Formaldehyde Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented 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 and Competition

  • Industry : Chemicals
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Summary

Report Description

Forecast Period

2018-2028

Market Size (2022)

USD 6.85 billion

CAGR (2024-2028)

4.65%

Fastest Growing Segment

Phenol Formaldehyde

Largest Market

Asia Pacific

Market Overview

Global Formaldehyde Market has valued at USD 6.85 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 4.65% through 2028. Formaldehyde, composed of oxygen, hydrogen, and carbon, is a versatile compound renowned for its antibacterial properties and ability to act as a preservative. It is highly valued for its exceptional performance and cost-effectiveness in various end-use applications. Notably, the construction sector in the United States stands out as one of the largest consumers of formaldehyde, capitalizing on its revenue-generating potential. The popularity of formaldehyde-based adhesives and glues for construction purposes is also on the rise globally, particularly in the United States.

Formaldehyde exists in different forms, including molecular formaldehyde, trioxane, paraformaldehyde, and methanediol. Each form exhibits a varying number of hydrogen compounds, distinguishing them from one another. Primarily, these compounds find widespread use in industrial applications. As the demand for formaldehyde continues to surge in the Asia Pacific region, driven by the automotive and construction industries, its production and consumption are poised for growth in this dynamic market.

However, it is crucial to address the high toxicity associated with formaldehyde, which poses a significant challenge to market expansion. As a result, its application has been restricted in the personal care and cosmetics sector due to safety concerns. In response, companies are taking initiatives to educate their customers about the importance of adhering to regulatory standards and the advantages of utilizing formaldehyde-based products responsibly. By understanding the intricate dynamics surrounding formaldehyde, its diverse applications, and the need for responsible usage, we can foster awareness and promote sustainable practices in utilizing this compound.

Key Market Drivers

Growing Demand of Formaldehyde in Healthcare Industry

Formaldehyde is extensively employed in healthcare settings for sterilization and disinfection purposes. It serves as an effective agent for decontaminating medical equipment, surgical instruments, and laboratory surfaces. With its robust antimicrobial properties, formaldehyde efficiently eliminates bacteria, viruses, and other pathogens. The growing emphasis on infection control measures within healthcare facilities has resulted in an upsurge in the demand for formaldehyde-based sterilization and disinfection products, consequently driving the global formaldehyde market's growth.

Formaldehyde plays a pivotal role in histological processes and tissue preservation. It is instrumental in preparing tissue samples for microscopic examination, aiding in disease and condition diagnosis. By fixing and preserving tissue samples, formaldehyde prevents decomposition and maintains cellular structures. As medical diagnostics and research continue to advance, the demand for formaldehyde in tissue preservation and histology remains strong, thereby contributing to the formaldehyde market's growth.

The production of vaccines involves the use of formaldehyde for the inactivation of viral or bacterial components. Formaldehyde treatment renders pathogens non-infectious, enabling their utilization in vaccine formulations. With the increasing focus on preventive healthcare and the development of new vaccines, the demand for formaldehyde in the vaccine manufacturing process is on the rise, thereby propelling the global formaldehyde market forward.

Formaldehyde finds application in the manufacturing of various medical devices, including catheters, respiratory masks, and surgical implants. It is utilized as a disinfectant during production processes to ensure product safety and sterility. The growing demand for medical devices, driven by technological advancements and an aging population, has necessitated an increased requirement for formaldehyde-based disinfection solutions. This has had a positive impact on the global formaldehyde market.

Growing Demand of Formaldehyde in Furniture and Woodworking Industry

One of the primary factors driving the demand for formaldehyde in the furniture industry is the increasing popularity of Formica laminate furniture. Formica laminate, composed of layers of paper and resin bonded with formaldehyde-based adhesives, offers a cost-effective, durable, and versatile material for furniture production. The growth of construction projects and the demand for aesthetically appealing furniture have contributed to the rising need for formaldehyde in the manufacturing of Formica laminate furniture.

In May 2022, Shell Australia Pty Ltd (Shell Australia) and its joint venture partner, SGH Energy, granted final investment approval for the development of the Crux natural gas field off the coast of Western Australia. The Crux project will provide additional natural gas supplies to the current Prelude floating liquefied natural gas (FLNG) facility. Construction on the project commenced in 2022, with the first gas expected in 2027. The expansion of the construction industry directly impacts the demand for formaldehyde in the furniture and woodworking sectors.

As the construction industry grows, so does the demand for furniture, fixtures, and fittings. Formaldehyde-based adhesives are widely utilized in the production of wooden furniture, cabinetry, and flooring, offering strength, durability, and moisture resistance. The continuous global growth of the construction industry has driven the demand for formaldehyde as a crucial component in furniture manufacturing.

Growing Demand of Formaldehyde in Automotive Industry

Formaldehyde-based adhesives are extensively utilized in the automotive industry for bonding interior components like dashboards, door panels, and upholstery. These adhesives provide robust bonding strength, durability, and excellent resistance to heat and moisture. Additionally, formaldehyde-based resins are employed in the production of various parts, including steering wheels, shift knobs, and interior trims. The demand for formaldehyde in interior components and adhesives is driven by the requirement for reliable and high-quality interior materials in modern vehicles.

The automotive industry is increasingly focusing on emission reduction and the improvement of air quality. Formaldehyde plays a significant role in emission control systems, particularly in catalytic converters. It acts as a reducing agent, converting harmful nitrogen oxides (NOx) into less harmful nitrogen and water vapor. As global emissions standards become more stringent, the demand for formaldehyde in emission control systems is expected to increase, driving the growth of the global formaldehyde market.

Formaldehyde finds application in the production of automotive paints and coatings, offering excellent adhesion, corrosion resistance, and durability. These properties ensure that vehicles maintain their aesthetic appeal and structural integrity over time. Moreover, formaldehyde-based materials are utilized in the manufacturing of airbag fabrics, providing strength and reliability in critical safety systems. The emphasis on vehicle safety and long-lasting performance continues to drive the demand for formaldehyde in the automotive industry.

The automotive industry is actively exploring lightweight materials to improve fuel efficiency and reduce carbon emissions. Formaldehyde-based resins are employed in the production of composites and fiber-reinforced plastics, which offer high strength-to-weight ratios. These lightweight materials are used in the manufacturing of components such as car bodies, bumpers, and interior parts. As the automotive industry strives for lightweight solutions, the demand for formaldehyde in composite materials is expected to witness growth.


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Key Market Challenges

Lack in Availability of Raw Material

Methanol serves as the primary raw material for formaldehyde production, and fluctuations in its prices directly impact the formaldehyde market. The price volatility of methanol can be attributed to factors such as supply-demand imbalances, geopolitical tensions, and changes in feedstock availability. These fluctuations pose challenges for formaldehyde manufacturers in ensuring stable production costs and consistent supply, thereby impacting the overall market stability. The formaldehyde market heavily relies on a stable supply of raw materials to meet the growing demand.

However, supply-demand imbalances can disrupt the availability of methanol, which in turn affects formaldehyde production. Increased demand from various industries, including automotive, construction, and healthcare, can strain the supply chain, leading to inadequate raw material availability. These imbalances can further exacerbate price volatility and impact the overall growth of the formaldehyde market.

Furthermore, the limited production capacities of raw materials, such as methanol, can hinder the availability of raw materials for formaldehyde production. Existing production facilities may not be able to meet the rising demand for both methanol and formaldehyde, resulting in supply gaps. Expanding production capacities requires significant investments and regulatory approvals, which may delay the process of meeting the growing demand for formaldehyde.

Key Market Trends

Growing Adoption of Sustainable Packaging

The global formaldehyde market is witnessing a significant shift towards sustainability, driven by a growing awareness of environmental concerns and a rising demand for eco-friendly products among consumers. As the impact of packaging materials on the environment becomes more apparent, industries across the board are increasingly embracing sustainable packaging solutions.

One of the key drivers behind the adoption of sustainable packaging is the increasing environmental consciousness among both consumers and businesses. People are becoming more mindful of the detrimental effects of plastic waste on the environment, leading to a surge in demand for packaging materials that are biodegradable, compostable, or recyclable. This shift in consumer preferences towards sustainable packaging presents opportunities for formaldehyde-based resins to emerge as an alternative to traditional plastic packaging materials.

Government regulations and initiatives aimed at reducing plastic waste and promoting sustainable practices are further propelling the adoption of eco-friendly packaging solutions. Numerous countries have implemented regulations that restrict the use of single-use plastics or advocate for the use of sustainable packaging materials. This has sparked a renewed focus on formaldehyde-based resins, known for their durability, strength, and eco-friendly characteristics, as viable alternatives to conventional packaging materials.

Furthermore, advancements in technology have paved the way for the development of innovative sustainable packaging solutions. Researchers and industry players are actively exploring new materials and manufacturing processes that minimize the environmental impact of packaging. Formaldehyde-based resins have proven to be versatile and can be utilized in the creation of sustainable packaging materials, such as bioplastics, fiber-based packaging, and other bio-based materials. These materials offer exceptional properties in terms of barrier protection, stability, and compatibility with various products, making them a promising choice for the future of sustainable packaging.

Segmental Insights

Derivative Insights

Based on the category of derivative, the Phenol Formaldehyde segment emerged as the dominant player in the global market for Formaldehyde in 2022. The significant rise in consumption of plywood and laminates can be attributed to various factors. One of the key drivers is the growing construction sector, which is fueled by the rise in the global population. This has led to an increase in the construction of residential as well as commercial spaces, creating a favorable environment for the demand of Phenol Formaldehyde Resin in the coming years.

Moreover, Phenol Formaldehyde Resin finds extensive use in the manufacturing of paints and coatings. This is due to its excellent resistance to chemicals, water, and UV rays, making it a preferred choice for enhancing the durability and longevity of various surfaces. The versatility and reliability of these resins further contribute to their growing popularity in the industry. The increasing demand for Phenol Formaldehyde Resin is expected to continue its upward trajectory, driven by the expanding construction sector and the need for high-performance coatings. As industries strive for enhanced quality and sustainability, these resins play a crucial role in meeting their requirements and ensuring long-lasting protection for a wide range of applications.

End User Industry Insights

The Building & Construction segment is projected to experience rapid growth during the forecast period. This can be attributed to the extensive use of formaldehyde in manufacturing various products such as plywood, cabinet doors, strand board, moldings, furniture, countertops, cabinetry, shelving, and laminates. The growing construction of residential and commercial infrastructure, driven by an expanding population base and the rise of the middle-class population, has further boosted the demand for these products. The use of formaldehyde in the manufacturing process results in the formation of durable furniture at an affordable cost, making it a popular choice among consumers.


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Regional Insights

Asia Pacific emerged as the dominant player in the Global Formaldehyde Market in 2022, holding the largest market share in terms of both value and volume.

Factors such as the exceptional adhesive strength and remarkable moisture resistance properties of formaldehyde-based resins, coupled with the continuous demand from the furniture sector, are expected to drive significant growth in the market.

According to the latest reports from the International Energy Agency (IEA) and the BP Statistical Review of World Energy 2022, China, being one of the largest importers of crude oil, witnessed a substantial increase in its import volume, surpassing 10 million barrels per day in 2020. Furthermore, the National Bureau of Statistics reported that Chinese refineries experienced a notable year-on-year hike of 7.3% in average crude oil throughput, reaching 14.5 million in 2021. These numbers reflect the country's growing energy demands and its efforts to ensure a stable and efficient energy supply. Moreover, the China National Petroleum Corporation (CNPC) predicts that the demand for natural gas in China will continue to rise significantly during the 14th Five-Year Plan (2021-2025), with an expected annual increase of over 20 billion cubic meters. By 2025, the total demand is projected to reach 430 billion cubic meters. This surge in natural gas consumption is driven by various factors, including the government's initiatives to promote cleaner energy sources and the rising need for gas in industries, power generation, and residential sectors.

In parallel, India is gearing up to embrace urbanization by enhancing its existing infrastructure in cities. The country has implemented significant reforms such as the Real Estate Act, Goods and Services Tax (GST), and Real Estate Investment Trusts (REITs) to streamline and expedite construction projects. As a result, the industrial and commercial infrastructure sectors in India have witnessed rapid growth and become key contributors to the country's economic development. To further boost infrastructure development nationwide, the Indian government has been actively formulating initiatives aimed at attracting foreign direct investment (FDI) in the construction sector. By easing regulations and creating a favorable investment climate, India aims to accelerate construction activities and meet its ambitious urbanization goals. These developments in both China and India highlight the growing importance of the construction industry and the need for efficient and sustainable materials and technologies. As the demand for construction-related products and services continues to rise, companies operating in these markets have abundant opportunities to thrive and contribute to the overall growth of the global construction industry.

Recent Developments

  • In July 2022, Hexion made a significant strategic shift towards sustainable growth goals by adopting the use of bio-based methanol in formaldehyde production. This transition will not only enhance the company's market position but also contribute to a more sustainable future.
  • Furthermore, Foremark Performance Chemicals announced a price adjustment for formaldehyde in July 2022. The price of Formaldehyde Solution 50% will increase by 0.020 USD/lb, while the price of Formaldehyde Solution 37% will increase by 0.015 USD/lb.

