Formaldehyde Market to Grow at a CAGR of 3.39% by 2032 | ChemAnalyst

Posted February 20, 2023 by chemanalystreports

The Global Formaldehyde market is anticipated to grow at a CAGR of 3.39% during the forecast period.
According to ChemAnalyst report, “Global Formaldehyde Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032” Global Formaldehyde market is anticipated to grow at a CAGR of 3.39% during the forecast period and reach 36 million tonnes due to major demand from the Urea Formaldehyde (UF) Resins & Concentrates, Phenol Formaldehyde (PF) Resins, Polyoxymethylene/ Polyacetal (POM), and Paraformaldehyde end-use industries.

Formaldehyde is an organic compound as well as simplest aldehyde, also called as Methanal and Formalin (when dissolve in water), having a strong pungent smell. It is a colorless, volatile, highly flammable, toxic gas produced by vapor-phase oxidation of methanol, this process takes place at very high temperature and the reaction is highly exothermic. Formaldehyde is used extensively in producing building materials such as panels and plywood, adhesives, flooring, particle boards, fiber boards, furniture, wall sheathing, support beams and cabinetry, countertops, insulation materials, laminations, moldings etc. along with other household products. It also finds applications in cosmetics and personal care products such as sunscreen, shampoos, lotions, creams, makeup, mouth wash, toothpaste etc. as a preservative or an antiseptics, an industrial disinfectant, as a precursor in chemical processes, in the production of industrial resins, permanent press fabrics, industrial coatings, explosives, photographic materials, in dyes, cellulose esters and artificial silk, kitchenware, as a fungicide or germicide in agriculture, preserving & coagulating rubber latex, as embalming fluids, in pulp & papers treatment etc.

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Building and Construction is the most lucrative segment of market and is anticipated to thrust its demand over the forecast period. Formaldehyde based resins including Urea-Formaldehyde resin, Phenol-Formaldehyde resin, Melamine- Formaldehyde resin and Acetal resin, are used in various industries. These resins exhibit versatile properties such as scratch resistance, moisture & mold resistance, high tensile strength, stiffness, high heat-distortion temperature, and low cost therefore vastly employed in Building & Construction, automotive and Household domains. Urea-Formaldehyde is the most popular kind and is extensively utilized in building materials including adhesives, finishes, medium density fiber boards, molded objects and lacquers, glues, particle boards, in automotive industry in tires to improve bonding of rubber to tire cord, in molding electrical devices, textiles, to improve tear strength of paper, foam industries, etc.  Melamine Formaldehydes find applications in laminates, laminate flooring, furniture and kitchen cabinets, utensils etc.  Phenol Formaldehyde finds applications in synthetic plastics, laboratory countertops, laminates, circuit boards, as coatings and adhesives and Acetal Formaldehyde is used prominently in Automobile industries for manufacturing of automobile parts, mechanical parts such as gear, bushings, pipes etc. and apart from it used in production of cosmetic containers, videocassettes, communication equipment’s etc. Due to the wide range applications of all these resins Formaldehyde market is expected to grow at a significant rate over the forecast period.

The global Formaldehyde market is segmented based on end-use, sales channel, and region. Based on the end-user industry, the global Formaldehyde market is segmented into Urea Formaldehyde (UF) Resins & Concentrates, Phenol Formaldehyde (PF) Resins, Polyoxymethylene/ Polyacetal (POM), Paraformaldehyde, and Others. Among these, Urea Formaldehyde (UF) Resins & Concentrates industry is leading the global Formaldehyde market and is expected to maintain its position in the forecast period as well. In the coming years, increased residential and commercial construction due to an increase in population around the world is predicted to lead to an increase in demand for phenol formaldehyde resin. These resins are also used in the creation of paints and coatings due to their exceptional durability against chemicals, moisture, and Ultraviolet rays. 

Region wise, Asia Pacific holds the maximum demand share of the Formaldehyde market. This region held a market share of around 55% of the world's Formaldehyde market in the year 2022. Formaldehyde-based resins are heavily used in the construction sector and owing to fast-paced economic growth in developing countries like India and China, the demand of Formaldehyde is anticipated to rise in the forthcoming years. Booming Textile industry in the region and its utilization as a drying agent or to improve durability of fabrics also drives the demand for Formaldehyde in Asia Pacific. Additionally, China is the leading consumer of formaldehyde due to the giant manufacturer of products involving formaldehyde such as resins, plasticizers, chemicals, agrochemicals, personal care products, automotive components, dyes, and pigments etc. which contribute to the Formaldehyde market in the Asia Pacific region. Moreover, Asia Pacific also leading in terms of producing Formaldehyde with China being the key player.

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According to ChemAnalyst report, “Global Formaldehyde Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032”, Major players for Formaldehyde globally are Nantong jiangtian Chemical Co., LTD, Balaji formalin, Kanoria Chemicals & Industries, Shandong Yu Shi Ju Chemical Co. ltd, Simalin Chemical Industries Private Limited, Shandong Yushiju Chemical, Shandong Sunny Wealth New Materials, Hebei yuhang chemical industry co.,ltd, Linyi Jinyuan Chemical Co., Ltd, Huaqiang Chemical Group Co., LTD, Sinopec Sichuan Vinylon Works, and Others.

“Formaldehyde is a versatile chemical having numerous applications as a solvent, chemical intermediates, resins, as preservative, fibers, plasticizers and drying agents. Fast-paced expanding automotive industry is anticipated to boost the formaldehyde demand in the upcoming years for its usage to make formaldehyde-based resins to make light weight and energy efficient vehicles along with interior molded parts, highly durable exterior paints and coatings, brake pads, tire cord adhesives etc. Additionally, flourishing construction sectors along with other end use industries are likely to offer potential opportunities for Formaldehyde market players to expand their production capacities in order to avoid demand supply gap of Formaldehyde in the forecast period” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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Last Updated February 20, 2023