Global Formaldehyde Market 2024

Formaldehyde Market Size

The global formaldehyde market shrank slightly to $X in 2022, approximately mirroring the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the global market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Formaldehyde Production

In value terms, formaldehyde production reduced to $X in 2022 estimated in export price. Over the period under review, production recorded a slight slump. The most prominent rate of growth was recorded in 2021 when the production volume increased by 11%. Over the period under review, global production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Formaldehyde Exports

Exports

In 2022, global exports of formaldehyde reduced remarkably to X tons, waning by -15.1% against 2021. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 23% against the previous year. Over the period under review, the global exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, formaldehyde exports contracted to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 63% against the previous year. Over the period under review, the global exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the Netherlands (X tons) represented the largest exporter of formaldehyde, committing 29% of total exports. Belgium (X tons) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Italy (7.8%), Germany (7.4%) and Poland (6.2%). Russia (X tons), India (X tons), Turkey (X tons), Canada (X tons), the United States (X tons), Slovakia (X tons), Spain (X tons) and Finland (X tons) took a minor share of total exports.

The Netherlands experienced a relatively flat trend pattern with regard to volume of exports of formaldehyde. At the same time, Turkey (+42.7%), Finland (+21.3%), Poland (+20.3%), India (+15.3%), Canada (+6.2%), Belgium (+3.8%), Italy (+3.4%) and Germany (+2.6%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +42.7% from 2012-2022. By contrast, Spain (-1.0%), the United States (-2.6%), Slovakia (-8.1%) and Russia (-10.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Poland, Belgium, Turkey, India, Italy and Germany increased by +5.2, +3.7, +3, +2.5, +2.2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Netherlands ($X) remains the largest formaldehyde supplier worldwide, comprising 25% of global exports. The second position in the ranking was taken by Belgium ($X), with a 12% share of global exports. It was followed by Poland, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value in the Netherlands was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Belgium (+5.5% per year) and Poland (+27.0% per year).

Export Prices by Country

In 2022, the average formaldehyde export price amounted to $X per ton, growing by 5.7% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by 33%. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 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 States ($X per ton), while Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+10.4%), while the other global leaders experienced more modest paces of growth.

Formaldehyde Imports

Imports

In 2022, approx. X tons of formaldehyde were imported worldwide; which is down by -16.1% against the year before. In general, imports saw a mild slump. The most prominent rate of growth was recorded in 2021 when imports increased by 20%. Global imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, formaldehyde imports declined to $X in 2022. The total import value increased at an average annual rate of +2.0% 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 2021 with an increase of 63% against the previous year. Over the period under review, global imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany was the key importing country with an import of around X tons, which amounted to 26% of total imports. Poland (X tons) ranks second in terms of the total imports with an 8.9% share, followed by Belgium (6.5%), the Netherlands (6.1%), France (5%) and Switzerland (5%). The following importers - Nigeria (X tons), Latvia (X tons), the United States (X tons), Nepal (X tons), Bulgaria (X tons), Bolivia (X tons) and the United Arab Emirates (X tons) - together made up 19% of total imports.

Imports into Germany decreased at an average annual rate of -5.7% from 2012 to 2022. At the same time, Bolivia (+47.8%), Bulgaria (+38.0%), Nigeria (+22.8%), Poland (+10.0%), Nepal (+8.0%), the United States (+5.6%), Belgium (+4.4%) and Switzerland (+3.8%) displayed positive paces of growth. Moreover, Bolivia emerged as the fastest-growing importer imported in the world, with a CAGR of +47.8% from 2012-2022. The United Arab Emirates, the Netherlands and Latvia experienced a relatively flat trend pattern. By contrast, France (-2.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Poland, Nigeria, Belgium, Bulgaria, Bolivia, Switzerland and Nepal increased by +5.9, +3.1, +2.8, +2.2, +2.1, +1.9 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($X), Poland ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2022, together accounting for 40% of global imports. Belgium, France, the Netherlands, Switzerland, the United States, Latvia, Bolivia, Bulgaria, Nepal and the United Arab Emirates lagged somewhat behind, together accounting for a further 31%.

Bolivia, with a CAGR of +42.0%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average formaldehyde import price stood at $X per ton in 2022, surging by 14% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The pace of growth was the most pronounced in 2021 when the average import price increased by 35%. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in the near future.

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 Nigeria ($X per ton), while Nepal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+8.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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