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Formaldehyde Market Size to Reach US$ 34.8 Bn by 2026

The Formaldehyde Market size is expected to reach around US$ 34.8 billion by 2026 and growing at a CAGR of around 4.9% during the forecast period 2019 to 2026

LOS ANGELES, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Formaldehyde Market Size, Share, Growth Opportunities and Forecast, 2019 - 2026”.

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The global formaldehyde market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region accounted for the maximum share of the market in 2018 and is expected to maintain its dominance during the forecast period. This can be attributed to the high demand for formaldehyde in various industries specially from the automotive and construction sector in the emerging countries such as China, India, and Indonesia. With the growing urbanization in the region, there is an increase in the residential and non-residential projects and the necessity of cars and lightweight vehicles grows. All these factors are responsible for the formaldehyde market growth in the region. North America and Europe are anticipated to observe the steady growth in various sectors during the forecast period.

Based on derivatives, the market is divided into Urea Formaldehyde (UF) resins, Phenol-Formaldehyde (PF) resins, MF resins, polyacetal resins, 1,4-butanediol, pentaerythritol, and methylenebis. PF resins are anticipated to observe the fastest growth during the forecast period due tothe high demand and consumption rate for laminate, plywood, and wood processing. Furthermore, it is also used in the aerospace and automobile industry due to its highly stable molding processing ability, optimum mechanical properties, and low cost. Market players are investing in the R& D activities and engage in the development of PF resin-based composite to increase its mechanical properties. However, UF resins dominate the market by considering its value and market share. This can be attributed to its widening application in the production of textiles, paper, rayon, blends, and wrinkle-resistant fabric. UF resins have favorable properties such as economical pricing, high reactivity, and high in performance.

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Based on the application, the market is segmented into fibers, solvents, plasticizers, drying agents, resins, and other chemical intermediaries. By application, the resins segment accounted for the maximum share of the market in 2018 and is expected to maintain its dominance during the forecast period. Formaldehyde is used extensively in the manufacturing of phenolformaldehyde resin, urea formaldehyde resins, and melamine formaldehyde resin. These resins are highly utilized in the construction sector due to its properties such as high surface hardness, scratch resistance, low water absorption, high tensile strength, and low cost.

Based on the end-use of formaldehyde, the global formaldehyde market has been divided into consumer goods, automotive, healthcare, construction, and others. In 2018, the construction sector held the maximum share of the market and is anticipated to maintain its dominance during the forecast period. This can be attributed to the usage of formaldehyde in the making process of laminator countertops, cabinet doors, medium density fiberboard, and insulation.

Key players operating in the formaldehyde market are Alder S.p.A, BASF SE, Bayer Crop Science, Celanese AG, Dynea AS, Foremark Performance Chemicals, Georgia-Pacific Chemicals LLC, Huntsman International LLC, Johnson Matthey Process Technologies, Momentive Specialty ChemicalInc., and PerstorpOrgnr. Mergers, acquisitions, partnerships, and innovative product launch are the key strategies adopted by the industry players to enhance market share. Research and development activities of the universities and companies are finding alternatives to formaldehyde free products due to toxicity associated with it. Hence, this may negatively impact market growth.

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Some of the key observations regarding the formaldehyde industry include:

  • In May 2019, Clariant, a specialty chemical company, collaborated with Wuxi Xiyuan for production in China. Clariant’sFamax 200 DS catalyst based technology was installed in Wuxi Xiyuan’s three formaldehyde plants in India and China.
  • In October 2017, Dynea AS announced the start of a formaldehyde plant using silver crystal as a catalyst. The plant is located in Kazincbarcika, Hungary and capable of producing 40,000 mtpy. 
  • In June 2017, SK Capital, an investment firm, acquired D.B. Western, Inc. – Texas, a technology-driven producer of formaldehyde and its derivatives. After the acquisition, the company name changes to Foremark Performance Chemicals.
  • In October 2016, AkzoNobel launched Duracid FF (Duracid Formaldehyde Free wood coatings range) in partnership with Symphony Coatings at the W16 Furniture and Joinery Exhibition and Elements show in the UK.
  • In April 2013, Johnson Matthey, a specialty chemical company, acquired Perstorp catalyst business formaldehyde and Formox.

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