- Increase in demand for furniture and in construction volumes will lead to growth in the resin segment
- Due to increasing population and increasing disposable income, Asia Pacific region will dominate growth in global formaldehyde market
- The market is set to record a CAGR of about 3% from 2019 to 2027
ALBANY, N.Y, Aug. 20, 2020 /PRNewswire/ -- Considered as one of the most important research and industrial chemical due to its ability to produce resilient structures, formaldehyde is set to witness increased demand across industries. The global formaldehyde market is set to record a moderate compound annual growth rate of about 3% from 2019 to 2027. The market worth in the year 2018 was about USD 8.6 billion and the steady CAGR will take it to about USD 11.5 billion by the end of the assessment period.
Transparency Market Research notes, "Application in a wide range of activities across varied industry verticals is set to drive growth in the market as the end-use industries such as building and construction and automotive witness sturdy increase in demand."
Key Drivers of Growth in Global Formaldehyde Market:
Used in a number of end-use industries such as healthcare, automotive, building and construction, personal care and cosmetics, agriculture, and chemical, formaldehyde is witnessing growth in its demand as expansion in the said industries take place. Some of the notable growth factors impacting the global formaldehyde market positively include the following:
Notable increase in building & construction volumes is anticipated over the forecast period and this is set to drive demand for formaldehyde which is used as adhesive here
Use of formaldehyde in production of resins is extensive and set to grow, paving way for higher growth trajectory for the market
Growing middle class population – a result of robust economic growth and increase in disposable incomes – is a significant growth factor in the market
The aforementioned factor is leading to demand for automotives and buildings, leading to improvement in formaldehyde market's worth
Population is growing across the world and that will contribute to increasing demand for houses, offices, developmental infrastructure, leading to higher demand for formaldehyde
· Increasing demand for the product to produce laminated boards and wood-based panels is also a notable contributor to growth in global formaldehyde market
Competitive Landscape of Global Formaldehyde Market:
The fragmented vendor landscape of global formaldehyde market has the following players dominating it - BASF SE, Hexion Inc., PJSC Metafrax, and Ercros S.A. These accounted for one-fourth of total market share in 2018. Transparency Market Research has covered these players in a comprehensive manner. Details about players' financials, strategies, and products are being carried in the report.
Waterborne Coatings Market - The global waterborne coatings market was valued at US$ 77.4 Bn in 2018 and is anticipated to expand at a CAGR of 4.9% from 2019 to 2027. The global waterborne coatings market is driven by the rise in demand for architectural coatings. Asia Pacific accounts for major share of the global waterborne coatings market, led by the increase in building and construction activities in the region.
Resorcinol Formaldehyde Resin Market - Based on type, the resorcinol formaldehyde resin market can be classified into self-erecting resorcinol formaldehyde, flat top resorcinol formaldehyde resin, and others (Hammerhead and Luffing). In terms of end-user industry, the global resorcinol formaldehyde market can be segmented into automotive, building & construction, paints & coatings, chemical, textile and industrial. Based on application, the global resorcinol formaldehyde market can be divided into tires, hoses, belts, rubberized plastics, furniture, textile laminates, and others.
Urea Formaldehyde Resin Market - The global urea formaldehyde resin market is driven by the rise in demand for good quality and economically viable adhesives and resins in automobile and electrical appliances. Other drivers of the urea formaldehyde resin market include rapid industrialization due to the increase in standard of living of consumers, increase in demand for roofing mat application, and growth in demand for wood-based products. The U.S. and various countries in Europe have enacted regulations on the usage of urea formaldehyde resins. Furthermore, implementation of government legislation promoting sustainable products instead of urea formaldehyde resin is negatively impacting the urea formaldehyde resin market.
Preservative Blends Market - The global Preservative Blends market was valued at US$ 156 Mn in 2018 and is anticipated to expand at a CAGR of 5% during the forecast period. A marked increase in personal care and grooming along with rising demand for beauty care and home care are leading to growth in global preservatives blends market. This is result of a number of factors. First, there is a growth in disposable incomes. Second, influencer marketing is catching up with people in a big way. As people are made aware of latest trends in both personal care and home care and they are able to afford the kind of lifestyle depicted over social media channels, growth of preservatives blends market is predicted.
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