India Urea Formaldehyde Market Shipment Analysis
India Urea Formaldehyde Market registered a growth of 22.88% in value shipments in 2022 as compared to 2021 and an increase of 10.15% CAGR in 2022 over a period of 2017. In Urea Formaldehyde Market India is becoming less competitive as HHI index in 2022 was 1350 while in 2017 it was 1223. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Urea Formaldehyde Market.
India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Urea Formaldehyde Market in 2022 was 1.46 while in 2017 it was 2.91. China, Japan, Belgium, USA and Germany were among the top players of the market in 2022, where China acquired the largest market share of 25.32% with a shipment value of 2.4 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 Germany had the largest market share of 23.28% with the shipment value of 1.01 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Germany offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the India Urea Formaldehyde Market in 2017.
