Formaldehyde Industry Overview
The global formaldehyde market size was valued at USD 7.81 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
The growing inclusion of formaldehyde in several end-use industries, such as building and construction, automotive, furniture, textile, healthcare, oil and gas, agriculture, water treatment, and cleaning products, is estimated to trigger market growth in the near future. Formaldehyde 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.
Gather more insights about the market drivers, restrains and growth of the Global Formaldehyde market
The production and consumption of formaldehyde are highly influenced by its demand from the end-use industries. Thus, any fluctuations in the demand from the end-use industries are anticipated to directly impact the market. 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 severely impacted the growth of the market. However, it is also used to produce hard-gel capsules, vaccines, and antibiotics, which had a positive effect on the demand for the product.
Formaldehyde is made up of oxygen, hydrogen, and carbon. It is widely known for its antibacterial and preservative properties. It offers excellent performance and acts as a bonding agent in end-use applications while offering an affordable price. The U.S. is one of the highest consumers of formaldehyde in the construction sector as the product offers lucrative revenue-generating opportunities to its manufacturers. The production of adhesives and glues for construction applications by utilizing formaldehyde is also rising across the globe, especially in the U.S.
Formaldehyde is of different forms such as molecular formaldehyde, trioxane, paraformaldehyde, and methanediol. The number of hydrogen compounds in each form of formaldehyde differentiates them from each other. These compounds are mainly used in industrial applications. The demand for the product is rising in the Asia Pacific owing to its increasing demand in the automotive and construction industries.
The high toxicity exhibited by formaldehyde is the main factor restricting market growth. Due to its hazardous nature, its application has become limited in the personal care and cosmetics sector. To spread awareness regarding this issue, companies are educating their customers about the needs and advantages of using the product as per regulatory standards.
Browse through Grand View Research’s Organic Chemicals Industry Research Reports.
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Formaldehyde Market Segmentation
Grand View Research has segmented the global formaldehyde market on the basis of derivatives, end-use, and region:
- Formaldehyde Derivatives Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Urea Formaldehyde (UF)
- Phenol Formaldehyde (PF)
- Melamine formaldehyde (MF)
- Polyacetal Resins
- 1,4 Butanediol
- Hexamethylenetetramine (HMTA)
- Formaldehyde End-Use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Building & Construction
- Oil & Gas
- Water Treatment
- Cleaning Products
- Formaldehyde Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Formaldehyde market include
- Foremark Performance Chemicals
- Georgia-Pacific Chemicals
- Celanese Corporation
- BASF SE
- Capital Resin Corporation
- Evonik Industries AG
- Alfa Aesar
- LRBG Chemicals Inc.
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