With the growing infrastructure and construction spending, there has been a sharp increase in the use of products that require Formaldehyde for various applications. Growth in the construction sector will boost the market exponentially.
JERSEY CITY, N.J., Dec. 2, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Formaldehyde Market" By Application (Resins, Fibers, Solvents, Plasticizers, Drying Agents), By Derivative (Urea-formaldehyde Resin, Phenol Formaldehyde Resin, Polyoxymethylene), By End-Use (Chemicals, Agriculture, Building & Construction, Personal Care & Cosmetics), and By Geography. According to Verified Market Research, the Global Formaldehyde Market size was valued at USD 26.17 billion in 2020 and is projected to reach USD 37.7 Billion by 2028, growing at a CAGR of 4.65% from 2021 to 2028.
Formaldehyde is used as an important component for the production of urea-alkyd resins. It is a colourless, flammable chemical compound having strong smell, produced by the oxidation of methanol. It finds applications in medium density particle boards and plywood's for binding materials used for making various household products and furniture. Some of its extensively used application areas includes particleboard, plywood, fiberboard, permanent-press fabrics; paper product coatings. It is mainly used in industries such as plywood, automobile, healthcare, and construction. Formaldehyde can also be used as a drying agent, plasticizer, and solvent. Resins made using formaldehydes are used in making of interior molded components and under-the-hood components that must withstand high temperatures.
Growth in the construction sector will boost the market exponentially. It is popular in-home construction because it can effectively reduce the wood wastage and increase the rate of wood utilization. These factors are catapulting the market in a positive direction over the forecast period. Growing construction sector with escalating spending on the infrastructure is the prime factor contributing the market growth. It is used in manufacturing of various types of resins, fertilizers and even paper. Expanding use of resin in various applications such as pulp, plastics, and wood products, among others is favouring the market growth. However, Formaldehyde has potential side effects on human health and there are stringent government regulations for the workers' safety in factories. These factors may hamper the growth of the market.
The major players in the market are Dynea Oy, Bayer AG, Celanese Corporation, BASF SE, Perstorp Formox AB, Georgia Pacific Corporation, Momentive Specialty Chemical Inc., Huntsman Corporation, Johnson Matthey Process Technologies, Foremark Performance Chemicals.
Verified Market Research has segmented the Global Formaldehyde Market On the basis of Application, Derivative, End-use, and Geography.
Formaldehyde Market, By Application
Other Chemical Intermediates
Formaldehyde Market, By Derivative
Phenol Formaldehyde Resin
Melamine Formaldehyde Resin
Methylene Diphenyl Diisocyanate
Formaldehyde Market, By End-Use
Building & Construction
Personal Care & Cosmetics
Formaldehyde Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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