Paraformaldehyde Market

The article discusses the expected downward consumption trend in the paraformaldehyde market over the next eight years, with a slight decrease in performance. It provides insights into the global consumption, production, imports, and exports of paraformaldehyde, highlighting key countries with the highest volumes and values. The analysis also covers growth rates, trends, fluctuations, and price variations in the market over the past decade.

Market Forecast

The paraformaldehyde market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -0.5% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 251K tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $266M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Paraformaldehyde

In 2022, approx. 261K tons of paraformaldehyde were consumed worldwide; with an increase of 6.3% on 2021 figures. The total consumption volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption hit record highs in 2022 and is expected to retain growth in years to come.

The global paraformaldehyde market size expanded rapidly to $214M in 2022, surging by 9.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $218M in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were South Korea (28K tons), Taiwan (Chinese) (20K tons) and Spain (20K tons), together comprising 26% of global consumption. The United States, the Netherlands, Bangladesh, Japan, India, Brazil, Ethiopia, Thailand, Djibouti and Germany lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Djibouti (with a CAGR of +79.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, South Korea ($26M), the United States ($15M) and Taiwan (Chinese) ($13M) constituted the countries with the highest levels of market value in 2022, together comprising 25% of the global market. Japan, India, the Netherlands, Ethiopia, Bangladesh, Brazil, Thailand, Germany and Djibouti lagged somewhat behind, together accounting for a further 36%.

Djibouti, with a CAGR of +77.7%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of paraformaldehyde per capita consumption was registered in Djibouti (6,041 kg per 1000 persons), followed by Taiwan (Chinese) (836 kg per 1000 persons), the Netherlands (822 kg per 1000 persons) and South Korea (539 kg per 1000 persons), while the world average per capita consumption of paraformaldehyde was estimated at 33 kg per 1000 persons.

In Djibouti, paraformaldehyde per capita consumption expanded at an average annual rate of +77.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+1.8% per year) and the Netherlands (+27.2% per year).

Production

World Production of Paraformaldehyde

In 2022, approx. 204K tons of paraformaldehyde were produced worldwide; picking up by 10% on the previous year's figure. The total output volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 13% against the previous year. Global production peaked in 2022 and is expected to retain growth in the near future.

In value terms, paraformaldehyde production expanded slightly to $129M in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2013 when the production volume increased by 24%. Global production peaked at $135M in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Taiwan (Chinese) (52K tons), China (33K tons) and the Netherlands (27K tons), together accounting for 55% of global production. Spain, the United States, Germany, Indonesia and Saudi Arabia lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Germany (with a CAGR of +534.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Paraformaldehyde

In 2022, the amount of paraformaldehyde imported worldwide declined to 205K tons, which is down by -10.2% against the previous year's figure. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2021 when imports increased by 22% against the previous year. As a result, imports attained the peak of 228K tons, and then contracted in the following year.

In value terms, paraformaldehyde imports rose modestly to $199M in 2022. Over the period under review, total imports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +66.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 63% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in years to come.

Imports By Country

In 2022, South Korea (28K tons), followed by India (17K tons), China (17K tons), Bangladesh (14K tons) and Japan (13K tons) represented the major importers of paraformaldehyde, together mixing up 43% of total imports. Brazil (8.5K tons), Ethiopia (8.4K tons), the United States (7.6K tons), Thailand (6.4K tons), Germany (6.4K tons), Djibouti (6.1K tons), Belgium (5.3K tons) and Myanmar (5.1K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Myanmar (with a CAGR of +96.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, South Korea ($27M), India ($18M) and China ($17M) appeared to be the countries with the highest levels of imports in 2022, together comprising 31% of global imports. Japan, Ethiopia, Bangladesh, Brazil, the United States, Thailand, Germany, Belgium, Djibouti and Myanmar lagged somewhat behind, together accounting for a further 37%.

In terms of the main importing countries, Myanmar, with a CAGR of +93.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average paraformaldehyde import price amounted to $972 per ton, with an increase of 14% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2021 an increase of 33% against the previous year. Global import price peaked at $980 per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ethiopia ($1,313 per ton), while Myanmar ($504 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Paraformaldehyde

Global paraformaldehyde exports fell to 147K tons in 2022, with a decrease of -11.7% against the previous year's figure. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 22%. As a result, the exports reached the peak of 167K tons, and then reduced in the following year.

In value terms, paraformaldehyde exports contracted to $132M in 2022. Over the period under review, total exports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +58.4% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 71% against the previous year. As a result, the exports attained the peak of $142M, and then reduced in the following year.

Exports By Country

China (47K tons) and Taiwan (Chinese) (33K tons) represented roughly 54% of total exports in 2022. Germany (17K tons) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by the Netherlands (9.9%), Indonesia (6.7%), the United States (4.8%) and Saudi Arabia (4.6%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Indonesia (with a CAGR of +74.9%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($40M), Taiwan (Chinese) ($29M) and Germany ($17M) constituted the countries with the highest levels of exports in 2022, together accounting for 65% of global exports. The Netherlands, Indonesia, the United States and Saudi Arabia lagged somewhat behind, together accounting for a further 27%.

In terms of the main exporting countries, Indonesia, with a CAGR of +54.1%, recorded 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

In 2022, the average paraformaldehyde export price amounted to $898 per ton, rising by 5.2% against the previous year. Overall, the export price continues to indicate slight growth. The pace of growth appeared the most rapid in 2021 an increase of 40%. Over the period under review, the average export prices reached the peak figure at $940 per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in the United States ($1,100 per ton) and Germany ($1,031 per ton), while Saudi Arabia ($747 per ton) and China ($845 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+11.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform