Formaldehyde Market to Grow with a CAGR of 4.65% through 2028
Growing demand of formaldehyde in manufacturing of agriculture
and chemical industry is expected to drive the Global Formaldehyde Market
growth in the forecast period, 2024-2028.
According to TechSci Research report, “Formaldehyde
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Formaldehyde Market stood at USD 6.85 billion in 2022 and is anticipated to grow with a CAGR of 4.65% in the forecast period,
2024-2028. The initiatives taken by government based on formaldehyde has led to
favorable market conditions for the Global Formaldehyde Market. Several factors
contribute to the growth of various formaldehyde products.
The Ministry of
Environment in British Columbia, Canada, has developed comprehensive air
quality objectives for formaldehyde to effectively manage emissions from
fiberboard plants that utilize formaldehyde-based adhesives. By implementing
these objectives, the ministry aims to minimize the potential impact of
formaldehyde on air quality and public health, safeguarding the well-being of
both residents and the environment.
In line with
these efforts, the Canadian government has taken proactive measures to regulate
formaldehyde emissions from composite wood products. This includes the
introduction of stringent formaldehyde emissions guidelines and regulations,
which are designed to significantly reduce exposure levels and enhance indoor
air quality across the country. By prioritizing the reduction of formaldehyde
emissions, the government demonstrates its commitment to creating healthier and
safer living spaces for all Canadians.
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Formaldehyde is employed in soil fumigation to
eradicate soil-borne pathogens, nematodes, and weeds. Soil sterilization with
formaldehyde assists in establishing an optimal environment for robust plant
growth while mitigating the risks of diseases and pests. Moreover,
formaldehyde's herbicidal properties aid in minimizing competition for
nutrients, water, and sunlight, thereby enhancing crop performance. These advantages
have prompted farmers to incorporate formaldehyde-based soil treatments into
their agricultural practices.
Formaldehyde serves as a crucial foundational
component in the chemical industry, playing a vital role in synthesizing a wide
array of chemical compounds. It acts as a precursor for the production of
resins, plastics, solvents, and other intermediates utilized in sectors such as
pharmaceuticals, petrochemicals, plastics, and textiles. The chemical industry
heavily relies on formaldehyde as an indispensable raw material, driving the
global demand for formaldehyde.
Global Formaldehyde market is segmented into derivative,
end user industry, regional distribution, and company
Based on its type, the urea formaldehyde segment held
the largest share in the market. The increase in product usage across various
end-use applications, including textiles, foundry sand, paper, electrical
appliances, agriculture, and wood glue, has contributed to this phenomenon.
These products are in high demand due to their exceptional properties such as
high tensile strength, flexural modulus, low water absorption, elongation at
break, high heat distortion temperature, high surface hardness, mold shrinkage,
and volume resistance.
Furthermore, UF is utilized in textile fabric
treatment to enhance wrinkle and shrink resistance. It also serves as a primary
source of nitrogen fertilizers in the agriculture industry. In construction
activities, UF is widely employed as an adhesive and insulating agent, which is
expected to drive the growth of the UF market in the forecast period.
The melamine formaldehyde (MF) segment is projected to
experience significant growth in the coming years, driven by its increasing
demand worldwide. MF offers exceptional properties such as moisture resistance,
thermal stability, scratch resistance, flame retardancy, strength, and
hardness. Its gloss, hardness, and dust-free surface retention make MF a
superior substitute compared to UF in the markets of plastic food containers
and plastic plates. These factors are expected to drive the demand for MF over
the forecast period.
Based on region, Asia Pacific segment is expected to
grow during the forecast period. he rapid growth of the adhesives, automobile,
furniture, and electrical and electronics manufacturing sectors has contributed
to this phenomenon. The product's popularity stems from its affordability,
reactivity, and high-quality performance. Furthermore, the expanding
construction and automotive industries in Asia Pacific countries, particularly
China and India, are expected to drive the demand for this product.
Europe served as the second-largest market for
formaldehyde, with increasing demand from the furniture industry in countries
like Russia, Italy, and Germany projected to fuel market growth in the forecast
period. Germany, in particular, stands as a major consumer of formaldehyde in
Europe due to its rising demand for use in fiberglass mats for building and
construction applications. Central and South America (CSA) anticipates significant
demand for formaldehyde across various end-use applications such as cosmetics,
healthcare, photography, paint, and food. The product finds application as a
preservative in cosmetics, with the Brazilian Health Regulatory Agency (ANVISA)
permitting its usage at concentrations of 0.1% in oral hygiene products and 5%
in nail products as a hardening agent.
Major companies operating in Global Formaldehyde
Market are:
- BASF SE
- Evonik Industries AG
- Capital Resin Corporation
- Celanese Corporation
- Foremark Performance
Chemicals
- Acron Group
- Georgia-Pacific Chemicals
- Hexion Inc.
- Huntsman International LLC
- Alder SpA
- Dynea AS
- Atul Ltd.
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“Growing application of formaldehyde in various end
user industries are key drivers of the formaldehyde market. Growth in
competitive landscape and presence of well-established countries in the market
who are dedicated to enhance their productivity of formaldehyde with every
passing year are anticipated to register an impressive growth to Global
Formaldehyde Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Formaldehyde Market By Derivative
(Urea Formaldehyde, Phenol Formaldehyde,
Melamine Formaldehyde, Hexamethylenetetramine (HMTA), Others), By End User
Industry (Building & Construction, Automotive, Agriculture, Healthcare,
Chemicals & Petrochemicals, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Formaldehyde Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Global Formaldehyde Market.
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