Market Research Report
Formaldehyde Market Size By Derivatives, By End-Use Application, Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026
|Published by||Global Market Insights Inc.||Product code||920784|
|Published||Content info||275 Pages
Delivery time: 2-3 business days
|Formaldehyde Market Size By Derivatives, By End-Use Application, Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026|
|Published: December 16, 2019||Content info: 275 Pages||
Formaldehyde Market Size By Derivatives (PF Resins, UF Resins, MF Resins, Polyoxymethylene/ Polyacetal, Methylene Diphenyl Diisocyanate, Pentaerythritol, 1,4 Butanediol, Paraformaldehyde, Hexamine), By End-Use Application (Resins, Textile, Plasticizers, Paints, Elastic Fibers, Synthetic Lubricants, Polyurethane Foams, Vulcanization Accelerators, Household/Electronic Appliances, Pesticides), Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026.
Formaldehyde Market is expected to surpass USD 5.5 billion by 2026. Rising focus of manufacturers on adopting sustainable practices such as, utilization of industrial by-products as raw materials, energy and waste management should promote formaldehyde market growth.
Consumers are preferring superior quality raw materials in the manufacture of high-performance coatings to improve resistance from external factors and enhance longevity of the product which shows elevating market opportunities for product demand. Formaldehyde & its derivatives play a vital role in the manufacturing of various raw materials used in construction, coatings, agrochemicals and plasticizer applications owing to their economical nature and high-quality performance.
Stringent government regulations towards formaldehyde emissions is expected to hinder the market growth. Formaldehyde acts as a highly reactive organic compound, which is used in various industrial applications. The product may cause irritation in the eyes, mucous membranes, and consumption of the product can potentially lead to burning throat. Several norms in Europe such as the REACH regulation restricts the use of formaldehyde and formaldehyde releasers which is expected to limit the industry expansion.
Companies are engaged in expanding their manufacturing capabilities to improve productivity and contribute to market expansion. For instance, in 2017, SK Capital Partners, a firm engaged in providing chemical, specialty materials & pharmaceutical solutions completed its acquisition of a technology-driven producer of formaldehyde, D.B. Western, Inc. This market acquisition will help SK Capital to strengthen its positioning in the formaldehyde industry and help in the development of new products & applications.
Demand for wood furniture products in North America has strengthened the need for efficient adhesives which are used in the production of wood panels and plywood. Revenue from office furniture market in the U.S. generated a revenue over USD 15 billion in 2018 which shows significant market opportunities. Manufacturers in the region are focusing towards the use of low cost, high performance, thermosetting adhesives which offer superior abrasion resistance. For instance, Georgia-Pacific Chemicals, a U.S. based manufacturer of building products & related chemicals offers formaldehyde-based moisture resistant wood adhesives which comply with the government standards.
Market players are focusing on extensive research & development to promote product innovations which offer high flexibility & durability. The industry is expected to witness significant demand for formaldehyde resins due to growing construction activities and increasing consumer preference for wood-based furniture.