Key Market Players

  • 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.

 By Derivative

By End User Industry

By Region
  • Urea Formaldehyde
  • Phenol Formaldehyde
  • Melamine Formaldehyde
  • Hexamethylenetetramine (HMTA)
  • Others
  • Building & Construction
  • Automotive
  • Agriculture
  • Healthcare
  • Chemicals & Petrochemicals
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Report Scope:

In this report, the Global Formaldehyde Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  •  Formaldehyde Market, By Derivative:

o   Urea Formaldehyde

o   Phenol Formaldehyde

o   Melamine Formaldehyde

o   Hexamethylenetetramine (HMTA)

o   Others

·         Formaldehyde Market, By End User Industry:

o   Building & Construction

o   Automotive

o   Agriculture

o   Healthcare

o   Chemicals & Petrochemicals

o   Others

  • Formaldehyde Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Formaldehyde Market.

Available Customizations:

Global Formaldehyde Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Formaldehyde Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.           Markets Covered

1.2.2.           Years Considered for Study

1.2.3.           Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Global Formaldehyde Market: Demand-Supply Analysis

4.1.  By Region

5.    Global Formaldehyde Market Outlook

5.1.  Market Size & Forecast

5.1.1.           By Value & Volume

5.2.  Market Share & Forecast

5.2.1.           By Derivative (Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Hexamethylenetetramine (HMTA), Others)

5.2.2.           By End User Industry (Building & Construction, Automotive, Agriculture, Healthcare, Chemicals & Petrochemicals, Others)

5.2.3.           By Region

5.2.4.           By Company (2022)

5.3.  Market Map

5.3.1.           By Derivative

5.3.2.           By End User Industry

5.3.3.           By Region

6.    Asia Pacific Formaldehyde Market Outlook

6.1.  Market Size & Forecast

6.1.1.           By Value & Volume

6.2.  Market Share & Forecast

6.2.1.           By Derivative

6.2.2.           By End User Industry

6.2.3.           By Country

6.3.  Asia Pacific: Country Analysis

6.3.1.           China Formaldehyde Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.            By Value & Volume

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.            By Derivative

6.3.1.2.2.            By End User Industry

6.3.2.           India Formaldehyde Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.            By Value & Volume

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.            By Derivative

6.3.2.2.2.            By End User Industry

6.3.3.           Australia Formaldehyde Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.            By Value & Volume

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.            By Derivative

6.3.3.2.2.            By End User Industry

6.3.4.           Japan Formaldehyde Market Outlook

6.3.4.1.        Market Size & Forecast

6.3.4.1.1.            By Value & Volume

6.3.4.2.        Market Share & Forecast

6.3.4.2.1.            By Derivative

6.3.4.2.2.            By End User Industry

6.3.5.           South Korea Formaldehyde Market Outlook

6.3.5.1.        Market Size & Forecast

6.3.5.1.1.            By Value & Volume

6.3.5.2.        Market Share & Forecast

6.3.5.2.1.            By Derivative

6.3.5.2.2.            By End User Industry

7.    Europe Formaldehyde Market Outlook

7.1.  Market Size & Forecast

7.1.1.           By Value & Volume

7.2.  Market Share & Forecast

7.2.1.           By Derivative

7.2.2.           By End User Industry

7.2.3.           By Country

7.3.  Europe: Country Analysis

7.3.1.           France Formaldehyde Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.            By Value & Volume

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.            By Derivative

7.3.1.2.2.            By End User Industry

7.3.2.           Germany Formaldehyde Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.            By Value & Volume

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.            By Derivative

7.3.2.2.2.            By End User Industry

7.3.3.           Spain Formaldehyde Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.            By Value & Volume

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.            By Derivative

7.3.3.2.2.            By End User Industry

7.3.4.           Italy Formaldehyde Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.            By Value & Volume

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.            By Derivative

7.3.4.2.2.            By End User Industry

7.3.5.           United Kingdom Formaldehyde Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.            By Value & Volume

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.            By Derivative

7.3.5.2.2.            By End User Industry

7.3.5.2.3.            B

8.    North America Formaldehyde Market Outlook

8.1.  Market Size & Forecast

8.1.1.           By Value & Volume

8.2.  Market Share & Forecast

8.2.1.           By Derivative

8.2.2.           By End User Industry

8.2.3.           By Country

8.3.  North America: Country Analysis

8.3.1.           United States Formaldehyde Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.            By Value & Volume

