Formaldehyde market in Belgium

Earlier Report Observations

Production of formaldehyde in Belgium increased from 58.8 thousand tons in 2019 to 73.4 thousand tons in 2021, before declining to 65.9 thousand tons in 2022. The domestic market volume, however, contracted significantly over the same period, falling from 69.6 thousand tons in 2019 to 43.8 thousand tons in 2022. The COVID-19 pandemic in 2020 reduced consumption of petroleum-based products, dampening local demand for formaldehyde used in downstream industries. Despite this, production remained robust as exports grew, reaching 47.9 thousand tons in 2020.

In value terms, formaldehyde production rose sharply from $15.3 million in 2019 to $24.7 million in 2021, driven largely by soaring energy prices that increased input costs. The market value followed a volatile path, peaking at $21.0 million in 2021 before dropping to $14.0 million in 2022. Record-high fuel and gas prices in 2022, linked to geopolitical tensions and reduced Russian imports, raised manufacturing expenses and further squeezed domestic consumption.

A key development for the sector was the start of construction in 2022 of a sustainable methanol plant at the INOVYN site in Antwerp, aiming to produce 8 thousand tons annually. This project, the first of its kind in Belgium, is expected to enhance local feedstock supply for formaldehyde production in the future. Meanwhile, Belgium's energy transition policies, including green molecule initiatives since 2018, continue to shape the industrial landscape.

Production formaldehyde in Belgium

In value, 2017-2020, K $ US

In 2020, Belgium's formaldehyde output was valued at 15 843 thousand US dollars, marking a year-over-year increase of 3.8%.

Annual dynamics of production in Belgium in value, 2017-2020, K $ US

In kind, 2017-2020, t

Belgium produced 69 202 tonnes of formaldehyde in 2020, representing a significant 17.7% rise compared to the previous year.

Annual dynamics of production in Belgium in kind, 2017-2020, t

Exports formaldehyde from Belgium

Exports in kind, t

Belgium's formaldehyde exports grew for the second consecutive year in 2020, reaching 47 939 tonnes, which is a 22.4% increase year-over-year. From 2017 to 2020, exports rose by 19.8%, averaging an annual growth rate of 6.2%. The lowest export volume was recorded in 2018 at 34 738 tonnes, with the largest decline of 13.2% also occurring that year.

Annual dynamics of product's exports from Belgium in kind, 2017-2020, t

Between 2017 and 2020, the Netherlands and France were the primary destinations for Belgium's formaldehyde exports in terms of volume, while other markets played a smaller role individually.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Belgium in kind, 2017-2020

Exports in value, K $ US

Belgium's formaldehyde export value declined for the second year in a row in 2020, standing at 10 395 thousand US dollars, a modest 6.5% decrease from 2019. Over the 2017-2020 period, export value fell by 15.4%, with a compound annual growth rate of -5.4%. The peak value was in 2018 at 12 407 thousand US dollars, with the largest drop of 10.4% in 2019 and the highest increase of 0.9% in 2018.

Annual dynamics of product's exports from Belgium in value, 2017-2020, K $ US

From 2017 to 2020, the Netherlands, France, and Nigeria were the top contributors to Belgium's formaldehyde export value, accounting for 51.0%, 24.9%, and 9.4% respectively, and together making up 85.3% of total exports.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Belgium in value, 2017-2020

Imports formaldehyde to Belgium

Imports in kind, t

After two years of growth, Belgium's formaldehyde import volume decreased in 2020, totaling 36 616 tonnes, a 26.7% drop from the previous year. Between 2017 and 2020, imports increased by 10.6%, with an average annual rate of 3.4%. The highest import volume was in 2019 at 49 925 tonnes, and the largest increase of 30.2% occurred in 2018.

Annual dynamics of product's imports to Belgium in kind, 2017-2020, t

During 2017-2020, Germany, the United Kingdom, and the Netherlands were the main sources of Belgium's formaldehyde imports by volume, representing 44.4%, 32.4%, and 22.3% respectively, and collectively accounting for 99.1% of total imports.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Belgium in kind, 2017-2020

Imports in value, K $ US

Following two years of growth, Belgium's formaldehyde import value fell in 2020 to 9 083 thousand US dollars, a sharp 41.2% decline from 2019. Over the 2017-2020 period, import value decreased by 2.2%, with a compound annual growth rate of -0.7%. The maximum value was recorded in 2019 at 15 441 thousand US dollars, and the largest increase of 47.2% took place in 2018.

Annual dynamics of product's imports to Belgium in value, 2017-2020, K $ US

From 2017 to 2020, Germany, the United Kingdom, and the Netherlands were the leading suppliers of formaldehyde to Belgium in value terms, contributing 48.0%, 27.2%, and 23.1% respectively, and together comprising 98.3% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Belgium in value, 2017-2020