[Online Quarterly Update] The formaldehyde market grew at a significant rate in the past few years, a demand of 10.47 million tonnes 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 methanol, formic aldehyde, formalin (when dissolved in water), etc. It is mainly produced by the method of vapor-phase oxidation of methanal. 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, fiberboards, 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 a preservative, storage houses, utensils, clothes, etc., as a fungicide or germicide in agriculture, tanning industry, waterproofing 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, Chemicals, 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.
A large 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. The 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 has several health hazards to humans which can be a potent restraint for the market. Though due to its extensive utilization in various end-use industries, the government has set stringent regulations for its production, handling, storage, and use to protect human health as well as the environment.
In the first half of 2020, the Covid-19 pandemic caused the imposition of nationwide lockdowns and trade restrictions by the major economies in order to stop the virus spread, which had impacted the growth of many industries. The relentless effect in the Automotive and Construction sector amid the covid pandemic resulted in a dip in the demand for Formaldehyde. Though the demand for Formaldehyde from the pharmaceuticals and agriculture sector was constantly 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, the Construction well as Automobile sectors along with other end-use industries is 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 the 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 Asia Pacific region coupled with the factor that China is the leading consumer of Formaldehyde are going to thrust the demand for chemicals in the forthcoming years. Textile industry in the region is also going to fuel the market due to the increasing demand for Formaldehyde in improving fastness of dyes and pigments on fabrics, tanning & preserving hides to prevent its decomposition and making it more durable. The formaldehyde market is anticipated to grow during the forecast period due to impelling demand from end-use industries such as Building & Construction coupled with its utilization in Chemical and Automotive.
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.
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.
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.
Report Scope:
In this report, the Formaldehyde Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
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Details
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Market size volume in 2020
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10.47 million tons
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Growth Rate
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CAGR of 4.22% from 2021 to 2030
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Base year for estimation
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2020
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Historic Data
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2015 – 2019
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Forecast period
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2022 – 2030
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Quantitative units
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Demand in tons and CAGR from 2021 to 2030
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Report coverage
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Revenue forecast, demand & supply, competitive analysis, competitive landscape, growth factors, and trends
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Segments covered
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By End Use (Building & Construction, Chemicals, Automotive, Agriculture, Pharmaceuticals, Personal Care & Cosmetics and Others)
By Type (Urea-Formaldehyde resin, Phenol-Formaldehyde resin, Melamine- Formaldehyde resin and Acetal resin)
By Distribution Channel (Direct/Institutional Sales, Other Channel Sales)
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Regional scope
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North America; Europe; Asia Pacific; South America; Middle East & Africa
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Country scope
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United States; Mexico; Canada; China; India; Japan; South Korea; Taiwan; Singapore; Germany; Belgium; France; United Kingdom; Spain; Italy; Sweden; Austria; Saudi Arabia; Iran; South Africa; Brazil; Argentina
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Key companies profiled
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LyondellBasell Industries N.V., The Dow chemical Company, SABIC, BASF SE, Sinopec Corp., BP plc., ExxonMobil Corporation, Shell Plc., Total S.A., Huntsman Corporation, Valero Energy Corp. China Petroleum & Chemical Corporation, IRPC plc. and Reliance Industries Limited among others.
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Customization scope
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Free report customization with purchase. Addition or alteration to country, regional & segment scope.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you can’t find what, you are looking for then please get in touch with our custom research team at sales@chemanalyst.com
