 37%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, formaldehyde imports skyrocketed to $X in 2022. Overall, imports showed a slight increase. The pace of growth was the most pronounced in 2021 with an increase of 51%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

Imports by Country

The United States was the largest importer of formaldehyde in Northern America, with the volume of imports resulting at X tons, which was approx. 62% of total imports in 2022. It was distantly followed by Canada (X tons), comprising a 38% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +5.6%).

In value terms, the United States ($X) and Canada ($X) were the countries with the highest levels of imports in 2022.

The United States, with a CAGR of +6.2%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2022, falling by -5.3% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 17%. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+0.6%).

Source: IndexBox Platform

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