Formaldehyde Market
Formaldehyde Market Size, Share & Trends Analysis Report by Derivative (Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Hexamine, Polyoxymethylene, and Others), and By Application (Construction, Agriculture, Automotive, Medical, Chemical & Petrochemical, and Others), Forecast Period (2023-2030) Update Available - Forecast 2024-2030
Formaldehyde market is anticipated to grow at a considerable CAGR of 3.8% during the forecast period (2023-2030). The growing consumption of formaldehyde by end-user industries owing to its high durability and other favorable chemical properties is a key factor driving the growth of the global formaldehyde market. The rising project launches to increase the formaldehyde production is anticipated to offer lucrative growth opportunity of the global formaldehyde market. Exposure to the formaldehyde can cause irritation of the skin, eyes, nose, and throat.
High levels of exposure may cause some types of cancers. Therefore, the health related problems associated with the formaldehyde usage may impede its market growth during the forecast period. The increase in R&D activities related to the application of formaldehyde derivative for treatment of Organic Fraction of Municipal Solid Waste (OFMSW) are likely to offer lucrative opportunities for the growth of the formaldehyde market during the forecast period.
Impact of COVID-19 on Formaldehyde Market
The COVID-19 pandemic has made dual impact on the global formaldehyde market. The lockdown imposed by the several regional governments has led to the temporary shutdown of automobile, construction, and wood-based industries among other. Being a key chemical additive in these industries, the shutdown of operational plants of these industries has led to stiff decline in the demand of formaldehyde across theses industries. However, as it has high application in medical industry as a surface disinfectant, ingredient in several drugs and capsules; the formaldehyde manufactures recorded high sales in this segment.
Segmental Outlook
The global formaldehyde market is segmented based on derivative and application. Based on derivative, the market is sub-segmented into urea formaldehyde, phenol formaldehyde, melamine formaldehyde, hexamine, polyoxymethylene, and others. Based on the application, the market is segmented into construction, agriculture, automotive, medical, chemical & petrochemical, and others.
The Construction Sub-Segment to Hold a Considerable Share of the Global Formaldehyde Market
Among the application segment, the construction sub-segment is expected to hold a considerable share of the market. The formaldehyde is used to manufacture composite and engineered wood products that are used extensively in cabinetry, countertops, moldings, furniture, shelving, stair systems, and flooring among others. Glues that use formaldehyde as a building block are exceptional bonding agents, delivering high-quality performance that is also economical. Moreover, it is used in manufacturing of a wide range of panel and board products, enabling sustainable use of forestry resources and minimizing waste. The large-scale usage of formaldehyde-based resin in construction industry is driving high share to this market segment.
Regional Outlooks
The global formaldehyde market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America is anticipated to exhibit a considerable growth in the global formaldehyde market, followed by Europe. Significant increase in formaldehyde projects across the US is a key factor contributing towards the high share of the regional market. Further, the presence of key market players across the region and their contribution in establishment of new production plants across the region is another major contributor towards the considerable growth of the regional market. Moreover, the growing investment in building & construction activities across the US is anticipated to offer lucrative opportunities for the growth of the regional market.
Global Formaldehyde Market Growth by Region 2023-2030
The Asia-Pacific Region to Hold a Considerable Share of the Global Formaldehyde Market
The Asia-Pacific region to hold a considerable market share in the global formaldehyde market. India and China are the key contributors to the growth of the regional market. Out of which, China is one of the major producers of formaldehyde. The high consumption of formaldehyde across the region in construction and agriculture industry is a key factor contributing to the high share of the regional market. The increasing government investments on infrastructural expansion by emerging economies such as China and India are fueling the demand of formaldehyde in construction industry.
Market Players Outlook
The major players operating in the market include BASF SE, Hexion Inc., PJSC Metafrax, and Ercros S.A. among others. These companies are making continuous investments in R&D to make progress in producing technologically advanced formaldehyde. Mergers & acquisitions, geographical expansion, production capacity expansion, partnerships, and collaborations are some of the key strategies adopted by the market players to remain competitive in the market place. For instance, in September 2020, PJSC Metafrax and Altex-Stroy LLC signed a MoU in relation to the general contractor contract signing for construction of the paraformaldehyde and formaldehyde production plants. In addition, Metafrax announced to invest more than $68 million (without VAT) in the investment project execution for creation of the paraformaldehyde (30 thousand tons per year) and formaldehyde (180 thousand tons per year) production on the production facility in Gubakha.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global formaldehyde market. Based on the availability of data, information related to new project launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Alder SpA
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. BASF SE
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Bayers AG
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Formaldehyde Market by Derivative
