Formaldehyde Market Size, Share & Trends Analysis Report By Derivatives (Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Polyoxymethylene, Others), By End-User (Construction, Furniture, Automotive, Healthcare, Others), Region, And Segment Forecasts, 2021 - 2027

  • Report ID: BMRC 1590 | Number of pages: 197 | Published Date: May 2021

    Published | Category: Chemical And Materials | Delivery Timeline: 48 hrs

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To know the impact of COVID-19 On Formaldehyde Market Size, Share & Trends Analysis Report By Derivatives (Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Polyoxymethylene, Others), By End-User (Construction, Furniture, Automotive, Healthcare, Others), Region, And Segment Forecasts, 2021 - 2027 Market

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Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027

Global Formaldehyde Market is valued at USD 20.79 Billion in 2020 and expected to reach USD 28.58 Billion by 2027 with the CAGR of 4.65% over the forecast period.

Global Formaldehyde Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Its increasing application in various industries such as; construction, textile and automobile is the key factor driving the growth of Global Formaldehyde Market.

Scope of Global Formaldehyde Market Report:

Formaldehyde is a simple chemical compound produced by the oxidation of methanol. It is a colorless compound made up of hydrogen, oxygen, and carbon. It is known for its preservative and antibacterial properties and often used to create a wide variety of value-added products. Formaldehyde is one of the most studied and well-understood chemicals in use today. Formaldehyde is used in various building materials and household products. Composite and engineered wood items and many other home furnishings and structures are made with formaldehyde-based resins. It offers high bonding properties. Formaldehyde-based resins are used to make interior molded components and under-the-hood components that must withstand high temperatures. These resins are also used for highly durable exterior primers, transparent coat paints, tire-cord adhesives, brake pads, and fuel-system parts. Vehicles with formaldehyde technology are lighter and more energy-efficient. Formaldehyde is also used in automotive. Thus, it has application in various industries.

During the Covid-19 pandemic, the careful steps taken by governments of different nations have led to the temporary shutdown of automotive, construction, wood-based industries, and others where formaldehyde is extensively used which has impacted the market negatively. However, formaldehyde is also used to manufacture vaccines anti-infective drugs, hard-gel capsules, and also used as a disinfectant and in various healthcare products which has increased its demand.

The regions covered in this Global Formaldehyde Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of global formaldehyde market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc. 

Top Companies:

Key Players for Global Formaldehyde Market Report

Major players in the global formaldehyde market are Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Celanese Corp., Dynea AS, Ercros SA, Foremark Performance Chemicals, Georgia Pacific Corporation, Hexion Inc., Huntsman International LLC, INEOS Group Holdings SA, Koch Industries Inc., LANXESS AG and many others.

Formaldehyde

News:

Huntsman Corporation Acquired CVC Thermoset Specialities.

On March, 16th, 2020, Huntsman Corporation acquired CVC Thermoset Specialties, a North American specialty chemical company supplying the commercial composites, adhesives, and coatings markets. Emerald Performance Materials LLC, which is majority-owned by affiliates of American Securities LLC, owns CVC Thermoset Specialties. The acquisition of CVC Thermoset Specialties brings valuable complementary technology breadth to Huntsman Corporation’s Advanced Materials portfolio and its unique products will make systems using their class-leading epoxy-based materials even tougher, stronger, and more durable. Huntsman will use existing asset footprint and routes to market in Europe and Asia to rapidly grow and globalize CVC Thermoset Specialties' exciting and complementary product range to strengthening the position in North America. This acquisition will further improve the ability to create differentiation in customers' applications even further in particular through strong formulation businesses.

Increasing Application of Formaldehyde in Various Industries Such As; Construction, Textile And Automobile is the Key Factor Driving the Growth of Global Formaldehyde Market

Nowadays construction and automobile industries are growing with a good pace owing to the increasing disposable income, growing population, and emerging economies. Formaldehyde is used in the aerospace and automobile sector due to its highly stable molding processing ability and its low cost. Increasing production of furniture has prompted the demand for formaldehyde in wood-based industries. Formaldehyde is widely used in personal care such as in cosmetics, toothpaste, and many other products due to its antimicrobial properties and it acts as a preservative. For instance; according to the Centre for Industrial Studies 2018, World furniture production has been growing at a global level. Almost +20% (current USD) cumulative growths between 2008 and 2017. In addition, formaldehyde is used in healthcare applications such as the manufacture of vaccines, anti-infective drugs, and hard-gel capsules. Formaldehyde is used to inactivate viruses so that they do not cause disease. Formaldehyde is used in the production of personal care and consumer items. These products may contain formaldehyde-releasing ingredients, which act as a preservative by killing microorganisms and preventing bacteria and other pathogens from growing, thereby extending the shelf life of the product.

