- Formaldehyde market participants are identifying new growth prospects in the construction and building industries to bolster their revenue streams
- In order to preserve cadavers used by medical students in their anatomy classes, formaldehyde is a superb preservative that is extensively utilized. This is thought to be a driving force behind the global market
WILMINGTON, Del., Oct. 12, 2022 /PRNewswire/ -- Based on value, by 2031, the Global Formaldehyde Market size is anticipated to cross value of US$ 15. Formaldehyde market demand analysis predict the market to rise at ~4% CAGR during the forecast period, from 2021 to 2031. The manufacturing of urea-alkyd resins, which are primarily utilized to produce the binding materials for medium density plywood and particleboards, requires formaldehyde as a key ingredient. Many different businesses, including the automobile industry, plywood, and construction, use formaldehyde extensively.
The global formaldehyde market is being driven by the expansion of the building and construction industry and ongoing demand from the furniture industry. Adhesives and wood panels are the two main products made using formaldehyde. Due to their excellent moisture resistant and adhesive strength qualities, formaldehyde-based resins are employed in the building and furniture industries. This factor is estimated to emerge as one of the key formaldehyde market trends. In order to meet strict pollution control criteria, formaldehyde producers use catalytic oxidation systems for effective VOC and HAP management.
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Based on volume, in 2020, the Asia Pacific accounted for a major chunk of the global formaldehyde market. This is explained by the region's steadily growing automobile and building and construction industries. Additionally, the regional building and construction industry is projected to be driven by rising consumer disposable income, middle-class growth, and rapid population growth. In consequence, this is estimated to increase formaldehyde demand in the Asia Pacific region.
Key Findings of Market Report
- Based on volume, in 2020, the resins category accounted for a sizable formaldehyde market share. The manufacturing of resins including melamine formaldehyde resin, phenol formaldehyde resin, and urea formaldehyde resin uses formaldehyde widely. This is anticipated to increase formaldehyde demand during the projected timeframe.
- The textile sector is utilizing formaldehyde-based resins more often to assist in the binding of pigments and dyes to textiles and prevent colors from transferring when clothes are washed. This factor is predicted to drive expansion of the global formaldehyde market.
- Formaldehyde-based resins are used in the building and construction industry due to their qualities including scratch resistance, high tensile strength, and high thermal distortion temperature. In addition, it is anticipated that excellent surface hardness, low cost, and minimal mold shrinkage will increase demand in the industry. In the near future, the market is anticipated to grow due to these advantages.
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Global Formaldehyde Market: Key Players
Some of the key market players are
- Kanoria Chemicals & Industries Ltd.
- Celanese Corporation
- Foremark Performance Chemicals
- Balaji Formalin Private Limited
- BASF SE
- Simalin Chemicals Industries Limited
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Global Formaldehyde Market: Segmentation
Application
- Resins
- Fibers
- Solvents
- Preservatives
- Plasticizers
- Drying Agents
- Coatings
- Other Chemical Intermediaries
Derivative
- Urea Formaldehyde Resin
- Phenol Formaldehyde Resin
- Polyoxymethylene
- Melamine Formaldehyde Resin
- Pentaerythritol
- Methylene Diphenyl Diisocyanate
- Butanediol
- Hexamethylenetetramine (Hexamine)
- Others
End Use Industry
- Chemical
- Agriculture
- Building & Construction
- Personal Care & Cosmetics
- Healthcare
- Textile
- Automotive
- Others
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