Formaldehyde refers to a colorless pungent irritating gas CH2O is a solution made by oxidizing methanol. Formaldehyde is used as preservatives in food, paints and cosmetics and also to make under-the-hood components and interior molded components that need to withstand high temperatures.
Sizing and Forecast
The formaldehyde market size has grown strongly in recent years. It will grow from $21.15 billion in 2023 to $22.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to growth in construction and building industry, expansion of automotive manufacturing, increasing demand in furniture manufacturing, rise in textile and leather industries, utilization in agrochemicals and fertilizers.
The formaldehyde market size is expected to see strong growth in the next few years. It will grow to $30.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to sustainable and eco-friendly formaldehyde alternatives, increased focus on green building materials, stringent regulations and emission standards, growing demand in healthcare and biomedical research, emergence of innovative industrial applications. Major trends in the forecast period include advancements in resin technology, expanding furniture manufacturing, stringent emission standards and regulations, increasing adoption in automotive sector, rising popularity of formaldehyde-free alternatives.
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Segmentation & Regional Insights
The formaldehyde market covered in this report is segmented –
1) By Type: Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Polyoxymethylene, Other Types
2) By Application: Resins, Fibers, Solvents, Plasticizers, Drying Agents, Other Chemical Intermediates
3) By End-User: Construction, Furniture, Automotive, Healthcare, Other End-Users
Asia-Pacific was the largest region in the formaldehyde market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the formaldehyde market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing demand from the construction industry is expected to propel the growth of the formaldehyde market going forward. Construction refers to the process of building, altering, repairing, remodeling, improving, or demolishing any structures. Formaldehyde helps the construction industry in the manufacturing of glues, resins, and other construction materials. For instance, according to Oxford Economics, a UK-based company that provides global economic forecasting, quantitative analysis, and thought leadership for business and government, published in a report Global Construction 2030, the volume of construction output is expected to grow by 85% by 2030. Therefore, the growing demand from the construction industry is driving the growth of the formaldehyde market.
Key Industry Players
Major companies operating in the formaldehyde market report are BASF SE, Bayer AG, Johnson Matthey Process Technologies, AkzoNobel NV, Celanese Corporation, Georgia-Pacific Chemicals LLC, Huntsman International LLC, Hexion Inc., Allnex GMBH, Perstorp Holding AB, Acron Group, Arclin Inc., Atul Ltd., Momentive Specialty Chemical Inc., Prefere Resins Holding GmbH, Sprea Misr, Cornerstone Chemical, Metafrax, Pörner Ingenieurgesellschaft mbH, Metadynea Metafrax Group, Kanoria Chemicals & Industries Ltd., Dynea Oy, Foremark Performance Chemicals, Pacific Texchem Private Limited, Frati Luigi S.p.A, Balaji Formalin Private Limited, Alder S.p.A, Simalin Chemicals Industries Limited
The formaldehyde market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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