Formaldehyde Market Size Anticipated to Touch USD 7.81 Billion by 2028 | Share and Forecast Report

Posted on 2022-08-01 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, Aug 02, 2022 — /EPR Network/ —

Formaldehyde Industry Overview

The global formaldehyde market size was valued at USD 7.81 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.

The growing inclusion of formaldehyde in several end-use industries, such as building and construction, automotive, furniture, textile, healthcare, oil and gas, agriculture, water treatment, and cleaning products, is estimated to trigger market growth in the near future. Formaldehyde is also increasingly being used in the manufacturing of disinfectants, vaccines, and personal care products, including mouthwash and toothpaste, on account of its exceptional antibacterial attributes. Increasing demand for these products is likely to boost the demand for formaldehyde over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Formaldehyde market

The production and consumption of formaldehyde are highly influenced by its demand from the end-use industries. Thus, any fluctuations in the demand from the end-use industries are anticipated to directly impact the market. With the outbreak of the COVID-19 pandemic, major end-use industries such as automotive, construction, and wood were shut down at a global level, which severely impacted the growth of the market. However, it is also used to produce hard-gel capsules, vaccines, and antibiotics, which had a positive effect on the demand for the product.

Formaldehyde is made up of oxygen, hydrogen, and carbon. It is widely known for its antibacterial and preservative properties. It offers excellent performance and acts as a bonding agent in end-use applications while offering an affordable price. The U.S. is one of the highest consumers of formaldehyde in the construction sector as the product offers lucrative revenue-generating opportunities to its manufacturers. The production of adhesives and glues for construction applications by utilizing formaldehyde is also rising across the globe, especially in the U.S.

Formaldehyde is of different forms such as molecular formaldehyde, trioxane, paraformaldehyde, and methanediol. The number of hydrogen compounds in each form of formaldehyde differentiates them from each other. These compounds are mainly used in industrial applications. The demand for the product is rising in the Asia Pacific owing to its increasing demand in the automotive and construction industries.

The high toxicity exhibited by formaldehyde is the main factor restricting market growth. Due to its hazardous nature, its application has become limited in the personal care and cosmetics sector. To spread awareness regarding this issue, companies are educating their customers about the needs and advantages of using the product as per regulatory standards.

Browse through Grand View Research’s Organic Chemicals Industry Research Reports.

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Formaldehyde Market Segmentation

Grand View Research has segmented the global formaldehyde market on the basis of derivatives, end-use, and region:

Formaldehyde Derivatives Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Urea Formaldehyde (UF)
- Phenol Formaldehyde (PF)
- Melamine formaldehyde (MF)
- Polyacetal Resins
- Pentaerythritol
- 1,4 Butanediol
- Methylenebis
- Hexamethylenetetramine (HMTA)
- Others
Formaldehyde End-Use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Building & Construction
- Automotive
- Furniture
- Textile
- Healthcare
- Oil & Gas
- Agriculture
- Water Treatment
- Cleaning Products
- HVAC
- Others
Formaldehyde Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Formaldehyde market include

Foremark Performance Chemicals
Hexion
Georgia-Pacific Chemicals
Celanese Corporation
BASF SE
Capital Resin Corporation
Evonik Industries AG
DuPont
Alfa Aesar
Ashland
Perstorp
LRBG Chemicals Inc.

Order a free sample PDF of the Formaldehyde Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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