January 14, 2020
As per the recent study titled ‘Formaldehyde Market Size By Derivatives (PF Resins, UF Resins, MF Resins, Polyoxymethylene/ Polyacetal, Methylene Diphenyl Diisocyanate, Pentaerythritol, 1,4 Butanediol, Paraformaldehyde, Hexamine), By End-Use Application (Resins, Textile, Plasticizers, Paints, Elastic Fibers, Synthetic Lubricants, Polyurethane Foams, Vulcanization Accelerators, Household/Electronic Appliances, Pesticides), Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’ available with Market Study Report LLC, the global formaldehyde market is expected to accumulate US $5.5 billion by the year 2026.
Growing population, in tandem with numerous construction projects is stimulating the demand for high performance and light-weight components, thereby propelling the growth of formaldehyde market. These resins possess superior physical properties such as durability and high bonding strength. Rising inclination towards using formaldehyde resins over traditional materials across construction industry will augment the market size in the coming years.
Moreover, shifting focus of manufacturers towards adopting sustainable practices such as use of industrial by-products as raw material, and incorporation of energy and waste management practices will positively impact the market scenario. Formaldehyde resins are widely used for manufacturing raw materials across construction, auto, agrochemicals, and other applications.
However, stringent regulations pertaining to formaldehyde emission will restrain the market growth. The organic compound is highly reactive and can cause various health issues on exposure such as burning throat, irritation in eyes and mucous membranes. Restricted use of formaldehyde across Europe as per REACH directives will also negatively impact the business scenario.
Nevertheless, rising focus of product manufacturers towards advancing their production capabilities will amplify the industrial expansion. The market players are adopting silver catalyst technology for production as the process is cost-effective and safe.
Speaking of the derivatives spectrum, the formaldehyde market is categorized into hexamine, paraformaldehyde, 1,4-butanediol, pentaerythritol, methylene diphenyl diisocyanate, polyoxymethylene/ polyacetal, MF resins, UF resins, and PF resins.
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Considering the regional landscape, North America formaldehyde market from resins application segment is presumed to gain substantial traction during 2019-2026, owing to rising demand for wood furniture and extensive use of adhesives in the region. The adhesives are used in the production of plywood and wood panels. Furniture manufacturers across the region are focusing on using high performance, low cost, abrasion resistant, and thermosetting adhesives, which in turn is stimulating the regional market growth.
The key players of formaldehyde market profiled in the report include Alder S.p.A, LyondellBasell, Chemanol, Ercros S.A, Foremark Performance Chemicals, Celanese Corporation, Hexion, Inc., Chemique Adhesives, Perstorp, Georgia-Pacific Chemicals, LLC., Bayer AG, Balaji Formalin, Huntsman Corporation, BASF SE, and Dynea Oy.
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