Formaldehyde Market Key Vendors Analysis and Regional Outlook 2022-2028

Posted on 2022-11-15 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, Nov 15, 2022 — /EPR Network/ —

Formaldehyde Industry Overview

The global Formaldehyde Market size is expected to reach USD 12.21 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.7% from 2021 to 2028. The growth can be attributed to the increasing construction activities across the world. The product 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.

A majority of these companies in the market have integrated their business operations across the value chain to incur maximum profit at the lowest investment. 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 has a severe impact on the demand for the product. Although, it is also used to produce hard-gel capsules, vaccines, and antibiotics, which positively affected the demand for formaldehyde.

Formaldehyde Market Segmentation

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

Based on the Derivatives Insights, the market is segmented into Urea Formaldehyde (UF), Phenol Formaldehyde (PF), Melamine formaldehyde (MF), Polyacetal Resins, Pentaerythritol, 1,4 Butanediol, Methylenebis, Hexamethylenetetramine (HMTA) and Others.

The urea formaldehyde segment dominated the market with a revenue share of over 35.0% in 2020. This is attributed to the growing use of the product in several end-use applications including textiles, foundry sand, paper, electrical appliances, agriculture, and wood glue.
The melamine formaldehyde (MF) segment is anticipated to expand at a significant CAGR in the coming years owing to its rising demand across the globe due to its exceptional properties, such as moisture resistance, thermal stability, scratch resistance, flame retardant, strength, and hardness.

Based on the End-use Insights, the market is segmented into Building & Construction, Automotive, Furniture, Textile, Healthcare, Oil & Gas, Agriculture, Water Treatment, Cleaning Products, HVAC and Others.

The building and construction segment dominated the market with a revenue share of over 30.0% in 2020. This is attributed to the growing utilization of formaldehyde in numerous construction materials, which helps improve the tensile strength and toughness of building materials.
The furniture segment is projected to exhibit a significant CAGR in the forecast period. Formaldehyde is used to make different types of furniture products, such as bed frames, couches, desks, and stools. It is regulated by the Environmental Protection Agency (EPA) owing to its toxicity.

Formaldehyde Regional Outlook

North America
Europe
Asia Pacific
Central and South America
Middle East & Africa (MEA)

Key Companies Profile

The market is highly competitive with the presence of a few medium- and small-scale regional and several global players. Strategic partnerships and acquisitions are some of the prominent strategies adopted by players operating in this market.

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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