Formaldehyde Global Market Report 2024

Formaldehyde is a colorless, pungent, and irritating gas represented by CH2O, and a solution of it is produced by oxidizing methanol. It is employed as a preservative in food, paints, and cosmetics. Additionally, formaldehyde is utilized in the manufacturing of under-the-hood components and interior molded components that require resilience to high temperatures.

The primary types of formaldehyde include urea-formaldehyde, phenol-formaldehyde, melamine-formaldehyde, polyoxymethylene, and other variations. Urea-formaldehyde is a synthetic resin created through the condensation process between urea and formaldehyde, primarily used in wood-bonding adhesives, colored molded articles, and similar applications. Formaldehyde finds various applications in resins, fibers, solvents, plasticizers, drying agents, and other chemical intermediates. These applications cater to diverse end-users such as construction, furniture, automotive, healthcare, and other sectors.

The formaldehyde market research report is one of a series of new reports from The Business Research Company that provides formaldehyde market statistics, including formaldehyde industry global market size, regional shares, competitors with a formaldehyde market share, detailed formaldehyde market segments, market trends, and opportunities, and any further data you may need to thrive in the formaldehyde industry. This formaldehyde market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The formaldehyde market size has grown strongly in recent years. It will grow from $21.15 billion in 2023 to $22.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The expansion observed in the historical period can be attributed to the growth in the construction and building industry, the expansion of automotive manufacturing, increasing demand in furniture manufacturing, a rise in textile and leather industries, and utilization in agrochemicals and fertilizers.

The formaldehyde market size is expected to see strong growth in the next few years. It will grow to $30.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The anticipated growth in the forecast period can be attributed to the development of sustainable and eco-friendly formaldehyde alternatives, an increased focus on green building materials, stringent regulations and emission standards, a growing demand in healthcare and biomedical research, and the emergence of innovative industrial applications. Noteworthy trends expected during the forecast period encompass advancements in resin technology, the expansion of furniture manufacturing, adherence to stringent emission standards and regulations, an increasing adoption in the automotive sector, and a rising popularity of formaldehyde-free alternatives.

The anticipated growth of the formaldehyde market in the future is expected to be driven by the increasing demand from the construction industry. Construction encompasses the processes of building, altering, repairing, remodeling, improving, or demolishing structures. Formaldehyde plays a crucial role in the construction sector by facilitating the manufacturing of glues, resins, and various other construction materials. For example, Oxford Economics, a UK-based company specializing in global economic forecasting and quantitative analysis, reported in their Global Construction 2030 study that the volume of construction output is projected to witness an 85% growth by the year 2030. Consequently, the escalating demand from the construction industry stands as a key driver for the growth of the formaldehyde market.

The expected growth of the formaldehyde market in the future is anticipated to be propelled by the increasing demand in the automotive industry. The automotive industry encompasses a collective group of companies, organizations, and activities involved in the design, development, manufacturing, marketing, and sale of motor vehicles. Formaldehyde-based adhesives and resins find applications in the production of composite materials, contributing to the manufacturing of durable and robust interior components, insulation, and emission control. They are also utilized in the textile and leather industries for certain automotive interior components. For example, in May 2023, the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, reported that the global production of motor vehicles reached 85.4 million units in 2022, reflecting a significant increase of 5.7% compared to 2021. Additionally, in February 2022, Brand Finance PLC, a UK-based brand valuation company, reported that the automobile sector achieved approximately 78 million unit sales in 2022, marking a substantial 10% increase. Hence, the growing demand in the automotive industry is a key driver for the growth of the formaldehyde market.

Progress in paint technology stands out as a prominent trend gaining traction in the formaldehyde market. Leading companies in the formaldehyde market are actively introducing and utilizing innovative paint technologies to maintain their competitive positions. As an illustration, in February 2021, Teknos, a paint and coating solution provider based in Finland, operating in the formaldehyde market, introduced two indoor air-purifying paints known as BIORA AIR and BIORA AIR CEILING. These paints leverage a distinctive aldehyde-binding technology, wherein the paint absorbs and neutralizes aldehydes from indoor air. This initiative reflects Teknos' commitment to incorporating advanced solutions in its products to address environmental concerns associated with indoor air quality.

Major players in the formaldehyde market are actively pursuing the development of new products, particularly advanced chemical products, as a strategic move to secure a competitive advantage. Advanced chemical products encompass sophisticated and innovative chemical substances and materials resulting from advanced research, development, and manufacturing processes. As an example, in August 2022, SKTB Katalizator JSC, a Russia-based catalyst manufacturer, initiated the semi-commercial production of a new catalyst designed for formaldehyde synthesis. This innovative catalyst is anticipated to enhance the sustainability and efficiency of formaldehyde production. With over 46 years of experience, SKTB Katalizator JSC is a notable player in the industry, providing cutting-edge catalysts for various applications, including desulfurization, dehydrogenation, and the elimination of hazardous organic compounds. The launch of semi-commercial production for the novel formaldehyde synthesis catalyst underscores SKTB Katalizator JSC's commitment to sustainability and innovation in the chemical industry. The new catalyst is expected to contribute to the industry by improving production processes and facilitating the creation of superior formaldehyde products.

In May 2022, Bakelite Synthetics, a formaldehyde network operator based in the United States, successfully concluded the acquisition of Georgia-Pacific Chemicals for an undisclosed sum. This strategic move is anticipated to provide Bakelite Synthetics with complementary resin and new formaldehyde technology, enabling the company to cater to various end markets more effectively. Additionally, the acquisition is expected to enhance customer service capabilities and facilitate the expansion of Bakelite Synthetics' business into new geographic regions. Georgia-Pacific Chemicals LLC, the acquired entity, is a chemical manufacturer and marketer operating in the formaldehyde market based in the United States.

Major companies operating in the formaldehyde market report are BASF SE, Bayer AG, Johnson Matthey Process Technologies, AkzoNobel NV, Celanese Corporation, Georgia-Pacific Chemicals LLC, Huntsman International LLC, Hexion Inc., Allnex GMBH, Perstorp Holding AB, Acron Group, Arclin Inc., Atul Ltd., Momentive Specialty Chemical Inc., Prefere Resins Holding GmbH, Sprea Misr, Cornerstone Chemical, Metafrax, Porner Ingenieurgesellschaft mbH, Metadynea Metafrax Group, Kanoria Chemicals & Industries Ltd., Dynea Oy, Foremark Performance Chemicals, Pacific Texchem Private Limited, Frati Luigi S.p.A, Balaji Formalin Private Limited, Alder S.p.A, Simalin Chemicals Industries Limited

Asia-Pacific was the largest region in the formaldehyde market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the formaldehyde market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the formaldehyde market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The formaldehyde market consists of sales of molecular formaldehyde, 1,3,5-trioxaneand methanediol. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Formaldehyde Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on formaldehyde market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for formaldehyde ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The formaldehyde market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Urea Formaldehyde; Phenol Formaldehyde; Melamine Formaldehyde; Polyoxymethylene; Other Types
• 2) By Application: Resins; Fibers; Solvents; Plasticizers; Drying Agents; Other Chemical Intermediates
• 3) By End-User: Construction; Furniture; Automotive; Healthcare; Other End-Users
• Companies Mentioned: BASF SE; Bayer AG; Johnson Matthey Process Technologies; AkzoNobel NV; Celanese Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.