WASHINGTON, March 28, 2023 (GLOBE NEWSWIRE) -- Global Formaldehyde Market was valued at USD 7.9 Billion in 2022 and is projected to reach a value of USD 11.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.4% over the forecast period 2023-2030.
Market Overview
Since Formaldehyde is used extensively in the manufacturing of furniture as well as construction and remodeling projects, its use is rising worldwide. The growth is also attributed to because of their exceptional thermal and chemical resistance, Formaldehyde-based resins are utilized to make parts for cars and airplanes.
We forecast that the building and construction category in the Formaldehyde market sales will account for more than 20% in the forecasted period. Wood goods used in cabinetry, shelves, flooring, etc., are produced on a massive scale using resins based on Formaldehyde. These resins also offer stronger bonding in fewer pieces.
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Market Dynamics
Advancements in Paint Industry is Expected to Increase to Support Market Expansion
The need for high-performance paints & coatings is projected to be driven by continuing improvements in paint technology that provide superior coatings for usage in architecture, automotive, and electronics applications. Paints and coatings are produced using Formaldehyde derivatives, such as para Formaldehyde. They serve as a tough primer that gives the finished product a clear coat of paint, increasing industry demand.
Increasing the Usage of Para Formaldehyde in the Agrochemical Industry will Accelerate Formaldehyde Industry to Drive Market Growth
The market's increasing investment rate is a significant driver throughout the predicted period. Considered to be the smallest kind of polyoxymethylene is para Formaldehyde. Due to their low acid content, which aids in gloss control and thermal stability, these polymerized derivatives of Formaldehyde are used in coating applications. Additionally, the market share for Formaldehyde may increase because of the expanding agriculture sector, which is driven by trends to use as much arable land as possible and the growing population.
Top Players in the Global Formaldehyde Market
- Foremark Performance Chemicals (United States)
- Hexion (United States)
- Georgia-Pacific Chemicals (United States)
- Celanese Corporation (United States)
- BASF SE (Germany)
- Capital Resin Corporation (United States)
- Evonik Industries AG (Germany)
- DuPont (United States)
- Alfa Aesar (United States)
- Ashland (United States)
- Perstorp (Sweden)
- LRBG Chemicals Inc. (Canada)
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Top Trends in Global Formaldehyde Market
- One trend that Vantage Market Research (VMR) expects to see in the Formaldehyde industry is increasing demand in the construction sector for resins, adhesives, and binders. Therefore, the global Formaldehyde market is mostly driven by the expansion of the construction industry, which is motivated by emerging economies, growing populations, and rising disposable income.
- Another trend that VMR predicts will continue in the Formaldehyde industry is the advancement in technology. Methanol, the main raw material, is converted into Formaldehyde using two processes: one based on a silver catalyst and the other on a metal oxide catalyst. As a result, the producers of methanol and Formaldehyde struggle with the changing price of methanol. It is crucial to create new Formaldehyde production processes that do not require methanol due to the rising demand for the chemical and rising worries over its pricing.
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Top Report Findings
- Based on the Derivatives outlook, the urea Formaldehyde category controls most of the Formaldehyde market's revenue. This is linked to the product's expanding use in many end-use industries, including agriculture, foundry sand, paper, textiles, electrical appliances, and wood glue. Due to their high tensile strength, flexural modulus, low water absorption, elongation at break, high thermal distortion temperature, high surface hardness, mold shrinkage, and volume resistance.
- Based on the End Users, most of the Formaldehyde market's revenue is controlled by the building and construction category. The construction industry represents the largest revenue share in terms of end-user in the global market. Wood goods used in cabinetry, shelves, flooring, etc., are produced on a massive scale using resins based on Formaldehyde. These resins also offer stronger bonding in fewer pieces.
Recent Developments in the Global Formaldehyde Market
- February 2021: 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 absorbs and neutralizes aldehydes from indoor air.
- July 2022: Hexion announced in July 2022 that it would begin using methanol derived from bio-based sources to produce Formaldehyde as part of its transition to sustainable growth ambitions. The company's strategic influence in the market will grow due to this action.
Urea Formaldehyde Category in Formaldehyde Market to Generate a Considerable Revenue in Forecast Period
For better understanding, based on the Derivatives outlook, the Formaldehyde market is divided into Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, polyacetal resins, 1,4 butanediol, methylene bis hexamethylenetetramine, and Other Deriatives.
The Urea Formaldehyde (UF) category dominated the market. This is linked to the product's expanding use in a number of end-use industries, including agriculture, foundry sand, paper, textiles, electrical appliances, and wood glue. Due to their high tensile strength, flexural modulus, low water absorption, elongation at break, high thermal distortion temperature, high surface hardness, mold shrinkage, and volume resistance.
On the other hand, the Melamine Formaldehyde (MF) category is anticipated to grow significantly, including moisture resistance, thermal stability, scratch resistance, flame retardancy, strength, and hardness. In the markets for plastic food containers and plastic plates, MF is a better alternative to UF due to its qualities, including gloss, toughness, and ability to maintain a dust-free surface. Over the projection period, these factors are likely to increase the demand for MF.
Asia Pacific Region in Formaldehyde Market to Generate a Good Chunk of the Global Revenue
The market for Formaldehyde is predicted to be dominated by the Asia Pacific Excluding Japan (APEJ). Demand for Formaldehyde for usage in many sectors is rising quickly in emerging economies like China and India. The amount of Formaldehyde used to make fuel has increased. The demand for Formaldehyde is being driven by nations looking for a less expensive alternative to oil.
Besides, the North America is anticipated to be the fastest growing region over the forecast period. The demand for Formaldehyde is also anticipated to rise in the United States. The Formaldehyde market is also anticipated to be driven by the rising production of panels, laminates, and pentaerythritol in this region.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Formaldehyde Market Forecast Report (2023-2030).
Global Formaldehyde Market Segmentation
By Derivatives
- Urea Formaldehyde (UF)
- Phenol-Formaldehyde (PF)
- Melamine Formaldehyde (MF)
- Polyacetal Resins
- Pentaerythritol
- 1,4 Butanediol
- Methylenebis
- Hexamethylenetetramine (HMTA)
- Other Derivatives
By End Uses
- Building & Construction
- Automotive
- Furniture
- Textile
- Healthcare
- Oil & Gas
- Agriculture
- Water Treatment
- Cleaning Products
- HVAC
- Other End Uses
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 7.9 Billion |
| Revenue Forecast by 2030 | USD 11.4 Billion |
| CAGR | 5.4% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Foremark Performance Chemicals, Hexion, Georgia-Pacific Chemicals, Celanese Corporation, BASF SE, Capital Resin Corporation, Evonik Industries AG, DuPont, Alfa Aesar, Ashland, Perstorp, LRBG Chemicals Inc. |
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Key Questions Answered in the Formaldehyde Market Report are:
- What is the current size of the formaldehyde market and how is it expected to grow or decline in the future?
- What are the major drivers and challenges affecting the formaldehyde market?
- What are the different types of formaldehyde products and what are their applications in various industries?
- What are the geographical regions with the highest demand for formaldehyde and why?
- Who are the major players in the formaldehyde market and what are their market shares?
- What are the recent developments in the formaldehyde market such as mergers and acquisitions, partnerships, and new product launches?
- What are the regulatory requirements for formaldehyde production and usage, and how are they affecting the market?
- What are the trends in formaldehyde pricing and what factors are influencing them?
- What are the opportunities and threats in the formaldehyde market for new and existing players?
- What is the competitive landscape of the formaldehyde market and how is it expected to evolve in the future?
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