Formaldehyde Market Analysis | 2023-2028

Market Insights

The Formaldehyde Market was estimated at US$ 4.36 billion in 2022 and is expected to grow at a CAGR of 4.8% during 2023-2028 to reach US$ 5.81 billion by 2028.

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What is Formaldehyde?

Formaldehyde is a colorless, strong-smelling gas often used in various industrial applications and consumer products. It's a simple organic compound composed of hydrogen, oxygen, and carbon. Due to its preservative and disinfectant properties, formaldehyde is commonly employed in manufacturing processes for building materials, plastics, textiles, and cosmetics. It's also utilized in medical laboratories for tissue preservation. However, formaldehyde exposure can pose health risks, irritating the eyes, nose, throat, and skin. Prolonged or high-level exposure has been linked to more serious health concerns, including respiratory issues and potential carcinogenicity. Therefore, regulations and safety measures are in place to limit its usage and ensure safe handling.

Market Drivers

The factors driving the market growth are-

• High-performance additives are witnessing increased adoption for medical purposes.

• Rising demand for adhesives and coatings in various industries, including furniture, textile, automotive, and construction.

Segments Analysis

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By Derivative Type

Based on the derivative type, the formaldehyde market is segmented as urea-formaldehyde (UF), phenol-formaldehyde (PF), melamine formaldehyde (MF), polyoxymethylene/ polyacetal (POM) formaldehyde, methylene diphenyl diisocyanate (MDI) formaldehyde, pentaerythritol formaldehyde, butanediol (1,4 BDO) formaldehyde, paraformaldehyde, hexamine formaldehyde, and other formaldehyde. The Urea-Formaldehyde resin segment led the formaldehyde market, due to its usage in manufacturing high-performance automotive interiors, parts of fuel systems, and building materials.

By End-Use Application Type

Based on the end-use application type, the formaldehyde market is segmented into resins, textiles, plasticizers, paints, elastic fibers, synthetic lubricants, polyurethane foams, vulcanized accelerators, household/electronic appliances, and pesticides. The paints & coating application of formaldehyde derivatives is likely to have good growth opportunities in the future as these derivatives offer several advantages, such as superior functionality and versatility, and excellent chemical properties.

Regional Analysis

In terms of regions, North America is the largest formaldehyde market and is likely to remain so during the forecast period as well.  Also, the growth in the wood furniture market in North America provides growth opportunities for formaldehyde manufacturers.

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Key Players

Some of the major formaldehyde manufacturers are-

• Balaji Formalin Private Limited
• Bayer AG
• BASF SE
• Celanese Corporation
• Chemique Adhesives & Sealants Ltd
• Dynea Oy
• Georgia-Pacific Chemicals, LLC
• Hexion Inc.
• Huntsman Corporation
• Perstorp Holding AB.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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