Due to the increasing the meters of production in the automotive industry across the globe the automotive sector is coming up with significant challenges in terms of developments and improvisation for the leading manufacturers. As the automotive industry is escalating at a rapid pace, and the leading manufacturers are focusing on combining leading technological features. The increasing necessity to manufacture several components in the aviation and construction industry is expected to contribute towards the growth of the global formaldehyde market demand.
The global Formaldehyde market worth $ 37.7 Billion by 2028, growing at a CAGR of 4.65%
Reading the previous statistics of global formaldehyde market among the various end-use verticals, the construction industry is anticipated to account the major formaldehyde market share over the forecast period. This is mainly attributed to the extensive demand for formaldehyde-based resins as specialty chemicals in several construction components used for buildings. The demand is likely to rise multiple times with the rise in commercial construction activities.
Geographically, Asia-Pacific Excluding Japan (APEJ) is estimated to retain its lead throughout the assessment period, driven by the burgeoning demand for resins in various end-use industries. Formaldehyde market in China holds a largest demand from the key emerging economies.
The global formaldehyde market trend is primarily driven by the rising application of the chemical compound in making a range of chemical intermediaries that include resins, which find substantial in several end-use industries.
The usage of formaldehyde and its significant derivatives in making components for the automotive and aviation industry is a notable factor boosting the market. In particular, the formaldehyde has witnessed a substantial boost in the automotive industry owing to the need for specialty chemical as intermediaries in the production process.
The major advancements has increasingly incorporated the use of formaldehyde in the production processes, essentially to develop novel material of commercial interest.
Leading players in the formaldehyde market include Foremark Performance Chemicals, Johnson Matthey Process Technologies, Momentive Specialty Chemical Inc., Huntsman International LLC, Alder S.p.A, Dynea AS, Perstorp Orgnr, Georgia-Pacific Chemicals LLC, BASF SE, and Celanese AG.
The formaldehyde industry is creating attractive presentation from its promising application in making specialty chemicals that are used in the construction and oil and gas industries. The usage of compound in making a range of building and construction units, including cabinet doors, fiberboards, and strand boards which is rapidly resulting the escalation in the market. The rapid growth of the chemistry of formaldehyde market is bringing new advancements and avenues that vendors will surely drop their focus.
Formaldehyde Market Scope
Metrics | Details |
Base Year | 2022 |
Historic Data | 2018-2019 |
Forecast Period | 2022-2028 |
Study Period | 2018-2028 |
Forecast Unit | Value (USD) |
Revenue forecast in 2028 | $ 37.7 Billion |
Growth Rate | CAGR of 4.65% during 2018-2028 |
Segment Covered | Derivative, Application, End Use Vertical,Regions |
Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
Key Players Profiled | Foremark Performance Chemicals, Johnson Matthey Process Technologies, Momentive Specialty Chemical Inc., Huntsman International LLC, Alder S.p.A, Dynea AS, Perstorp Orgnr, Georgia-Pacific Chemicals LLC, BASF SE, and Celanese AG. |
The global formaldehyde market is segmented based on:
Derivative
- 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
- Other Chemical Intermediaries
End Use Vertical
- Consumer Goods
- Automotive
- Healthcare
- Construction
Region
- North America
- Europe
- Japan
- APEJ
- MEA
- Latin America
What to expect from the upcoming report on ‘Global Formaldehyde Market’:
- Analysis about future prospects as well as Global Formaldehyde Market trends market over the forecast period (2018-2025)
- Information regarding technological progressions as well as innovations taking place in developing as well as developed economies.
- Supportive initiatives by government likely to influence the market dynamics.
- Key drivers influencing market’s growth, opportunities, restraints, sales channels and distributors.
- In-depth analysis of different market segmentations including regional segmentations, applications and product types.
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.