Published: Aug, 2019

The global formaldehyde market is prognosticated to expand at a moderate rate of CAGR 4.8% over the forecast period 2017 to 2026, states an upcoming report by Transparency Market Research (TMR).

The global formaldehyde market is expected to reach the sales value up to 36.6 mn tonnes. The rapid industrialization is boosting the demand for building constructions, thus, may aid in the growth avenues of the global formaldehyde market.

The global formaldehyde market is segmented into fibre, solvents, drying agents, plasticizers, and resins. Among all these, resin segment is anticipated to boost the sales due to as formaldehyde is used extensively in resin production such as melamine formaldehyde resins, urea melamine formaldehyde resins, and urea formaldehyde resins. All these resins are being used by construction and furniture sectors due to their capabilities to offer good adhesive strength and moisture resistance.

global formaldehyde market

Automotive Sector to Fuel Formaldehyde Market

Formaldehyde market is used as a raw material in automotive industry; this might help in pushing the global formaldehyde market.

While considering manufacturing of vehicles the automotive companies must consider all the properties such as durability, aesthetics, safety, light weight, and better efficiency. All these factors can be taken care by formaldehyde.

Formaldehyde is used in making of molded interior which makes the vehicle light weight and enhances the fuel efficiency, thus may help the global formaldehyde market grow in the forecast period.

Further, formaldehyde is used in exterior primer, brakes pads, clear coat paints, and fuel components. The use of formaldehyde make the vehicles not just light weight but highly durable, owing to the growth in the global formaldehyde market in the upcoming years.

Here, the automotive manufacturing companies replace the metal with polyoxymethelene which is a plastic derived from formaldehyde. Since metal cannot take various forms and shapes that a vehicle would need, the automotive industry uses polyoxymethelene. Thus, there are possibilities of grand growth avenues in the global formaldehyde market.

Almost 3000 thermo plastic components are derived out of formaldehyde and these are used in making various parts of vehicles. Thus, might provide growth opportunities to the global formaldehyde market. Technological advances have led to increasing adoption of formaldehyde market and may continue to grow in the next few years.

Rising concerns over its impact on the environment may dampen the growth in the global formaldehyde market. However, its use in oil and gas equipment as insulation is expected to contribute to expansion of the global formaldehyde market in the upcoming years.

Asia Pacific to be Ahead in Global Formaldehyde Market

The global formaldehyde market is anticipated to be led by Asia Pacific during the forecast period. The growth can be attributed to rapid industrialization that is leading to numerous constructions. Also, swift urbanization has led to increase in demand for public and private transport, owing to increasing demand for cars and other light weight vehicles. These factors are expected to play a role in the growth avenues of the global formaldehyde market during the forecast period.

Some noteworthy players operating in the global formaldehyde market are Huntsman International LLC, Momentive Specialty Chemical Inc., Georgia-Pacific Chemicals LLC, Foremark Performance Chemicals, BASF SE, Dynea AS, Johnson Matthey Process Technologies, and Celanese AG. These companies are looking forward to introduce innovative and sustainable solutions that are not hazardous to the environment. Such strategies may help them in gaining a foothold in the competitive global formaldehyde market.

This review is based on the findings of a TMR report titled, “Formaldehyde Market (By Derivatives - Urea Formaldehyde (UF) Resins & Concentrates, Phenol Formaldehyde (PF) Resins, Polyoxymethylene/ Polyacetal (POM), Pentaerythritol, Methylene Diphenyl Diisocyanate (MDI), 1,4 Butanediol (1,4 BDO), Paraformaldehyde, Hexamine, Melamine Formaldehyde (MF) Resin, Other Derivatives; Application– Fibers, Solvents, Plasticizers, Drying Agents, Resins, Other Chemical Intermediaries; End Use Vertical- Consumer Goods, Automotive, Healthcare, Construction, Others)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026.”

The global formaldehyde market is segmented into:

Derivatives

  • Urea Formaldehyde (UF) Resins & Concentrates
  • Phenol Formaldehyde (PF) Resins
  • Polyoxymethylene/ Polyacetal (POM)
  • Pentaerythritol
  • Methylene Diphenyl Diisocyanate (MDI)
  • 1,4 Butanediol (1,4 BDO)
  • Paraformaldehyde
  • Hexamine
  • Melamine Formaldehyde (MF) Resin

Application

  • Fibers
  • Solvents
  • Plasticizers
  • Drying Agents
  • Resins

End Use Vertical

  • Consumer Goods
  • Automotive
  • Healthcare
  • Construction

Geography

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of the Europe 
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific 
  • Latin America (LATAM)
    • Brazil
    • Mexico
    • Rest of LATAM
  • Middle East & Africa
    • South Africa
    • Rest of MEA
    • GCC Countries

About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to industry leaders, consultants, and strategy professionals.

Our reports are single-point solutions for industries to grow, evolve, and mature. Our significant-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive data we offer customized solutions through adhoc reports. These demands are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for client-specific problems with right methodology of research is the key to help enterprises reach right decision.

U.S. Office Contact

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com