New York, United States , Jan. 13, 2023 (GLOBE NEWSWIRE) -- The Global Formaldehyde Market Size to grow from USD 10.00 billion in 2021 to USD 15.51 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5% during the forecast period. Over the projected period, the demand for Formaldehyde in the market will increase due to changing consumer preferences and increased Formaldehyde consumption for the building and construction industries. North America is expected to grow the fastest during the forecast period.
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The Phenol Formaldehyde Resins segment to account for the largest market size during the forecast period
Based on the Derivative, the Formaldehyde Market is categorized into Urea Formaldehyde (UF) Resins, Phenol Formaldehyde (PF) Resins, MF Resins, Polyacetal Resins, 1,4-butanediol, Pentaerythritol and Methylenebis. The Phenol Formaldehyde Resins segment to account for the largest market size during the forecast period. Throughout the forecast period, the Phenol Formaldehyde Resins segment is anticipated to maintain its leading position Due to a large increase in the use of plywood and laminates, the Phenol Formaldehyde Resin is anticipated to develop at the highest CAGR. Growing demand for phenol formaldehyde resin is anticipated in the next years as a result of rising residential and commercial building due to an increase in worldwide population. Due to their outstanding resistance to chemicals, water, and UV radiation, these resins are also utilised in the production of paints and coatings.
The Resins segment to hold a higher CAGR during the forecast period.
Based on the application, the Formaldehyde Market is categorized into Fibers, Solvents, Plasticizers, Drying Agents, Resins and Other Chemical Intermediaries. The Resins segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Resins segment is anticipated to maintain its leading position while expanding at the fastest CAGR Due to the substantial use of formaldehyde during the production of the resins, which are then used across several end-use sectors, the resins have emerged as the main application segment. The synthesis of phenol formaldehyde resin, urea-formaldehyde resin, and other materials uses formaldehyde.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Browse 79 market data Tables and 70 Figures spread through 235 Pages and in-depth TOC on “Global Formaldehyde Market Size, Share, and COVID-19 Impact Analysis By Derivative (Urea Formaldehyde (UF) Resins, Phenol Formaldehyde (PF) Resins, MF Resins, Polyacetal Resins, 1,4-butanediol, Pentaerythritol and Methylenebis) By Application (Fibers, Solvents, Plasticizers, Drying Agents, Resins and Other Chemical Intermediaries) By End-use (Healthcare, Consumer Goods, Automotive, Construction and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030”.
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North America to hold a higher CAGR during the forecast period.
The Global Formaldehyde Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. The demand for Formaldehyde is being driven by the rising acceptance by the market. The market for Formaldehyde was dominated by the Asia Pacific region mostly as a result of the region's expanding construction and automobile industries. The demand for formaldehyde is anticipated to increase throughout the study period due to favourable government investments in the growth of infrastructure in rising Asian nations. Large population base, rising population, and swift end-use industry growth are a few of the reasons driving the Asia Pacific market's expansion.
Some of the Key Developments:
In February 2021, the two indoor air purifying paints, BIORA AIR and BIORA AIR CEILING, were introduced by Teknos, a paint and coating solution provider based in Finland that serves the formaldehyde market. These paints use the distinctive aldehyde-binding technology, which allows them to absorb and neutralise aldehydes from indoor air.
In May 2022, Georgia-Pacific Chemicals was acquired by US-based Bakelite Synthetics, a formaldehyde network operator. Through this purchase, Bakelite Synthetics hopes to extend its operations into new geographical areas, provide better customer service, and provide innovative formaldehyde technology to a variety of end applications. Georgia-Pacific Chemicals LLC is a chemical producer and marketer headquartered in the US that serves the formaldehyde industry.
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Competitive Landscape
The report offers the appropriate analysis of the key organizations/companies involved within the global Complex Inorganic Color Pigments Market along with a comparative evaluation primarily based on their Product offering, business overviews, geographic presence, enterprise strategies, segment Market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including Product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market. Major Vendors in the Global Formaldehyde Market: Alder S.p.A, BASF SE, Bayer Crop Science, Celanese AG, Dynea AS, Foremark Performance Chemicals, Georgia-Pacific Chemicals LLC, Huntsman International LLC, Johnson Matthey Process Technologies, Momentive Specialty Chemical Inc., and PerstorpOrgnr.
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