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.            By Derivative

8.3.1.2.2.            By End User Industry

8.3.2.           Mexico Formaldehyde Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.            By Value & Volume

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.            By Derivative

8.3.2.2.2.            By End User Industry

8.3.3.           Canada Formaldehyde Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.            By Value & Volume

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.            By Derivative

8.3.3.2.2.            By End User Industry

9.    South America Formaldehyde Market Outlook

9.1.  Market Size & Forecast

9.1.1.           By Value & Volume

9.2.  Market Share & Forecast

9.2.1.           By Derivative

9.2.2.           By End User Industry

9.2.3.           By Country

9.3.  South America: Country Analysis

9.3.1.           Brazil Formaldehyde Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.            By Value & Volume

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.            By Derivative

9.3.1.2.2.            By End User Industry

9.3.2.           Argentina Formaldehyde Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.            By Value & Volume

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.            By Derivative

9.3.2.2.2.            By End User Industry

9.3.3.           Colombia Formaldehyde Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.            By Value & Volume

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.            By Derivative

9.3.3.2.2.            By End User Industry

10.  Middle East and Africa Formaldehyde Market Outlook

10.1.            Market Size & Forecast

10.1.1.        By Value & Volume

10.2.            Market Share & Forecast

10.2.1.        By Derivative

10.2.2.        By End User Industry

10.2.3.        By Country

10.3.            MEA: Country Analysis

10.3.1.        South Africa Formaldehyde Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value & Volume

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Derivative

10.3.1.2.2.         By End User Industry

10.3.2.        Saudi Arabia Formaldehyde Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value & Volume

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Derivative

10.3.2.2.2.         By End User Industry

10.3.3.        UAE Formaldehyde Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value & Volume

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Derivative

10.3.3.2.2.         By End User Industry

10.3.4.        Egypt Formaldehyde Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value & Volume

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Derivative

10.3.4.2.2.         By End User Industry

11.  Market Dynamics

11.1.            Drivers

11.2.            Challenges

12.  Market Trends & Developments

12.1.            Recent Developments

12.2.            Product Launches

12.3.            Mergers & Acquisitions

13.  Global Formaldehyde Market: SWOT Analysis

14.  Porter’s Five Forces Analysis

14.1.            Competition in the Industry

14.2.            Potential of New Entrants

14.3.            Power of Suppliers

14.4.            Power of Customers

14.5.            Threat of Substitute Product

15.  Pricing Analysis

16.  Competitive Landscape

16.1.            BASF SE

16.1.1.        Business Overview

16.1.2.        Company Snapshot

16.1.3.        Products & Services

16.1.4.        Current Capacity Analysis

16.1.5.        Financials (In case of listed companies)

16.1.6.        Recent Developments

16.1.7.        SWOT Analysis

16.2.            Evonik Industries AG

16.3.            Capital Resin Corporation

16.4.            Celanese Corporation

16.5.            Foremark Performance Chemicals

16.6.            Acron Group

16.7.            Georgia-Pacific Chemicals

16.8.            Hexion Inc.

16.9.            Huntsman International LLC

16.10.         Alder SpA

16.11.         Dynea AS

16.12.         Atul Ltd.

17.  Strategic Recommendations

18.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Formaldehyde Market was estimated to be 22.56 billion in 2022.

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The Phenol Formaldehyde derivative segment demonstrated significant dominance in 2022. Phenol formaldehyde, a thermosetting polymer, showcases exceptional mechanical and electrical properties, rendering it highly suitable for a wide range of demanding applications. With its outstanding dimensional stability, impressive strength, remarkable moisture resistance, and exceptional fire resistance, this material stands out as the preferred choice for high-performance products that require utmost durability, reliability, and longevity. Its unique combination of qualities makes it an invaluable asset in various industries, including automotive, electrical, and construction.

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Asia Pacific dominated the market with a revenue share in 2022. The Asia Pacific region presents favorable market conditions for the formaldehyde industry. Factors such as cost-effective labor, abundant raw materials, supportive government policies, and infrastructure development contribute to the growth of the formaldehyde market in the region. These conditions attract investments and facilitate the expansion of formaldehyde production capacities.

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Rise in the demand for formaldehyde in automotive and healthcare industry are the major drivers for the Global Formaldehyde Market.

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Sakshi Bajaal

Business Consultant
Press Release

Formaldehyde Market to Grow with a CAGR of 4.65% through 2028

Oct, 2023

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.

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