Formaldehyde market in Spain

Earlier Report Observations

The Spanish formaldehyde market contracted significantly from 99.1 thousand tons in 2018 to 71.4 thousand tons in 2019. This drop coincided with new European legislative demands for lower formaldehyde emissions in wood-based panels, particularly from Germany, which reduced demand for formaldehyde in this key application area. Earlier in 2018, updated occupational exposure limits aimed at improving worker safety may have influenced production costs.

After a further decline to 65.0 thousand tons in 2020, the market recovered to 75.8 thousand tons in 2021. However, in 2022, volume fell again to 68.5 thousand tons as stricter labeling rules for cosmetics that release formaldehyde came into force, lowering the threshold from 500 ppm to 10 ppm and affecting formulations.

The most pronounced contraction occurred in 2023, when the market shrank to 57.3 thousand tons following the adoption of stringent EU-wide emission limits for formaldehyde in articles used indoors and in vehicles, along with mandatory 'releases formaldehyde' warnings for cosmetics. In 2024, market volume rebounded to 63.0 thousand tons.

Production formaldehyde in Spain

In value, 2017-2020, K $ US

Spain's formaldehyde production declined for the second year in a row. In 2020, output was valued at 18 018 thousand US dollars, marking a 19.3% decrease from the previous year. Production fell by 28.8% between 2017 and 2020, averaging an annual decline of 10.7%. The peak was in 2018 at 36 821 thousand US dollars, with the largest increase that year at 45.5%. The sharpest drop occurred in 2019, down 39.4%.

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

In kind, 2017-2020, K t

Spain's formaldehyde production volume fell for the second consecutive year. In 2020, 73.4 thousand tonnes were produced, a 9.2% decrease compared to 2019. From 2017 to 2020, production dropped by 15.2%, averaging a 5.4% annual decline. The highest volume was recorded in 2018 at 107.3 thousand tonnes, with the largest increase that year at 23.9%. The most significant decline was in 2019, down 24.7%.

Annual dynamics of production in Spain in kind, 2017-2020, K t

Exports formaldehyde from Spain

Exports in kind, t

After two years of growth, formaldehyde exports from Spain declined. In 2020, export volume was 9 243 tonnes, down 14.1% year-on-year. Between 2017 and 2020, exports decreased by 4.9%, with a compound annual growth rate of -1.7%. The peak was in 2019 at 10 766 tonnes, while the largest increase occurred in 2018 at 10.1%.

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

From 2017 to 2020, France was the main export destination in volume terms, accounting for 84.0% of total flows, with other markets making up the remainder.

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

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

Exports in value, K $ US

Formaldehyde exports from Spain declined for the second consecutive year. In 2020, exports amounted to 3 511 thousand US dollars, a moderate 9.1% decrease from the prior year. Between 2017 and 2020, exports fell by 4.4%, averaging an annual decline of 1.5%. The highest value was in 2018 at 4 452 thousand US dollars, with the largest increase that year at 21.2%. The most significant drop was in 2019, down 13.3%.

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

From 2017 to 2020, France, Morocco, and Japan were the top export markets in value terms, with shares of 62.2%, 5.6%, and 3.7%, respectively. Together, they accounted for 71.5% of total export flows.

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

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

Imports formaldehyde to Spain

Imports in kind, t

Formaldehyde imports into Spain declined for the third year in a row. In 2020, import volume was 1 000 tonnes, a sharp 37.3% decrease from the previous year. Over the period 2017-2020, imports fell by 71.4%, with a compound annual growth rate of -34.1%.

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

Between 2017 and 2020, Portugal and France were the dominant sources for imports in volume terms, together accounting for 81.7% of total flows, with other markets comprising the rest.

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

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

Imports in value, K $ US

Formaldehyde imports into Spain declined for the second consecutive year. In 2020, imports totalled 809 thousand US dollars, a slight 0.8% decrease compared to 2019. From 2017 to 2020, imports dropped by 31.4%, averaging an annual decline of 11.8%. The peak was in 2018 at 1 198 thousand US dollars, with the largest increase that year at 1.6%. The most significant decline was in 2019, down 31.9%.

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

From 2017 to 2020, Germany, Portugal, and France led as the main suppliers of formaldehyde to Spain in value terms, with shares of 45.8%, 24.0%, and 18.3%, respectively. Their combined share reached 88.1% of total imports.

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

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