Global Formaldehyde Market 2024

Formaldehyde Market Size

After two years of growth, the global formaldehyde market decreased by X% to $X in 2023. Over the period under review, consumption showed a perceptible contraction. The growth pace was the most rapid in 2021 with an increase of X%. Global consumption peaked at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Formaldehyde Production

In value terms, formaldehyde production fell modestly to $X in 2023 estimated in export price. Overall, production, however, showed a perceptible descent. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. Global production peaked at $X in 2014; however, from 2015 to 2023, production failed to regain momentum.

Formaldehyde Exports

Exports

In 2023, the amount of formaldehyde exported worldwide dropped slightly to X tons, standing approx. at 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. The global exports peaked at X tons in 2015; however, from 2016 to 2023, the exports failed to regain momentum.

In value terms, formaldehyde exports declined to $X in 2023. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the global exports reached the maximum at $X in 2014; however, from 2015 to 2023, the exports failed to regain momentum.

Exports by Country

The Netherlands represented the key exporter of formaldehyde in the world, with the volume of exports accounting for X tons, which was approx. X% of total exports in 2023. It was distantly followed by Belgium (X tons), Germany (X tons), Italy (X tons), Poland (X tons) and India (X tons), together generating a X% share of total exports. Turkey (X tons), Canada (X tons), the United States (X tons), Russia (X tons), Spain (X tons) and Finland (X tons) followed a long way behind the leaders.

The Netherlands experienced a relatively flat trend pattern with regard to volume of exports of formaldehyde. At the same time, Turkey (X%), Finland (X%), India (X%), Poland (X%), Canada (X%), Germany (X%), Italy (X%) and Belgium (X%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2023. Spain experienced a relatively flat trend pattern. By contrast, the United States (X%) and Russia (X%) illustrated a downward trend over the same period. While the share of Poland (X p.p.), India (X p.p.), Germany (X p.p.), Turkey (X p.p.), Belgium (X p.p.), Italy (X p.p.) and Finland (X p.p.) increased significantly in terms of the global exports from 2012-2023, the share of Russia (X p.p.) and the Netherlands (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest formaldehyde supplying countries worldwide were the Netherlands ($X), Belgium ($X) and Germany ($X), together comprising X% of global exports. Italy, Poland, the United States, Canada, India, Spain, Turkey, Finland and Russia lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Turkey, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average formaldehyde export price stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2022, and then fell in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United States ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Poland (X%), while the other global leaders experienced more modest paces of growth.

Formaldehyde Imports

Imports

In 2023, approx. X tons of formaldehyde were imported worldwide; which is down by X% on the previous year's figure. Overall, imports continue to indicate a slight slump. The pace of growth was the most pronounced in 2021 with an increase of X%. Global imports peaked at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, formaldehyde imports dropped to $X in 2023. In general, imports, however, showed mild growth. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, global imports hit record highs at $X in 2014; however, from 2015 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Germany (X tons) was the main importer of formaldehyde, generating X% of total imports. The Netherlands (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Slovenia (X%), Poland (X%), Belgium (X%) and France (X%). Switzerland (X tons), Latvia (X tons), Canada (X tons), Italy (X tons), Nepal (X tons), the United States (X tons) and Nigeria (X tons) followed a long way behind the leaders.

Imports into Germany decreased at an average annual rate of X% from 2012 to 2023. At the same time, Nigeria (X%), Italy (X%), Nepal (X%), the United States (X%), the Netherlands (X%), Poland (X%), Switzerland (X%), Canada (X%) and Belgium (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in the world, with a CAGR of X% from 2012-2023. Latvia and Slovenia experienced a relatively flat trend pattern. By contrast, France (X%) illustrated a downward trend over the same period. The Netherlands (X p.p.), Italy (X p.p.), Nigeria (X p.p.), Poland (X p.p.) and Nepal (X p.p.) significantly strengthened its position in terms of the global imports, while Germany saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($X), the Netherlands ($X) and Poland ($X) appeared to be the countries with the highest levels of imports in 2023, together comprising X% of global imports. France, Belgium, Nigeria, Slovenia, Italy, the United States, Switzerland, Latvia, Canada and Nepal lagged somewhat behind, together comprising a further X%.

Italy, with a CAGR of X%, saw the highest growth rate of the value of imports, among 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 2023, shrinking by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Global import price peaked at $X per ton in 2022, and then fell in the following year.

Prices varied noticeably by country of destination: 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 2023, the most notable rate of growth in terms of prices was attained by Italy (X%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform