Formaldehyde Market: Asia Pacific Region Dominated With A Revenue Share
Formaldehyde Industry Overview
The global formaldehyde market size is expected to reach USD 12.21 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.7% from 2021 to 2028. The growth can be attributed to the increasing construction activities across the world. The product is also increasingly being used in the manufacturing of disinfectants, vaccines, and personal care products, including mouthwash and toothpaste, on account of its exceptional antibacterial attributes. Increasing demand for these products is likely to boost the demand for formaldehyde over the forecast period.
A majority of these companies in the market have integrated their business operations across the value chain to incur maximum profit at the lowest investment. With the outbreak of the COVID-19 pandemic, major end-use industries such as automotive, construction, and wood were shut down at a global level, which has a severe impact on the demand for the product. Although, it is also used to produce hard-gel capsules, vaccines, and antibiotics, which positively affected the demand for formaldehyde.
Asia Pacific is expected to witness significant growth in the coming years owing to the rapid growth of the adhesives, automobile, furniture, and electrical and electronics manufacturing sectors in the region. The market in the Asia Pacific is growing on account of its low price, high reactivity, and high-quality performance. In addition, significantly growing construction and automotive industries in Asia Pacific countries, especially in China and India, are likely to trigger the demand for formaldehyde.
Formaldehyde Market Segmentation
Grand View Research has segmented the global formaldehyde market on the basis of derivatives, end-use, and region:
Based on the Derivatives Insights, the market is segmented into Urea Formaldehyde (UF), Phenol Formaldehyde (PF), Melamine formaldehyde (MF), Polyacetal Resins, Pentaerythritol, 1,4 Butanediol, Methylenebis, Hexamethylenetetramine (HMTA), and Others.
- The urea formaldehyde segment dominated the market with a revenue share of over 35.0% in 2020. This is attributed to the growing use of the product in several end-use applications including textiles, foundry sand, paper, electrical appliances, agriculture, and wood glue.
- The melamine formaldehyde (MF) segment is anticipated to expand at a significant CAGR in the coming years owing to its rising demand across the globe due to its exceptional properties, such as moisture resistance, thermal stability, scratch resistance, flame retardant, strength, and hardness.
Based on the End-Use Insights, the market is segmented into Building & Construction, Automotive, Furniture, Textile, Healthcare, Oil & Gas, Agriculture, Water Treatment, Cleaning Products, HVAC, and Others.
- The building and construction segment dominated the market with a revenue share of over 30.0% in 2020. This is attributed to the growing utilization of formaldehyde in numerous construction materials, which helps improve the tensile strength and toughness of building materials.
- The furniture segment is projected to exhibit a significant CAGR in the forecast period. Formaldehyde is used to make different types of furniture products, such as bed frames, couches, desks, and stools. It is regulated by the Environmental Protection Agency (EPA) owing to its toxicity. The regulations are set to decrease the emissions from products that are made with composite wood in order to reduce customers’ exposure to formaldehyde.
Formaldehyde Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
Companies are planning to accomplish digitization on the industrial and operational aspects of business, such as industrial automation and remote work enablement, to reduce operational costs and the need for an additional workforce. Manufacturers are focusing on increasing their production capacities to meet demand in the market, thereby offering lucrative opportunities for the growth of the market.
A majority of these companies have integrated their business operations across the value chain to incur maximum profit at the lowest investment. The market for formaldehyde is characterized by the presence of a large number of multinationals and regional players that are engaged in constant research & development activities to formulate advanced products. Some prominent players in the global formaldehyde market include:
- 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.
Order a free sample PDF of the Formaldehyde Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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