Global Formaldehyde Market was valued US$ 24.59 Bn in 2019 and is expected to reach US$ 36.61 Bn by 2027, at a CAGR of 5.1 % during a forecast period 2020-2027.
Formaldehyde is produced from methanol, which is the primary raw material. However, the fluctuating prices of methanol pose difficulty for the manufacturers of both methanol and formaldehyde. With the increasing demand for formaldehyde, it is important to develop new production technologies for formaldehyde, which do not use methanol. Formaldehyde is an organic compound with the molecular formula HCHO. It is highly reactive and gets polymerized easily; hence, it is Solventsly available in the form of an aqueous solution called formalin, which contains 37-55 wt% formaldehyde along with 7-25 wt% methanol.
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Formaldehyde is mainly used in the production of resins, which find use in the construction industry. Resins like urea formaldehyde, phenol formaldehyde, and melamine formaldehyde are used for manufacturing building materials. The construction industry is the major end-user of formaldehyde globally, with a share of more than 65%. Hence, the growth of the construction industry, which is driven by the emerging economies, growing population, and increasing disposable income, largely drives the global formaldehyde market.
The global consumption of formaldehyde is increasing as it is being used on a large scale for construction and remodeling activity and furniture production. Due to the excellent thermal and chemical resistance, formaldehyde-based resins are being used in manufacturing airplane and automobile parts. Formaldehyde is also being used in manufacturing anti-infective drugs, hard-gel capsules, and vaccines. Some of the prominent trends that the market is witnessing include increasing demand for pharmaceutical and cosmetics industry, high investment in R&D.
Based on application, the resins segment is expected to contribute major revenue share to the global market and is expected to maintain its dominance over the forecast period. Formaldehyde is used on a large scale in the production amino resins such as melamine-formaldehyde resin, urea-formaldehyde resin and urea-melamine formaldehyde resin. These resins are being used on a large scale in furniture and construction industries owing to its resistance to moisture and incredible adhesive strength.
Asia Pacific Excluding Japan (APEJ) is expected to dominate the global formaldehyde market. Emerging economies such as China and India are witnessing a rapid increase in the demand for formaldehyde for use in various industries. There has been an increase in the use of formaldehyde for producing fuel. Countries seeking a cheaper substitute for oil are driving the demand for formaldehyde. Meanwhile, demand for formaldehyde is also expected to increase in the U.S. Increasing production of laminates, panels, and pentaerythritol in Central Europe, South America, and the Middle East is also expected to drive the market for formaldehyde.
Scope of Global Formaldehyde Market:
Global Formaldehyde Market, by Derivatives:
• Urea Formaldehyde Resins & Concentrates
• Phenol Formaldehyde Resins
• Polyoxymethylene/ Polyacetal
• Methylene Diphenyl Diisocyanate
• 1,4 Butanediol
• Melamine Formaldehyde Resin
• Other Derivatives
Global Formaldehyde Market, by Application:
• Drying Agents
• Other Chemical Intermediaries
Global Formaldehyde Market, by End-User:
• Consumer Goods
Global Formaldehyde Market, by Region:
• North America
• Middle East & Africa
• Asia Pacific
• Latin America
Key Players Operating In Global Formaldehyde Market:
• Johnson Matthey Process Technologies
• Foremark Performance Chemicals
• Huntsman International LLC
• Momentive Specialty Chemical Inc.
• Dynea AS
• Alder S.p.A
• Georgia-Pacific Chemicals LLC
• Perstorp Orgnr
• Celanese AG
• BASF SE
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