According to the market research report titled ‘Formaldehyde Market Size By Derivatives, By End-Use Application, Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’ available with Market Study Report, global formaldehyde market is anticipated to exceed a valuation of USD 5.5 billion by the year 2026.
 

Factors such as rising adoption of sustainable manufacturing practices coupled with shifting consumer preference towards lightweight materials while producing automobile components as well as housing construction are augmenting the growth of global formaldehyde market.
 

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Moreover, growing population in the Asia-Pacific region, escalating demand for infrastructural development, and rising adoption of silver catalyst technology for safe and affordable manufacture of formaldehyde are further fueling the industry growth over the forecast period.
 

Surging demand for high-performance resins due to effective bonding strength and high durability, rising product adoption for manufacturing coatings, agrochemicals, and other raw materials used in plasticizer applications, and growing efforts of key players towards the enhancement of their productivity and expansion of their manufacturing capabilities are stimulating the global formaldehyde market outlook. However, stringent regulations germane to formaldehyde emissions are expected to hinder the industry expansion throughout the estimated timeframe.
 

Based on derivatives type, global formaldehyde market is bifurcated into hexamine, paraformaldehyde, 1,4 butanediol, pentaerythritol, methylene diphenyl diisocyanate, polyoxymethylene/polyacetal, MF resins, UF resins, and PF resins.
 

The end-user terrain of the industry comprises of pesticides, household/electronic appliances, vulcanization accelerators, polyurethane foams, synthetic lubricants, elastic fibers, paints, plasticizers, textile, and resins.
 

Regionally, North America formaldehyde market is estimated to witness noteworthy gains during 2019-2026. Surging product demand from the wood furniture applications along with increasing product adoption by furniture manufacturers due to its beneficial attributes such as high performance and affordability are fostering the expansion of the regional market.
 

Leading companies that have a commanding status in worldwide formaldehyde market are Alder SpA, LyondellBasell Industries N.V., Chemanol, Ercros S.A., Foremark Performance Chemicals, Celanese Corporation, Hexion Inc., Chemique Adhesives, Inc., Perstorp Holding AB, Georgia-Pacific Chemicals LLC, Bayer AG, Balaji Formalin Private Limited, Huntsman Corporation, BASF SE, and Dynea Oy.