- Extensive application of formaldehyde across the furniture and construction industry may serve as a prominent growth generator for the formaldehyde market through the assessment period of 2019 to 2027
- Taking into consideration the escalating application outreach and various growth factors, the global formaldehyde market may expand at a CAGR of ~3 percent across the forecast period
Transparency Market Research, New York: Characteristics of formaldehyde such as heat-resistance, chemical resistance, durability, and rigidity will serve as vital growth accelerators for the formaldehyde market across the forecast period of 2019-2027. The booming construction industry may also prove to be a boon for the growth of the formaldehyde market. The use of formaldehyde in developing furniture may also bring good growth opportunities.
The global formaldehyde market was valued at ~US$ 8.6 bn in 2018 and is anticipated to expand at a CAGR of ~3 percent during the forecast period of 2019-2027 according to the Transparency Market Research (TMR) analysts.
The use of formaldehyde across diverse applications such as chemical, building and construction, health care, agriculture, and automotive may bring tremendous growth prospects for the formaldehyde market. The antibacterial properties of formaldehyde also invite extensive requirements in the production of vaccines and disinfectants, which have recently seen a rise in demand due to the COVID-19 outbreak.
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Formaldehyde Market: Transparency Expert Diagnosis
The analysts predict a massive rise in the adoption of urea-formaldehyde and phenol-formaldehyde resins across the forecast period despite the stringent regulations on the use of formaldehyde. As the properties of these products are in tandem with the customer requirements, they will incur great growth during the assessment period according to the analysts.
The analysts advise the players in the formaldehyde market to focus on extensive growth opportunities across the U.S., China, and Europe as the demand for wood-based panels is growing at a rapid rate.
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Formaldehyde Market: Vital Revelations
- The phenol-formaldehyde resin segment is foreseen to reach a market value of ~US$ 1.7 bn and may account for ~19 percent of the total share of the formaldehyde market by end of 2020
- Urea-formaldehyde resins may gain prominent growth across the forecast period
- The resin segment held a significant share of the global formaldehyde market in 2018
- North America and Europe jointly held a share of ~34 percent in 2018
- North America is attributed to lose the market share by 0.4 percent and Europe may lose the market share by 0.2 percent by the end of 2020
- Asia Pacific may incur substantial growth and emerge as a dominant regional contributor across the forecast period of 2019-2027
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Formaldehyde Market: Growth Prospects
Formaldehydes display good adhesive strength and moisture-resistant properties. This aspect may generate great demand from the construction industry and bring extensive growth opportunities for the formaldehyde market during the forecast period.
- The strengthening influence of formaldehyde as a prominent component in the production of automotive may bring immense growth prospects for the formaldehyde market
- The anti-bacterial properties of formaldehyde make it useful in the production of vaccines and disinfectants, thus bringing massive growth opportunities for the formaldehyde market
- Personal care products such as mouthwash and toothpaste use formaldehyde in the production process, thus serving as robust growth pillars for the formaldehyde market
- Expansive focus on research and development activities is inviting novel insights that can be used for the quality enhancement of raw materials
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Formaldehyde Market: Growth Restraints
- Stringent regulatory norms across various countries to keep a check on formaldehyde emissions is serving as a prominent growth restraint for the formaldehyde market
- Fluctuation in raw material pricing is further leading to disruption in growth
- Adverse effects of formaldehyde on health also serves as a vital growth obstacle
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Global Formaldehyde Market: Segmentation
By Application
- Resins
- Fibers
- Solvents
- Plasticizers
- Drying Agents
- Other Chemical Intermediates (including Amino and Phenolic Resins)
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
By Derivative
- Urea-formaldehyde Resin
- Phenol Formaldehyde Resin
- Polyoxymethylene
- Melamine Formaldehyde Resin
- Pentaerythritol
- Methylene Diphenyl Diisocyanate
- Butanediol
- Hexamethylenetetramine
- Others (including Trimethylol Propane and Neopentyl Glycol)
By End Use
- Chemicals
- Agriculture
- Building & Construction
- Personal Care & Cosmetics
- Healthcare
- Automotive
- Others (including Photography)
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