4.1.1. Urea Formaldehyde
4.1.2. Phenol Formaldehyde
4.1.3. Melamine Formaldehyde
4.1.4. Hexamine and Polyoxymethylene
4.1.5. Other
4.2. Global Formaldehyde Market by Application
4.2.1. Construction
4.2.2. Agriculture
4.2.3. Automotive
4.2.4. Medical
4.2.5. Chemical & Petrochemical
4.2.6. Other
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Acron Group
6.2. Ashland Global Specialty Chemicals Inc.
6.3. Balaji Formalin Pvt. Ltd.
6.4. Capital Resin Corp.
6.5. Celanese Corp.
6.6. Dynea AS
6.7. Ercros SA
6.8. Foremark Performance Chemicals, Inc.
6.9. Georgia-Pacific Chemicals Corp.
6.10. Hexion Inc.
6.11. Huntsman International LLC
6.12. Johnson Matthey
6.13. Metafrax Group
6.14. Momentive Specialty Chemical Inc.
6.15. Nutrien Ltd.
6.16. Perstorp Holding AB
6.17. Romit Resins Pvt. Ltd.
1. GLOBAL FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY DERIVATIVE, 2022-2030 ($ MILLION)
2. GLOBAL UREA FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL PHENOL FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL MELAMINE FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
5. GLOBAL HEXAMINE AND POLYOXYMETHYLENE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
6. GLOBAL OTHER DERIVATIVES OF FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
7. GLOBAL FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
8. GLOBAL FORMALDEHYDE FOR CONSTRUCTION MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
9. GLOBAL FORMALDEHYDE FOR AGRICULTURE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
10. GLOBAL FORMALDEHYDE FOR AUTOMOTIVE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
11. GLOBAL FORMALDEHYDE FOR MEDICAL MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
12. GLOBAL FORMALDEHYDE FOR CHEMICAL & PETROCHEMICAL MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
13. GLOBAL FORMALDEHYDE FOR OTHER APPLICATION MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
14. GLOBAL FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
15. NORTH AMERICAN FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
16. NORTH AMERICAN FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY DERIVATIVE, 2022-2030 ($ MILLION)
17. NORTH AMERICAN FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
18. EUROPEAN FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
19. EUROPEAN FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY DERIVATIVE, 2022-2030 ($ MILLION)
20. EUROPEAN FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
21. ASIA-PACIFIC FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
22. ASIA-PACIFIC FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY DERIVATIVE, 2022-2030 ($ MILLION)
23. ASIA-PACIFIC FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
24. REST OF THE WORLD FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
25. REST OF THE WORLD FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY DERIVATIVE, 2022-2030 ($ MILLION)
26. REST OF THE WORLD FORMALDEHYDE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
1. GLOBAL FORMALDEHYDE MARKET SHARE BY DERIVATIVE, 2022 VS 2030 (%)
2. GLOBAL UREA FORMALDEHYDE MARKET IN FORMALDEHYDE SHARE BY REGION, 2022 VS 2030 (%)
3. GLOBAL PHENOL FORMALDEHYDE MARKET IN FORMALDEHYDE SHARE BY REGION, 2022 VS 2030 (%)
4. GLOBAL MELAMINE FORMALDEHYDE MARKET IN FORMALDEHYDE SHARE BY REGION, 2022 VS 2030 (%)
5. GLOBAL HEXAMINE AND POLYOXYMETHYLENE MARKET IN FORMALDEHYDE SHARE BY REGION, 2022 VS 2030 (%)
6. GLOBAL OTHER DERIVATIVES OF FORMALDEHYDE MARKET IN FORMALDEHYDE SHARE BY REGION, 2022 VS 2030 (%)
7. GLOBAL FORMALDEHYDE MARKET SHARE BY APPLICATION, 2022 VS 2030 (%)
8. GLOBAL FORMALDEHYDE FOR CONSTRUCTION MARKET SHARE BY REGION, 2022 VS 2030 (%)
9. GLOBAL FORMALDEHYDE FOR AGRICULTURE MARKET SHARE BY REGION, 2022 VS 2030 (%)
10. GLOBAL FORMALDEHYDE FOR AUTOMOTIVE MARKET SHARE BY REGION, 2022 VS 2030 (%)
11. GLOBAL FORMALDEHYDE FOR MEDICAL MARKET SHARE BY REGION, 2022 VS 2030 (%)
12. GLOBAL FORMALDEHYDE FOR CHEMICAL & PETROCHEMICAL MARKET SHARE BY REGION, 2022 VS 2030 (%)
13. GLOBAL FORMALDEHYDE FOR OTHER APPLICATION MARKET SHARE BY REGION, 2022 VS 2030 (%)
14. GLOBAL FORMALDEHYDE MARKET SHARE BY REGION, 2022 VS 2030 (%)
15. US FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
16. CANADA FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
17. UK FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
18. FRANCE FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
19. GERMANY FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
20. ITALY FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
21. SPAIN FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
22. REST OF EUROPE FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
23. INDIA FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
24. CHINA FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
25. JAPAN FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
26. SOUTH KOREA FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
27. REST OF ASIA-PACIFIC FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
28. REST OF THE WORLD FORMALDEHYDE MARKET SIZE, 2022-2030 ($ MILLION)
