Formaldehyde Market Analysis | 2023-2028

“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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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.

Segments Analysis

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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, 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

“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 formaldehyde market (arranged alphabetically).

• 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 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?

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.

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.

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.