Formaldehyde Market Growth Analysis | 2023-2028

Market Insights

The formaldehyde market was estimated at USD 4.36 billion in 2022 and is likely to grow at a CAGR of 4.8% during 2023-2028 to reach USD 5.81 billion in 2028.

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Market Dynamics

Introduction

Formaldehyde is a colorless, foul-smelling gas that is found in various commercial and industrial uses and many household products. It’s an organic compound composed of hydrogen, oxygen, and a little carbon. Formaldehyde is used in the production of goods such as construction materials, plastics, cloths, and even cosmetics due to its preservative and disinfecting effects. It is also applied in hospitals for the storage of tissues in medical laboratories.

However, formaldehyde exposure can be hazardous to health since it causes irritation of the eyes, nasal passages, throat, and skin. Thus, prolonged or high-level exposure is associated with more serious health effects such as respiratory diseases and possible carcinogenicity. As such, the allowable use of the chemical substance is restricted by specific regulations and safety precaution mechanisms.

Market Drivers

The shift towards high-performance additives and the rising demand for adhesives & coatings used in furniture, textile, automotive, and construction industries are likely to drive the market in the coming years.

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Segments Analysis

By Derivative Type

“The Urea-Formaldehyde resin segment accounts for the maximum share in the market during the forecast period.”

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

“The paints & coating application accounts for the maximum growth in the market during the forecast period.”

The formaldehyde market is segmented into resins, textiles, plasticizers, paints & coatings, 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 Insights

“North America is the largest market during the forecast period.”

The growth in the wood furniture market in North America provides growth opportunities for formaldehyde manufacturers.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the market.

• 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.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

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

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The formaldehyde market is segmented into the following categories:

By Derivative Type

• 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
• Other Formaldehydes

By End-Use Application Type

• Resins
• Textile,
• Plasticizers
• Paints & Coatings
• Elastic Fibers
• Synthetic Lubricants
• Polyurethane Foams
• Vulcanization Accelerators
• Household/Electronic Appliances
• Pesticides

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s formaldehyde market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our formaldehyde market report from the industry stakeholders, we have tried to further accentuate our research scope to the formaldehyde market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

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 1000 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 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

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 derivatives types by end-use application type.

Competitive Benchmarking

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

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.