Iran: Formaldehyde Market 2022

Formaldehyde Market Size in Iran

In 2021, the Iranian formaldehyde market increased by X% to $X for the first time since 2016, thus ending a four-year declining trend. Overall, consumption, however, saw a noticeable reduction. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Formaldehyde Production in Iran

In value terms, formaldehyde production rose notably to $X in 2021 estimated in export price. In general, production, however, recorded a mild decrease. The pace of growth appeared the most rapid in 2014 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Formaldehyde Exports

Exports from Iran

For the fifth year in a row, Iran recorded growth in overseas shipments of formaldehyde, which increased by X% to X tons in 2021. Overall, exports showed a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, formaldehyde exports contracted to $X in 2021. Over the period under review, exports recorded a significant increase. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2020, and then shrank in the following year.

Exports by Country

Azerbaijan (X tons) was the main destination for formaldehyde exports from Iran, accounting for a X% share of total exports. Moreover, formaldehyde exports to Azerbaijan exceeded the volume sent to the second major destination, Uzbekistan (X tons), fourfold. Turkey (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2021, the average annual growth rate of volume to Azerbaijan amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+X% per year) and Turkey (X% per year).

In value terms, Azerbaijan ($X) remains the key foreign market for formaldehyde exports from Iran, comprising X% of total exports. The second position in the ranking was occupied by Uzbekistan ($X), with a X% share of total exports. It was followed by Turkey, with an X% share.

From 2012 to 2021, the average annual growth rate of value to Azerbaijan stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Uzbekistan (+X% per year) and Turkey (X% per year).

Export Prices by Country

The average formaldehyde export price stood at $X per ton in 2021, dropping by -X% against the previous year. Over the period under review, export price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Armenia ($X per ton), while the average price for exports to Azerbaijan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Azerbaijan (+X%), while the prices for the other major destinations experienced mixed trend patterns.

Formaldehyde Imports

Imports into Iran

Formaldehyde imports into Iran fell to X tons in 2021, reducing by -X% compared with the previous year's figure. In general, imports continue to indicate a perceptible downturn. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth imports remained at a somewhat lower figure.

In value terms, formaldehyde imports reduced to $X in 2021. Over the period under review, imports continue to indicate pronounced growth. The growth pace was the most rapid in 2013 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth imports remained at a lower figure.

Imports by Country

In 2021, Turkey (X tons) was the main supplier of formaldehyde to Iran, accounting for a X% share of total imports. Moreover, formaldehyde imports from Turkey exceeded the figures recorded by the second-largest supplier, Spain (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from Turkey amounted to -X%.

In value terms, Turkey ($X) constituted the largest supplier of formaldehyde to Iran, comprising X% of total imports. The second position in the ranking was occupied by Spain ($X), with a X% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Turkey stood at +X%.

Import Prices by Country

In 2021, the average formaldehyde import price amounted to $X per ton, with a decrease of -X% against the previous year. In general, the import price, however, posted a buoyant expansion. The pace of growth was the most pronounced in 2017 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Turkey ($X per ton), while the price for Spain totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+X%).

Source: IndexBox Platform