Formaldehyde Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Formaldehyde Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for formaldehyde is expected to grow at a CAGR more than 6% globally during the forecast period. Formaldehyde (methanol) is a naturally occurring organic compound with the formula CH2O (H−CHO). It is an important precursor to many other materials and chemical compounds. Owing to the versatile and favorable chemical properties of formaldehyde, its application in automotive and construction industry is growing exponentially, consequently propelling the market growth.

Key Highlights

• However, the toxic and carcinogenic nature of formaldehyde and stringent regulations employed by several authorities towards formaldehyde emission are likely to hinder the growth of studied market.
• The research and technological development (RTD) related to application of formaldehyde derivative for treatment of Organic Fraction of Municipal Solid Waste (OFMSW) are likely to provide opportunities for the formaldehyde market over the next five years.
• Asia-Pacific region dominates the formaldehyde market, owing to the escalating consumption of formaldehyde from countries, such as China and India.

Key Market TrendsConstruction Industry to Dominate the Market

• Construction industry stands to be the dominating segment owing to large scale consumption of formaldehyde for construction and remodeling activity and furniture production.
• Formaldehyde-based resins are used to create composite and engineered wood products for uses in moldings, furniture, countertops, cabinetry, shelving, stairs, wall sheathing, support beams, flooring, and trusses among many other household furnishings and structures.
• Formaldehyde enables manufacturing of long-lasting furniture at reduced costs as compared to wood and resins allow recycling of older furniture to provide high quality recycled wood products. Thereby demand for formaldehyde is anticipated to grow.
• Formaldehyde resins are used for making cabinet doors, lamination countertops, medium density fiber board and insulation.
• Asia-Pacific countries like China, India and Singapore have been registering the strong growth in construction and remodeling activities, the requirement for formaldehyde market is projected to increase from this region in the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region stands to be the dominant market for automotive and construction industry. Factors, such as good adhesive strength and moisture resistance properties of formaldehyde-based resins and continuous demand from the furniture sector is likely to drive the market growth.
• Growing consumer inclination towards lightweight materials for use in housing construction and automotive components, Asia Pacific region is expected to witness strong growth in the consumption of formaldehyde.
• Formaldehyde and its derivatives perform a vital role in the manufacturing of various raw materials used in construction and coating applications owing to their economical nature and high-quality performance.
• Furthermore, the increasing government investments on infrastructural expansion by nations like China, India and Vietnam are providing thrust to use of formaldehyde in construction industry.
• Hence, all such market trends are expected to drive the demand for formaldehyde market in the region during the forecast period.

Competitive Landscape

The global formaldehyde market is fragmented in nature, with presence of a few large-sized players and many small players in the market. Some of the major companies are Hexion, Georgia-Pacific Chemicals, Perstorp Orgnr, Celanese Corporation and Foremark Performance Chemicals amongst others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Acron Group
Alder SpA
BASF SE
Celanese Corporation
Foremark Performance Chemicals
Georgia
Pacific Chemicals
Hexion
Huntsman International LLC
Johnson Matthey
Metafrax
Perstorp Orgnr

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