Formaldehyde Market Insights and Forecast -2027
Formaldehyde is an organic compound and is categorized as an aldehyde having only one carbon atom. It is also considered as the simplest aldehyde. Formaldehyde is industrially produced by the catalytic oxidation of methyl alcohol and acts as a precursor to several compounds including urea formaldehyde resin, plastics and others. Owing to its superior bonding properties, formaldehyde is extensively used in adhesives, coatings and even in certain insulation materials. Few of the major end-user industries of the formaldehyde market are construction, automobile, textile, personal care and agriculture.
COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic has impacted the global formaldehyde market to a great extent.
- The demand for the construction industry has decreased dramatically amidst the pandemic and most of the construction activities have almost come to a halt due to lack of workforce. As a result, the demand for formaldehyde in the construction industry for adhesives and coatings has reduced, thereby affecting the market.
- The outbreak of the global pandemic has created a downfall in the economy, which resulted in the decrease in disposable income among the consumers. As a result, the demand for personal care products has gone down causing a lowering in demand for formaldehyde in the personal care industry.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The wide array of applications of formaldehyde in the construction industry is one of the major factors responsible for the growth of the global formaldehyde market. Formaldehyde based resins are widely used to produce engineered wood products for moldings, furniture, shelving, stairs, cabinetry, flooring and in several other household furnishing and structures. Formaldehyde helps in high quality furniture with greater longevity at a cheaper price and also allows recycling of old furniture. Urea formaldehyde resin and melamine resin are commonly used as permanent adhesives for plywood and carpeting. On the other hand, formaldehyde is also used in sanitary paper products such as table napkins, facial napkins and paper towels. In the textile industry, formaldehyde based resin is used as finishers for producing crease resistant fabrics. It is also used in different personal care products such as toothpaste and mouthwash, owing to their antimicrobial properties. However, the high toxicity level of formaldehyde might act as a restraining factor for the market. Mergers and acquisitions of several companies including the acquisition of D.B. Western Inc. by SK Capital and expansion of business by major companies including SI Group by constructing advanced manufacturing facilities in Brazil is expected to boost the market during the forecast period.
The Asia-Pacific region is leading the global formaldehyde market with the rapid urbanization and increasing construction activities along with the growing automobile industry, which escalates the demand for formaldehyde in the region. The market in Europe and North America region is also expected to experience lucrative growth owing to increasing demand for formaldehyde in adhesives and the furniture industries of the region.
Key benefits of the report:
- This study presents the analytical depiction of the global formaldehyde industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global formaldehyde market share.
- The current market is quantitatively analyzed to highlight the global formaldehyde market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global formaldehyde market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Formaldehyde Market research report:
- What are the leading market players active in the formaldehyde market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Formaldehyde Market Report Highlights
By Industry Vertical
Key Market Players
PJSC Metafrax, Hexion Inc., PerstorpFormox AB, Bayer AG, Momentive Specialty Chemical Inc., Dynea Oy, Georgia Pacific Corporation, BASF SE, Huntsman Corporation, Celanese Corporation