Dallas, Texas, United states, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Global Formaldehyde Market was valued at USD 7.81 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2027.
As an important component for the production of urea-alkyd resins Formaldehyde is used. It is described as colorless, flammable chemical compound having strong smell, produced by the oxidation of methanol. It is mostly used in industries like plywood, automobile, healthcare, and construction. Formaldehyde also be used as a drying agent, plasticizer, and solvent.
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Key Players
Key players in Formaldehyde Market are Allnex Belgium SA/NV, BASF SE, Chemiplastica SA, Georgia-Pacific Chemicals LLC, Hexza Corporation Berhad, Hexion Inc., INEOS Group, Mitsui Chemicals Inc., Nissan Chemical Industries Ltd., and Pacific Texchem Pvt. Ltd.
Impact of the COVID-19
The COVID-19 has crippled the entire world. Almost all countries have imposed lockdowns and strict social distancing actions. This has resulted in disturbances of supply chains. The epidemic has altered common systems around the world. The pandemic has affected business activities in the formaldehyde market. Since formaldehyde and its derivatives are virtually present in almost all end-use applications, companies in the formaldehyde market are thinning down their focus in cleaning agents, disinfectants, and other essential products throughout the pandemic.
Key Development
The global formaldehyde market is fragmented with the presence of a few large-sized players and large numbers of small players operating in China
The global formaldehyde market is dominated by BASF SE, Hexion Inc., PJSC Metafrax, and Ercros S.A. The four companies cumulatively accounted for 25% share of the global formaldehyde market in 2018.
On April 9, 2019, Dynea AS announced it had entered into a contract to build a 100 KTA formaldehyde plant with PJSC Metafrax at Gubakha, Perm, Russia
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Market Segmentation
By Derivatives
- Urea Formaldehyde (UF)
- Phenol Formaldehyde (PF)
- Melamine formaldehyde (MF)
- Polyacetal Resins
- Pentaerythritol
- 1,4 Butanediol
- Methylenebis
- Hexamethylenetetramine (HMTA)
- Others
By End-use
- Electronics
- Automotive
- Furniture
- Water Treatment
- Textile
- Building & Construction
- Healthcare
- Oil & Gas
- Agriculture
- Cleaning Products
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Analysis
The Asia Pacific region led the market with a maximum revenue share in 2020 because of the rapid growth of the adhesives, automobile, furniture, and electrical and electronics manufacturing sectors. Europe is the second-largest market for formaldehyde in 2020 due to increasing demand for formaldehyde from the furniture industry in countries, like Russia, Italy, and Germany over the forecast period. Central and South America (CSA) is anticipated to witness high demand for formaldehyde from different end-use applications, like cosmetics, healthcare, photography, paint, and food. Formaldehyde is used for preserving the cosmetics.
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