[Online Quarterly Update] Formaldehyde market grew at a significant rate in the past few years, a demand of 10.47 million tons was witnessed in 2020 and anticipated to grow at a healthy CAGR of 4.22% during the forecast period. Formaldehyde is an aldehyde, occurs as a highly flammable, colorless gas with a strong pungent smell, also known by some other names such as methanal, formic aldehyde, formalin (when dissolved in water) etc. It is mainly produced by the method of vapor-phase oxidation of methanol. Naturally it is also produced by almost every living organism during cellular metabolism. Formaldehyde is used extensively in the production processes of various chemicals as a precursor, in the production of industrial resins, for manufacturing plywood, particle boards, fiber boards, adhesives and glues, permanent press fabrics, industrial coatings, insulation materials. It also finds application in dyes, glass mirrors, cellulose esters and artificial silk, organic chemicals, explosives; an industrial disinfectant, as preservative, storage houses, utensils, clothes etc., as a fungicide or germicide in agriculture, tanning industry, water proofing of fabrics, preserving & coagulating rubber latex, as embalming fluids, in the manufacture of photographic materials, antiseptics, in pulp & papers treatment, in cosmetics, fuels, mouth wash, in surgical instruments sterilization and germicidal soap etc. Based on its applications the major end use industries are Building and Construction, Chemical, Pharmaceuticals, Agriculture, Personal Care and Cosmetics, Automotive and Others. Among these Building and Construction shares the major demand of the chemical owing to the wide range of applications of Formaldehyde resins in the sector because of its properties such as stiffness, scratch resistance, moisture & mold resistance, high tensile strength, low coefficient of friction, high heat-distortion temperature, and cost effectiveness. As the major segment of Formaldehyde applications is Industrial resins, its market is further segmented on the different types of Formaldehyde derived resins such as Urea-Formaldehyde resin, Phenol-Formaldehyde resin, Melamine- Formaldehyde resin and acetal resin. These resins are majorly used as thermosetting plastics in Building & Construction, Household & Kitchenware and automotive domains. Among the aforementioned resins Urea-Formaldehyde is the leading segment in terms of demand. Formaldehyde Market is expected to grow at a significant rate over the forecast period owing to its vast applications. However, Formaldehyde is classified as a carcinogen and having several health hazards to human which can be a potent restraint for the market. Though due to its extensive utilization in various end use industries, government has set stringent regulation for its production, handling, storage and use to protect human health as well as environment.
In the first half of 2020, Covid-19 pandemic caused the imposition of nationwide lockdowns and trade restrictions by the major economies in order to stop the virus spread, had impacted the growth of many industries. The relentless affect in Automotive and Construction sector amid covid pandemic resulted into the dip in the demand for Formaldehyde. Though the demand for Formaldehyde from pharmaceuticals and agriculture sector was constant coupled with the incline in its demand as a disinfectant in industries. However, in the latter half of 2020, after the resumption of industrial operations and relaxations in lockdown, there was an improvement in the Formaldehyde market condition. Moreover, Construction as well as Automobile sectors along with other end use industries are also showing a speedy recovery since December 2020. The surging demand from industries like Building & Construction, Pharmaceuticals, Agriculture, and Personal Care sectors is anticipated to fuel the market in the forecast period.
Region wise, Asia-Pacific accounted for the major share of Formaldehyde global market and is expected to grow significantly over the forecast period. Rapidly growing end use industries such as Construction, Automotive and Pharmaceuticals in the region coupled with the factor that China is the leading consumer of Formaldehyde are going to thrust the demand for chemical in the forthcoming years. Textile industry in Asia Pacific, is also going to fuel the market due to their increasing demand in improving fastness of dyes and pigments on fabrics, tanning & preserving hides to prevent its decomposition and making it more durable coupled with its utilization in mordanting & water proofing fabrics to ensure the durability and longevity of colours on fabrics.
Years Considered for this Report:
Historical Years: 2015 – 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 – 2030
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Objective of the Study:
• The primary objective of the study was to evaluate and forecast the Formaldehyde capacity, production, demand, inventory, and demand–supply gap globally.
• To categorize Formaldehyde demand based on End Use, Types, region and distribution channel
• To identify major customers of Formaldehyde globally.
• To evaluate and forecast Formaldehyde pricing globally.
• To identify and profile major companies operating globally Formaldehyde market.
• To identify major news, deals and expansion plans globally Formaldehyde market.
Key players in the Formaldehyde industry include Alder S.p.A, Bayer Ag, Johnson Matthey Pvt. Ltd., Foremark Performance Chemicals, Georgia-Pacific Chemicals LLC, Huntsman International LLC, Momentive Specialty Chemical Inc., Chemique Adhesives & Sealants Ltd. Dynea AS, Perstorp Holding AB, Celanese AG, and Balaji Formalin Pvt. Ltd.
To extract data for Formaldehyde market, primary research surveys were conducted with Formaldehyde manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Formaldehyde market over the coming years.
ChemAnalyst calculated Formaldehyde demand globally by analyzing the historical data and demand forecast which was carried out considering the Application industries growth. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience
• Formaldehyde manufacturers and other stakeholders
• Organizations, forums and alliances related to Formaldehyde distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as Formaldehyde manufacturers, distributors and policymakers. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
In this report, the Formaldehyde Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by End Use
Building & Construction, Chemicals, Automotive, Agriculture, Pharmaceuticals, Personal Care & Cosmetics and Others
Market, by Type
Urea-Formaldehyde resin, Phenol-Formaldehyde resin, Melamine- Formaldehyde resin and Acetal resin
Market, by Distribution Channel
Direct/Institutional Sales, Other Channel Sales
Market, by Region
North America, APAC, Europe, MEA, South America
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