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.
The 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, the 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 the 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 the competitive landscape and presence of well-established countries in the market who are dedicated to enhancing their productivity of formaldehyde with every passing year is anticipated to register an impressive growth to the 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 the Global Formaldehyde Market.
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Table of Content-Formaldehyde Market
- 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
- 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
- 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
- Global Formaldehyde Market: Demand-Supply Analysis
4.1. By Region
- 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
- 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