Global Formaldehyde Market Insights Forecasts to 2030
- The global Formaldehyde Market was valued at USD 10.00 Billion in 2021.
- The Market is growing at a CAGR of 5% from 2022 to 2030
- The global Formaldehyde Market is expected to reach USD 15.51 Billion by 2030
- North America is expected to grow the fastest during the forecast period.
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The global Formaldehyde Market is expected to reach USD 15.51 Billion by 2030, at a CAGR of 5% during the forecast period 2022 to 2030. 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.
For the manufacturing of urea-alkyd resins, which are utilised as binders for medium density particle boards and plywood, formaldehyde is a crucial feedstock component. Numerous sectors, including the plywood, automotive, construction, and healthcare, utilise formaldehyde extensively. Methanol, which is primarily utilised in the manufacturing of resins, is often used to create formaldehyde. Additionally, it functions as a drying agent, plasticizer, and solvent. Demand for formaldehyde has increased as a result of rising construction and infrastructure investment for various parts and reinforcing applications. Formaldehyde is currently being utilised progressively to make fertilisers, paper, and resins. Automotive, building & construction, agricultural, cosmetics, and chemical are a few of the most significant end-use sectors for formaldehyde. In the upcoming years, the formaldehyde market is anticipated to grow as a result of recent industry expansion. Composites made of formaldehyde are also becoming more and more popular because of their many benefits, including the fact that they considerably increase the rate of wood usage and reduce wood waste. However, the formaldehyde industry's players may anticipate to face significant difficulties due to strict restrictions and escalating environmental and human health concerns. In attempt to stem the spread of the virus, the main economies imposed national lockdowns and trade restrictions in response to the Covid-19 pandemic, which had an adverse effect on the development of numerous sectors. Demand for formaldehyde decreased as a result of the covid pandemic's persistent impact on the automotive and construction industries. Although there has been a steady rise in the demand for formaldehyde as a disinfectant in businesses, its demand from the pharmaceutical and agricultural sectors. However, there was an improvement in the state of the formaldehyde market following the resume of industrial activities and relaxations in the lockdown. The market is expected to be driven by the soaring demand from sectors including building & construction, pharmaceuticals, agriculture, and personal care during the projected period.
Global Formaldehyde Market Report Coverage
|Market Size in 2021:||USD 10.00 Billion|
|Forecast Period 2022-2030 CAGR:||5 %|
|2030 Value Projection:||USD 15.51 Billion|
|Historical Data for:||2019-2020|
|No. of Pages:||235|
|Tables, Charts & Figures:||149|
|Segments covered:||By Derivative, By Application, By End-use|
|Companies Covered:||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.|
|Growth Drivers:||Rising demand for Formaldehyde in construction and infrastructure is expected to drive the markets growth over the forecast period.|
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This research report categorizes the Market for global Formaldehyde based on various segments and regions, forecasts revenue growth, and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Formaldehyde Market. Recent Market developments and competitive strategies such as expansion, Product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the Market. The report strategically identifies and profiles the key Market players and analyses their core competencies in each global Formaldehyde Market sub-segments.
- In 2021, the Phenol Formaldehyde Resins segment accounted for the largest share of the Market, with 25.6% and a Market revenue of 2.56 Billion.
Based on the Derivative, the Formaldehyde Market is categorized into Urea Formaldehyde (UF) Resins, Phenol Formaldehyde (PF) Resins, MF Resins, PolyacetalResins, 1,4-butanediol, Pentaerythritol and Methylenebis. In 2021, the Phenol Formaldehyde Resins segment accounted for the largest share of the Market, with 25.6% and a Market revenue of 2.56 Billion. 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.
- In 2021, the Resins segment accounted for the largest share of the Market, with 20.6% and a Market revenue of 2.06 Billion.
Based on the application, the Formaldehyde Market is categorized into Fibers, Solvents, Plasticizers, Drying Agents, Resins and Other Chemical Intermediaries. In 2021, the Resins segment accounted for the largest share of the Market, with 20.6% and a Market revenue of 2.06 Billion. 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.
- In 2021, the Construction segment accounted for the largest share of the Market, with 30.6% and a Market revenue of 3.06 Billion.
Based on the End-use, the Formaldehyde Market is categorized into Healthcare, Consumer Goods, Automotive, Construction and Others. In 2021, the Construction segment accounted for the largest share of the Market, with 30.6% and a Market revenue of 3.06 Billion. Throughout the forecast period, the Construction segment is anticipated to maintain its leading position while expanding at the fastest CAGR Due to its significant usage in the production of plywood, cabinet doors, strand board, mouldings, furniture, countertops, cabinets, shelving, and laminates, the building and construction industry has emerged as the market leader. Growing middle-class population and rising population base have led to increased residential and commercial infrastructure investment. The use of formaldehyde produces furniture that is inexpensive and durable.
Regional Segment Analysis of the Formaldehyde Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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Asia Pacific emerged as the largest Market for the global Formaldehyde Market, with a Market share of around 27.9% and 2.79 Billion of the Market revenue in 2021.
- Asia Pacific emerged as the largest Market for the global Formaldehyde Market, with a Market share of around 45.5% and 2.79 Billion of the Market revenue in 2021. 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.
- North America Market is expected to grow at the fastest CAGR between 2021 and 2030, The demand for Formaldehyde from automotive industries is expected to expand over the course of the forecast period, which reflects well for the North American Formaldehyde market. Due to the increasing applications in end-use industries, there is a steady demand for high-quality Formaldehyde products from North America areas.
The report offers the appropriate analysis of the key organizations/companies involved within the global Formaldehyde 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.
List of Key Market Players:
- 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.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
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.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Formaldehyde Market based on the below-mentioned segments:
Global Formaldehyde Market, By Derivative
- Urea Formaldehyde (UF) Resins
- Phenol Formaldehyde (PF) Resins
- MF Resins
Global Formaldehyde Market, By Application
- Drying Agents
- Other Chemical Intermediaries
Global Formaldehyde Market, By End-use
- Consumer Goods
Global Formaldehyde Market, Regional Analysis
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Rising demand for Formaldehyde in construction and infrastructure
- Increasing demand for Formaldehyde improves the rate of wood utilization and minimizes wood waste
- The rising awareness about energy-saving initiatives among end-users
- High Cost and Low Awareness of Benefits
- Availability of Raw material
- Negative impact on demand of the product due to Covid 19
- Effect to Human Health and Environment
- Businesses are focusing on releasing new items to gain market share.
- Rising demand for Formaldehyde from the automotive industry
Frequently Asked Questions (FAQ)
What is the market size of the Formaldehyde market?As per Spherical Insights, the size of the Formaldehyde market was valued at USD 10.00 billion in 2022 to USD 15.51 billion by 2030.
What is the market growth rate of the Formaldehyde market?The Formaldehyde market is growing at a CAGR of 5% from 2022 to 2030.
Which country dominates the Formaldehyde market?Asia Pacific emerged as the largest market for Formaldehyde.
Who are the key players in the Formaldehyde market?Key players in the Formaldehyde market are 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.
Which factor drives the growth of the Formaldehyde market?Rising demand for Formaldehyde in construction and infrastructure is expected to drive the market's growth over the forecast period.
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