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Formaldehyde Market Size (2024 - 2029)

The formaldehyde market is anticipated to experience growth, driven by its increasing application in the automotive and construction industries due to its versatile chemical properties. Despite challenges posed by the toxic and carcinogenic nature of formaldehyde and stringent regulatory measures, the market is benefiting from improvements in the healthcare segment and research developments related to its derivatives. The Asia-Pacific region leads in market consumption, with significant contributions from countries like China and India.

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Market Size of Formaldehyde Industry

Formaldehyde Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 5.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Formaldehyde Market Major Players

*Disclaimer: Major Players sorted in no particular order

Formaldehyde Market Analysis

The formaldehyde market is expected to record a CAGR greater than 5% globally during the forecast period.

Due to the COVID-19 outbreak, nationwide lockdowns around the globe, disruption in construction activities and supply chains, production halts, and labour unavailability negatively impacted the formaldehyde market. However, the healthcare segment is witnessing an improvement in the market, which aids the growth of the market studied.

  • Owing to the versatile and favorable chemical properties of formaldehyde, its application in the automotive and construction industry is growing exponentially, consequently propelling market growth.
  • However, the toxic and carcinogenic nature of formaldehyde and stringent regulations employed by several authorities regarding formaldehyde emissions are likely to hinder the growth of the studied market.
  • The research and technological development (RTD) related to the application of formaldehyde derivatives for the treatment of organic fraction of municipal solid waste (OFMSW) will likely provide opportunities for the formaldehyde market over the next five years.
  • Asia-Pacific region dominates the formaldehyde market, owing to rising formaldehyde consumption from countries such as China and India.

Formaldehyde Industry Segmentation

Formaldehyde (methanol) is a naturally occurring organic compound with the formula CH2O (HCHO). It is an essential precursor to many other materials and chemical compounds. Due to the versatile and favorable chemical properties of formaldehyde, it is used in a wide range of applications. The formaldehyde market is segmented by derivative, end-user industry, and geography. By derivative, the market is segmented into urea formaldehyde, phenol formaldehyde, melamine formaldehyde, hexamine, polyoxymethylene, and other derivatives. By end-user industry, the market is segmented into construction, automotive, agriculture, health care, chemical and petrochemical, and other end-user industries. The report also covers the market size and forecasts for the formaldehyde market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilotons).

Derivative
Urea Formaldehyde
Phenol Formaldehyde
Melamine Formaldehyde
Hexamine
Polyoxymethylene
Other Derivatives (Methylene Diphenyl Diisocyanate, Butanediol)
End-user Industry
Automotive
Construction
Agriculture
Health Care
Chemical and Petrochemical
Other End-user Industries (Paints, Textiles)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Formaldehyde Market Size Summary

The formaldehyde market is poised for significant growth, driven by its versatile applications in the automotive and construction industries. Despite challenges posed by the COVID-19 pandemic, which disrupted supply chains and construction activities, the market is rebounding, particularly in the healthcare sector. The chemical's favorable properties make it a preferred choice for various applications, although its toxic and carcinogenic nature, along with stringent regulations, pose challenges to market expansion. The Asia-Pacific region, led by countries like China and India, dominates the market due to high consumption levels, especially in construction and automotive sectors. The region's robust construction activities and the continuous demand for formaldehyde-based resins in furniture production are key factors propelling market growth.

The construction industry remains the largest consumer of formaldehyde, utilizing it extensively in the production of composite and engineered wood products. This trend is supported by government initiatives and economic forecasts in major markets such as China, the United States, and Germany, which are expected to sustain construction activities. Additionally, the market is witnessing opportunities through research and technological developments in the treatment of organic waste using formaldehyde derivatives. The global formaldehyde market is characterized by a mix of large and small players, with companies like Perstorp Orgnr, Hexion, Georgia-Pacific Chemicals, Celanese Corporation, and Foremark Performance Chemicals playing significant roles. Recent strategic moves, such as Hexion's shift to bio-based methanol, highlight the industry's focus on sustainable growth.

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Formaldehyde Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand from Construction Industry

      2. 1.1.2 Rising Application in Automotive Industry

    2. 1.2 Restraints

      1. 1.2.1 Health Hazard due to Formaldehyde Emission

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Derivative

      1. 2.1.1 Urea Formaldehyde

      2. 2.1.2 Phenol Formaldehyde

      3. 2.1.3 Melamine Formaldehyde

      4. 2.1.4 Hexamine

      5. 2.1.5 Polyoxymethylene

      6. 2.1.6 Other Derivatives (Methylene Diphenyl Diisocyanate, Butanediol)

    2. 2.2 End-user Industry

      1. 2.2.1 Automotive

      2. 2.2.2 Construction

      3. 2.2.3 Agriculture

      4. 2.2.4 Health Care

      5. 2.2.5 Chemical and Petrochemical

      6. 2.2.6 Other End-user Industries (Paints, Textiles)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Formaldehyde Market Size FAQs

The Formaldehyde Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Perstorp Orgnr, Hexion, Georgia-Pacific Chemicals, Celanese Corporation and Foremark Performance Chemicals are the major companies operating in the Formaldehyde Market.

Formaldehyde Market Report Snapshots

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