South-Eastern Asia: Formaldehyde Market 2024

Formaldehyde Market Size in South-Eastern Asia

The Southeast Asian formaldehyde market fell modestly to $X in 2022, with a decrease of -2.2% against the previous year. Over the period under review, consumption saw a noticeable decline. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Formaldehyde Production in South-Eastern Asia

In value terms, formaldehyde production shrank to $X in 2022 estimated in export price. In general, production recorded a perceptible downturn. The most prominent rate of growth was recorded in 2016 with an increase of 11%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Formaldehyde Exports

Exports in South-Eastern Asia

After two years of growth, overseas shipments of formaldehyde decreased by -18.2% to X tons in 2022. Over the period under review, exports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2016 when exports increased by 165%. The volume of export peaked at X tons in 2021, and then shrank markedly in the following year.

In value terms, formaldehyde exports declined to $X in 2022. Overall, exports, however, posted measured growth. The pace of growth appeared the most rapid in 2016 when exports increased by 81%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Vietnam (X tons) represented the major exporter of formaldehyde, constituting 45% of total exports. Thailand (X tons) ranks second in terms of the total exports with an 18% share, followed by Indonesia (16%), Malaysia (15%) and Singapore (4.9%).

Exports from Vietnam increased at an average annual rate of +20.2% from 2012 to 2022. At the same time, Indonesia (+46.4%) and Thailand (+31.0%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +46.4% from 2012-2022. Malaysia experienced a relatively flat trend pattern. By contrast, Singapore (-10.9%) illustrated a downward trend over the same period. While the share of Vietnam (+27 p.p.), Indonesia (+16 p.p.) and Thailand (+15 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-23.3 p.p.) and Singapore (-34.4 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X), Thailand ($X) and Malaysia ($X) were the countries with the highest levels of exports in 2022, together accounting for 73% of total exports. Indonesia and Singapore lagged somewhat behind, together accounting for a further 27%.

Among the main exporting countries, Indonesia, with a CAGR of +46.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, increasing by 5.9% against the previous year. Overall, the export price, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2018 when the export price increased by 13% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 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 Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-0.2%), while the other leaders experienced a decline in the export price figures.

Formaldehyde Imports

Imports in South-Eastern Asia

For the third year in a row, South-Eastern Asia recorded decline in purchases abroad of formaldehyde, which decreased by -20.8% to X tons in 2022. Over the period under review, imports saw a abrupt decrease. The growth pace was the most rapid in 2019 when imports increased by 38%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, formaldehyde imports reduced to $X in 2022. In general, imports saw a deep downturn. The growth pace was the most rapid in 2019 with an increase of 23% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the Philippines (X tons) was the main importer of formaldehyde, creating 39% of total imports. Cambodia (X tons) ranks second in terms of the total imports with a 17% share, followed by Vietnam (16%), Myanmar (11%), Thailand (5.5%) and Lao People's Democratic Republic (4.6%). Singapore (X tons) followed a long way behind the leaders.

The Philippines experienced a relatively flat trend pattern with regard to volume of imports of formaldehyde. At the same time, Lao People's Democratic Republic (+40.1%), Cambodia (+20.0%) and Thailand (+11.4%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +40.1% from 2012-2022. By contrast, Singapore (-9.2%), Vietnam (-12.5%) and Myanmar (-19.4%) illustrated a downward trend over the same period. The Philippines (+20 p.p.), Cambodia (+15 p.p.), Thailand (+4.6 p.p.) and Lao People's Democratic Republic (+4.6 p.p.) significantly strengthened its position in terms of the total imports, while Vietnam and Myanmar saw its share reduced by -12.4% and -33.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X) constitutes the largest market for imported formaldehyde in South-Eastern Asia, comprising 40% of total imports. The second position in the ranking was taken by Vietnam ($X), with an 11% share of total imports. It was followed by Cambodia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Philippines stood at +2.9%. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (-13.4% per year) and Cambodia (+21.8% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, with an increase of 7.9% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 24% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 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 Singapore ($X per ton), while Cambodia ($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 Philippines (+3.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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