- The formaldehyde market reached a modest valuation of US$8.6 bn in 2018. The growing demand for formaldehyde for resins, will likely drive a notable growth at ~3.0% CAGR during 2019-2027
- The European Union's recent directive will likely hinder growth of the formaldehyde market in Europe. Among regions, the revenue share of Europe, and North America will reduce by 0.4% and 0.2% respectively
- The lack of alternatives, and technically desirable performance of formaldehyde promises steady pace of growth for resin applications. The application segment of resins will reach likely US$3.3 bn in valuation and 10,161 kilotons in volume by 2020
ALBANY, New York, March 11, 2020 /PRNewswire/ -- Resins continue to remain a prominent application for players in the formaldehyde market. Resins like phenol formaldehyde resin, urea formaldehyde resin, and melamine formaldehyde resin promise robust opportunities for growth during the forecast period. The growing demand for resins in construction sector, due to their desirable properties such as high tensile strength, high heat distortion, and high surface hardness, among others remains key driver of growth. The demand in the textile industry for binding of dyes, and pigments also promises opportunities for growth during the forecast period.
According to TMR analysts, the uptake of urea formaldehyde and phenol formaldehyde resins promises a bright horizon during the forecast period. Additionally, this will key to driving market growth at 3.0% CAGR during the forecast period. UF and PF resins continue to occupy major share of total revenues in the formaldehyde market. Their functional properties, and physical attributes make them an ideal choice for a wide-range of applications for various end-use industries. The manufacturers in the formaldehyde market will likely focus on expansion in new growth opportunities in the US, China, Europe in applications like wood-based panels, which is witnessing a robust growth.
UF resins have enjoyed significant popularity in recent years in the formaldehyde market. Their increasing use in textiles, paper, rayon, and cotton blends production remains a promising draw for player in the formaldehyde market. Their high reactivity, and exceptional performance at reasonable costs remains a key driver for their growth. Hence, the UF resins segment will likely reach a market valuation of US$2.3 bn by 2020, and occupy a 26% market share. The phenol formaldehyde resin segment will also note promising growth during the forecast period.
Phenol formaldehyde resins remains a key draw for wood processing, plywood, and lamination requirements. The rising advancements in formaldehyde products promise expansion in applications in new areas like aerospace, and automobile, among others. the highly stable moulding processing performance, optimum mechanical properties, and exceptional flame retardant properties continue to make these resins popular in new applications. The rising investment in research, and development of synthetic resins, and enhancing their mechanical properties will lead the segment to a notable valuation of US$ 1.7 bn by 2020 end. Moreover, the segment will account for 19% of the total market share by 2020 end.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on Formaldehyde market by Derivative – Urea-formaldehyde resin, Phenol formaldehyde resin, Polyoxymethylene, Melamine formaldehyde resin, Pentaerythritol, Methylene Diphenyl Diisocyanate, Butanediol, Hexamethylenetetramine, and Others; Application – Resins, Fibers, Solvents, Plasticizers, Drying Agents, and Other Chemical Intermediaries; End Use – Chemicals, Agriculture, Building & Construction, Personal Care & Cosmetics, Healthcare, Automotive, and Others - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027, at https://www.transparencymarketresearch.com/formaldehyde-market.html
Key Growth Drivers in the Formaldehyde Market:
The growth in construction industry will likely remain an important part for expansion of formaldehyde market. Apart from construction, the chemical, personal care & cosmetics, agriculture, automotive, and healthcare will also remain key end-sectors for growth for players in the formaldehyde market.
Formaldehyde remains an important chemical for industrial research. The chemical reacts, and is often used for building resilient structures. The growing demand for these in furniture applications, and construction sector with their moisture resistant, and strength will be key to growth during the forecast period.
The rising demand for formaldehydes in creating vaccines, personal care products, and disinfectants like toothpastes, and mouthwash remains is rising, thanks to growing demand for products with high anti-bacterial resistance. The rising demand for these applications will make way for significant opportunities for growth for players in the formaldehyde market.
The formaldehyde market promises major opportunities in Asia Pacific region, wherein growing demand for personal care, cosmetics, growth in construction sector, furniture, and automotive will drive demand. On the other hand, regions like Europe will witness regulatory challenges as recent European Union directive to keep a maximum of 0.2 formaldehyde in cosmetics will present a challenge to growth. Additionally, manufacturers will also be required to state concentrations of more than 0.05% in cosmetics. This will likely hinder growth in the Europe region.
Formaldehyde market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The global formaldehyde market landscape presents a fragmented, and competitive scenario. Various small, and large players in China remains a distinct feature of the market. Key players in the market like BASF SE, PJSC Metafrax, and Ercros S.A account for 25% market share in the global formaldehyde market.
Global Formaldehyde Market: Segmentation
Formaldehyde Market, by Derivative
Phenol Formaldehyde Resin
Melamine Formaldehyde Resin
Methylene Diphenyl Diisocyanate
Others (including Trimethylol Propane and Neopentyl Glycol)
Formaldehyde Market, by Application
Other Chemical Intermediates (including Amino and Phenolic Resins)
Formaldehyde Market, by End Use
Building & Construction
Personal Care & Cosmetics
Others (including Photography)
Formaldehyde Market, by Region
Russia & CIS
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Chemicals and Materials Industry,
Paraformaldehyde Market - Global market for paraformaldehyde is anticipated to reach a value of US$791.9 mn by the end of 2023. The market is likely to register a healthy 6.0% CAGR between 2015 and 2023.
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Plastics Market for Electrical Appliances - Global production of plastic stood at 322 million tons in 2015 and is estimated to increase at a CAGR of 6% to 7% by 2020. On the basis of region, Asia Pacific was the fastest growing regional and was 2/3rd of the total revenue in 2017. The revenue share of the region was more than 50%.
Metalworking Fluids Market - In terms of value, the global Metalworking Fluids market was stood around US$ 11.0 Bn in 2018 and is anticipated to expand at a CAGR of more than 4% from 2019 to 2027
Melamine Market - The global melamine market is projected to grow at a CAGR of more than 4% between 2019 and 2027 and likely to cross US$ 2.8 Bn by 2027. Major demand from laminates used in furniture, kitchen counter tops, cabinets, floors, etc. are anticipated to drive the market.
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