Global Formaldehyde Market is valued at USD 20.79 Billion in 2020 and is expected to reach USD 28.58 Billion by 2027 with a 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 the Global Formaldehyde Market.
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 is 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 the Rest of the World. On the basis of country level, the 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.
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.
Global formaldehyde market is segmented into the 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.
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 its 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 the application of formaldehyde resins in the 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.
The Asia Pacific is expected to show the fastest growth in the global formaldehyde market owing to the increasing growth of the 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 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 significant growth in the global formaldehyde market.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 20.79 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 28.58 Billion|
|Tables, Charts & Figures:||175|
|Formaldehyde Manufacturers||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|
Middle East and Africa