Formaldehyde Market To Witness Huge Growth and Revenue Acceleration, Outlook, Insights forecast 2031
Formaldehyde Market: Introduction
In terms of value, the global formaldehyde market is anticipated to
expand at a CAGR of ~4% from 2021 to 2031 and
cross US$ 15 Bn by 2031. The usage of
formaldehyde in the production of resins has been rising. Formaldehyde-based
resins are used in a wide range of applications. In terms of volume, Asia
Pacific dominated the global formaldehyde market in 2020.
It is estimated to lead the global formaldehyde market during the
forecast period, owing to the increase in demand for formaldehyde in various
end-use industries, including automotive and building & construction. The
rise in the demand for resins in building & construction, automotive, and
chemical sectors is expected to be a major factor driving the global
formaldehyde market.
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Top Three Companies Hold Prominent Share
Prominent players operating in the global formaldehyde market are
BASF SE, Hexion Inc., PJSC Metafrax, and Ercros S.A. The top three
companies accounted for more than one-fourth market share in 2020. In May 2017,
Hexion Inc. launched a new product called EcoBind ONE, a formaldehyde scavenger
product, to free formaldehyde and eliminate the emission of formaldehyde during
the manufacture of panel boards. Ercros S.A.’s annual production capacity for
formaldehyde and paraformaldehyde stands at 700 kilo tons and 115 kilo tons,
respectively. BASF SE’s production capacity for formaldehyde stands at 750 kilo
tons per annum.
Competition Landscape of Formaldehyde Market
Key manufacturers operating in the global formaldehyde market
include Celanese Corporation, Perstorp Group, BASF SE, Georgia-Pacific
Chemicals, Alder S.p.A, Dynea AS, Hexion, Foremark Performance Chemicals,
Johnson Matthey, Pörner Ingenieurgesellschaft mbH., Simalin Chemicals
Industries Limited, Kanoria Chemicals & Industries Ltd., Balaji Formalin
Private Limited, Atul Ltd, and Sprea Misr.
Formaldehyde Market: Major Drivers
Formaldehyde-based resins, such as urea formaldehyde resins, are
excellent adhesives that play an integral role in the construction sector. They
are used in furniture applications in the production of particleboards and wood
panels. Formaldehyde-based resins help bind wood chips and sawdust to create
engineered wood products, which are durable, cost-effective, and high
performance alternatives to solid wood.
Therefore, increase in demand for formaldehyde in construction and
furniture sectors is expected to boost the formaldehyde market. Formaldehyde is
also used as an intermediate to produce other chemicals, such as butanediol,
which is further employed to produce tetrahydrofuran. Tetrahydrofuran is used
as a solvent for vinyl resins. The rise in usage of formaldehyde as a chemical
intermediate is expected to propel the demand for formaldehyde during the
forecast period.
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Stringent Regulatory Norms Likely to Hamper Market
Various countries across the globe have imposed stringent
regulatory norms to check formaldehyde emissions from a vast range of products.
Formaldehyde is produced in large scale across the globe; however, rise in
concerns over the adverse effects of the product on human health has prompted
regulatory bodies to impose restrictions on its usage. The fluctuation in
prices of raw materials, primarily methanol, is anticipated to impact the
market. The market is vulnerable to changes in the methanol production.
Methanol is produced from synthesis gas (carbon monoxide and hydrogen), which
is derived from oil, coal, or biomass. This, in turn, is expected to hamper the
market over the next few years.
Increase in Demand for Formaldehyde in End-use Industries to Offer
Lucrative Opportunities
Rise in urbanization, increase in population, and positive
developments in regional economic conditions are projected to drive the demand
for houses in the near future. This is expected to boost the demand for
wood-based panels. These factors are anticipated to augment the formaldehyde
market, as formaldehyde-based resins are used to produce wood-based panels. The
increase in the demand for formaldehyde in automotive, chemical, and personal
care & cosmetic sectors due to its excellent adhesive and binding
properties is also projected to drive the market during the forecast period.
Asia Pacific Dominates Formaldehyde Market
Asia Pacific is expected to be a highly attractive region of the
market during the forecast period. With its rapidly growing population, Asia
Pacific is projected to contribute significantly to the global building &
construction industry, in terms of value sales, thereby propelling the
formaldehyde market. Formaldehyde is used in construction of wood-based panels
and manufacturing of furniture. Europe and North America cumulatively held
33.8% share of the global market in 2018. The two regions are anticipated to lose
market share by 0.4% and 0.2%,
respectively, by the end of the forecast period. The decline in the market
share can be ascribed to the increase in the number of regulations on the usage
of formaldehyde in these regions.
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Resins Held Major Share of Formaldehyde Market in 2018
Based on application, the resins segment held major share of the
global formaldehyde market in 2018. Formaldehyde is extensively used to produce
resins such as urea formaldehyde resin, phenol formaldehyde resin, and melamine
formaldehyde resin. Formaldehyde-based resins are employed in the textile
industry to help bind dyes and pigments to fabrics. Formaldehyde is used in the
production of UF and PF resins. These resins are widely used in furniture and
construction sectors, due to their adhesive strength and moisture resistance.
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