Formaldehyde Market

Formaldehyde Market Size-(2023-2028)

The Formaldehyde Market size exceeded $ 6.9 billion globally in 2022 and is expected to grow at a CAGR of over 8% between (2023-2028)

Increasing demand for adhesives and coatings in furniture, automotive, textiles, and construction and the growing shift to high-performance additives that help improve overall efficiency will drive formaldehyde market demand.

Formaldehyde (methanol) is an organic compound with the formula CH2O (H-CHO). It is an important precursor to many other chemical compounds and materials. Due to the versatile and favorable chemical properties of formaldehyde, its application in the automotive and construction industry is growing exponentially, driving the growth of the market.

The construction industry stands out as the dominant segment due to the large-scale consumption of formaldehyde for construction and renovation activities and furniture production. Shelves, stairs, siding, support beams, floors, and trusses, among many other furniture and structures for the home. Formaldehyde enables the manufacture of sustainable furniture at lower costs compared to wood and resins allow the recycling of old furniture to provide high-quality recycled wood products. Therefore, the demand for formaldehyde is expected to increase. Formaldehyde resins are used to make cabinet doors, laminate countertops, medium-density fibreboard, and insulation. Decorative laminates are an attractive and secure way to keep your interior beautiful and protect your furniture from wear and tear, scratches, and fire hazards. These products also help to increase the life of the surface and provide an eye-catching finish. The main use of melamine resin is the main component of high-pressure laminates such as Formica and arborite and laminate floors. It is also used in plastic laminates and coating materials. A complex interweaved melamine-formaldehyde polymer is used in plywood and particleboard adhesives, dishwasher-safe dishes, and automotive surface coatings. Green decorative laminate manufacturing is expected to present lucrative growth opportunities for manufacturers to enhance their existing customer base and increase market value share. Therefore, due to the factors mentioned above, melamine-formaldehyde is likely to be applied as Formica laminate furniture. dominate during the forecast period.

Formaldehyde Market Drivers

The growth of the construction industry is one of the major growth factors of the market. One of the major factors driving the market is the growing demand for Formica laminate furniture. The growth of the construction industry, driven by emerging economies, population growth, and increasing disposable income, is significantly boosting the global formaldehyde market. Rapid industrialization around the world is one of the key factors for the growth of the market. Formaldehyde is widely used in a variety of end-use industries, including building and construction, chemicals, agriculture, personal care and cosmetics, health care, and automotive. The property of formaldehyde to chemically react and then build resilient structures makes it one of the important building block chemicals in furniture making and the construction industry, due to its strength and strength. moisture. Formaldehyde-based resins also offer better dimensional stability and resistance to mold. Hence, increasing demand from these sectors is anticipated to boost the formaldehyde market during the forecast period. Formaldehyde is also used in the manufacturing of vaccines, disinfectants, and personal care products like toothpaste and mouthwashes because of its excellent antibacterial properties. The growing demand for these applications is anticipated to drive the demand for the formaldehyde market.

Formaldehyde Market Restraints:

The toxic and carcinogenic nature of formaldehyde and the strict regulations employed by various authorities regarding formaldehyde emissions are likely to constrain the growth of the studied market. Factors such as fluctuating methanol prices will hamper the growth of the market. Government regulations on the toxicity of formaldehyde in developed countries are anticipated to restrain the growth of the market. Strict government regulations and fluctuating raw material costs are expected to slow the growth of the melamine formaldehyde market during the aforementioned period.

  Research and technological development (RTD) related to the application of formaldehyde derivatives for the treatment of an organic fraction of municipal solid waste (OFMSW) is anticipated to provide opportunities for the formaldehyde market over the next five years. The use of melamine formaldehyde for the treatment of an organic fraction of municipal solid waste (OFMSW) is likely to constitute an opportunity for the studied market in the years to come. Formaldehyde-based resins are widely used to produce wood-based panels. These resins are used to bind the wood particles so that they can be pressed to the shape of the board. Formaldehyde is also used as an adhesive in lamination lines. In addition, it is used to glue the impregnated paper onto the raw boards to produce laminate panels. The increasing use of formaldehyde in these applications is expected to provide opportunities during the forecast period.

Challenges in the Formaldehyde Market:

Strict regulations and growing health and safety concerns for human life and the environment are expected to be major challenges for participants in the formaldehyde market.

FORMALDEHYDE MARKET REPORT COVERAGE:

Market Segmentation

Formaldehyde Market - By Derivative:

• Urea Formaldehyde

• Phenol-Formaldehyde

• Melamine Formaldehyde

• Hexamine

• Polyoxymethylene

• Others

Growing demand for melamine formaldehyde from the automotive industry, growing demand for construction, furniture, packaging, automotive industries and other end users, and increased consumption of formaldehyde resins are someone of the factors that stimulate the growth of melamine formaldehyde.

Formaldehyde Market - By End-User:

• Construction

• Automotive

• Agriculture

• Health Care

• Chemical

• Petrochemical

• Others

The construction segment is emerging as the dominant segment due to the large-scale consumption of formaldehyde for construction and renovation activities and furniture production

Formaldehyde Market - By Region:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

The Asia-Pacific is holding the highest shares of the formaldehyde market. Factors such as the good adhesion and moisture resistance properties of formaldehyde-based resins and the continued demand of the furniture industry are likely to drive the formaldehyde market growth. Considering the growing trend of consumers to favor lightweight materials for residential construction and automotive components, the Asia-Pacific region is expected to experience strong growth in formaldehyde consumption. Formaldehyde and its derivatives play an essential role in the manufacture of various raw materials used in construction and siding applications due to their inexpensive nature and high-quality performance. In addition, increased government investment in infrastructure expansion by countries like China, India, and Vietnam is boosting the use of formaldehyde in the construction industry. Hence, all these market trends are expected to boost the formaldehyde market demand in the region during the forecast period.

 North America is next to Asia Pacific in dominating the significant shares of the formaldehyde market. Increasing disposable income and prior to developing quality products in every sector are enhancing the growth rate of this market. Europe is esteemed to have a significant growth rate in the coming years.

Impact of Covid-19 on the Formaldehyde Market:

Manufacturers remain well informed of developments taking place during the COVID-19 outbreak. They redouble their efforts to act preventively and adopt the best strategies to respond to unforeseen situations. Companies continue to take comprehensive action to maintain the well-being of their employees and families. As such, more information is needed on how manufacturers maintain reliable services for their customers. The main business events for companies in the Indian formaldehyde market have been postponed and postponed due to the outbreak of COVID-19 (coronavirus). Companies struggled to maintain stable supply chains for their customers in March, April, and May.

Formaldehyde Market Key Players:

1. Alder S.p.A

2. BASF SE

3. Bayer Crop Science

4. Celanese AG

5. Dynea AS

6. Foremark Performance Chemicals

7. Georgia-Pacific Chemicals LLC

8. Huntsman International LLC

9. Johnson Matthey Process Technologies

10. Momentive Specialty Chemical Inc.

11. PerstorpOrgnr.