However, exposure to formaldehyde may cause harmful effects on human health which may hamper the growth of the market. In spite of that, increasing application of formaldehyde resins in stabilization and valorization of organic fraction of municipal solid waste and increasing infrastructure around the globe can offer more opportunities for the further growth of the global formaldehyde market.

Asia Pacific is Expected to Witness a Fastest Growth in the Global Formaldehyde Market

Asia Pacific is expected to show a fastest growth in the global formaldehyde market owing to the increasing growth of construction and automotive industry in this region. Formaldehyde and its derivatives play important role in manufacturing raw materials that are used in construction and automobile parts. Rising government investment in infrastructure expansion in countries like China, India, and Vietnam may also drive the demand for the formaldehyde in this region. According to the Journal of Sustainability 2019, the construction industry has made a significant contribution to China's economic growth and urbanization. The gross production of China's construction industry has increased by 1160 %, from USD $0.21765 trillion to USD $2.902 trillion which is creating more opportunities for the formaldehyde market. Also, North America and Europe are also expected to show a significant growth in the global formaldehyde market.

Report Analysis Details
Historical data 2015 - 2020
Forecast Period 2021 - 2027
Market Size in 2020: USD 20.79 Billion 
Base year considered 2020
Forecast Period CAGR %:

4.65 %

Market Size Expected in 2027: USD 28.58 Billion 
Tables, Charts & Figures: 175
Pages 200
Key Players/Companies Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Celanese Corp., Dynea AS, Ercros SA, Foremark Performance Chemicals, Georgia Pacific Corporation, Hexion Inc., Huntsman International LLC, INEOS Group Holdings SA, Koch Industries Inc., LANXESS AG and many others
Segments Covered By Derivatives, By End-User
Regional Analysis North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Key Benefits of Global Formaldehyde Market Report–

  • Global Formaldehyde Market report covers in depth historical and forecast analysis.
  • Global Formaldehyde Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
  • Global Formaldehyde Market report helps to identify opportunities in market place.
  • Global Formaldehyde Market report covers extensive analysis of emerging trends and competitive landscape.

Segmentations:

Global formaldehyde market is segmented into source, derivatives, end-user and regional & country level. On the basis of source, the market is segmented into organic and conventional. On the basis of derivatives, the market is segmented into urea formaldehyde, phenol formaldehyde, melamine formaldehyde, polyoxymethylene and others. On the basis of end-user, the market is segmented into construction, furniture, automotive, healthcare and others.

By Derivatives:

  • Urea Formaldehyde
  • Phenol Formaldehyde
  • Melamine Formaldehyde
  • Polyoxymethylene
  • Others

By End-User:

  • Construction
  • Furniture
  • Automotive
  • Healthcare
  • Others

Global Formaldehyde Market By Regional & Country Level:

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • France
  • Germany
  • Italy

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

Latin America

  • Brazil
  • Mexico

 


Frequently Asked Questions (FAQ) :
Global Formaldehyde Market is valued at USD 20.79 Billion in 2020 and expected to reach USD 28.58 Billion by 2027 with the CAGR of 4.65% over the forecast period.
Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Celanese Corp., Dynea AS, Ercros SA, Foremark Performance Chemicals, Georgia Pacific Corporation, Hexion Inc., Huntsman International LLC, INEOS Group Holdings SA, Koch Industries Inc., LANXESS AG and many others.
Its increasing application in various industries such as; construction, textile and automobile is the key factor driving the growth of Global Formaldehyde Market.
Asia Pacific is expected to show a fastest growth in the global formaldehyde market owing to the increasing growth of construction and automotive industry in this region. Formaldehyde and its derivatives play important role in manufacturing raw materials that are used in construction and automobile parts.



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Formaldehyde Market Analysis by Derrivstive, By Application, By End-User & Forecast to 2027 and Analysis 2019-2025

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Formaldehyde Market Size, Share & Trends Analysis Report By Derivatives (Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Polyoxymethylene, Others), By End-User (Construction, Furniture, Automotive, Healthcare, Others), Region, And Segment Forecasts, 2021 - 2027

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