Asia-Pacific Formaldehyde Market Trends

Statistics for the 2023 & 2024 Asia-Pacific Formaldehyde market trends, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Formaldehyde trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Market Trends of Asia-Pacific Formaldehyde Industry

This section covers the major market trends shaping the APAC Formaldehyde Market according to our research experts:

Rising Demand from the Construction Industry

  • Formaldehydes are used in pressed-wood products manufacturing, like cabinetry, countertops, mouldings, furniture, shelves, stair systems, flooring, wall sheathing, support beams and trusses, and a variety of other home furnishings and constructions.
  • Furthermore, Asia-Pacific holds a considerable market share in the construction segment, with leading countries such as China, India, and Japan driving domestic demand for formaldehyde to new heights.
  • According to the National Bureau of Statistics of China, the construction industry in China generated an added value of approximately CNY 8 trillion (~USD 1.161 trillion), witnessing a growth rate of around 10.6% as compared to the previous year.
  • According to the India Brand Equity Foundation (IBEF), India will spend USD 1.4 trillion on infrastructure in the next five years. As of August 2022, 62.21 lakh houses have been completed, and 103.01 lakh houses have been grounded under the Pradhan Mantri Awas Yojna scheme (PMAY-Urban).
  • According to the Japanese Ministry of Land, Infrastructure, Transport, and Tourism, around 856.5 thousand new dwelling constructions were launched in Japan in 2021, a slight increase compared to 815.34 dwelling constructions in 2020. Such trends are projected to support the studied market.
  • Hence, with such robust growth of the Asian-Pacific construction industry, the formaldehyde market's demand is expected to increase during the forecast period.
Asia-Pacific Formaldehyde Market - Number of housing construction starts, in thousand units, Japan, 2017-2021

China to Dominate the Market

  • China dominated the Asia-Pacific formaldehyde market in 2021, with a substantial market and revenue share, and this dominance is likely to continue during the forecast period.
  • Formaldehyde is used in major end-user sectors due to its property. In the construction segment, it is used as an excellent adhesive for pressed wood. In the automobile segment, it is utilized as the main compound in exterior primers, tire cord adhesives, and transparent coating paints. Furthermore, its application as a sanitiser and disinfectant in the pharmaceutical industry demonstrates its popularity within the region.
  • According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), China produced around 26 million units of vehicles in 2021, witnessing a growth rate of 3% compared to the previous year. This trend is expected to support the studied market.
  • According to the China Association of Automobile Manufacturers (CAAM), China sold 2.9 million units of battery electric vehicles in 2021, an increase of 162% over the previous year. This trend will continue, creating substantial demand for formaldehyde in automotive parts manufacturing.
  • All factors above will likely fuel the formaldehyde market growth in China over the forecast period.
Asia-Pacific Formaldehyde Market - Automotive Production, in million units, China, 2017-2021

Asia-Pacific Formaldehyde Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)