Formaldehyde Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Formaldehyde Market is segmented by Derivative (Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Hexamine and Polyoxymethylene and Others), End-User Industry (Construction, Automotive, Agriculture, Health Care, Chemical and Petrochemical and Others) and Geography (Asia-Pacific, North America, Europe, South America and Middle-East and Africa)

Formaldehyde Market Snapshot

Formaldehyde Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >6 %

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Market Overview

The market for formaldehyde is expected to grow at a CAGR more than 6% globally during the forecast period. Formaldehyde (methanol) is a naturally occurring organic compound with the formula CH2O (H−CHO). It is an important precursor to many other materials and chemical compounds. Owing to the versatile and favorable chemical properties of formaldehyde, its application in automotive and construction industry is growing exponentially, consequently propelling the market growth.

  • However, the toxic and carcinogenic nature of formaldehyde and stringent regulations employed by several authorities towards formaldehyde emission are likely to hinder the growth of studied market.
  • The research and technological development (RTD) related to application of formaldehyde derivative for treatment of Organic Fraction of Municipal Solid Waste (OFMSW) are likely to provide opportunities for the formaldehyde market over the next five years.
  • Asia-Pacific region dominates the formaldehyde market, owing to the escalating consumption of formaldehyde from countries, such as China and India.

Scope of the Report

The formaldehyde market report includes: 

Derivative
Urea Formaldehyde
Phenol Formaldehyde
Melamine Formaldehyde
Hexamine
Polyoxymethylene
Others
End User Industry
Automotive
Construction
Agriculture
Health Care
Chemical and Petrochemical
Others
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Construction Industry to Dominate the Market

  • Construction industry stands to be the dominating segment owing to large scale consumption of formaldehyde for construction and remodeling activity and furniture production.
  • Formaldehyde-based resins are used to create composite and engineered wood products for uses in moldings, furniture, countertops, cabinetry, shelving, stairs, wall sheathing, support beams, flooring, and trusses among many other household furnishings and structures.
  • Formaldehyde enables manufacturing of long-lasting furniture at reduced costs as compared to wood and resins allow recycling of older furniture to provide high quality recycled wood products. Thereby demand for formaldehyde is anticipated to grow.
  • Formaldehyde resins are used for making cabinet doors, lamination countertops, medium density fiber board and insulation.
  • Asia-Pacific countries like China, India and Singapore have been registering the strong growth in construction and remodeling activities, the requirement for formaldehyde market is projected to increase from this region in the forecast period.
Formaldehyde Market Revenue Share

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific region stands to be the dominant market for automotive and construction industry. Factors, such as good adhesive strength and moisture resistance properties of formaldehyde-based resins and continuous demand from the furniture sector is likely to drive the market growth.
  • Growing consumer inclination towards lightweight materials for use in housing construction and automotive components, Asia Pacific region is expected to witness strong growth in the consumption of formaldehyde.
  • Formaldehyde and its derivatives perform a vital role in the manufacturing of various raw materials used in construction and coating applications owing to their economical nature and high-quality performance.
  • Furthermore, the increasing government investments on infrastructural expansion by nations like China, India and Vietnam are providing thrust to use of formaldehyde in construction industry.
  • Hence, all such market trends are expected to drive the demand for formaldehyde market in the region during the forecast period.
Formaldehyde Market Regional Trends

Competitive Landscape

The global formaldehyde market is fragmented in nature, with presence of a few large-sized players and many small players in the market. Some of the major companies are Hexion, Georgia-Pacific Chemicals, Perstorp Orgnr, Celanese Corporation and Foremark Performance Chemicals amongst others. 

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from Construction Industry

      2. 4.1.2 Rising Application in Automotive Industry

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Health Hazard due to Formaldehyde Emission

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Derivative

      1. 5.1.1 Urea Formaldehyde

      2. 5.1.2 Phenol Formaldehyde

      3. 5.1.3 Melamine Formaldehyde

      4. 5.1.4 Hexamine

      5. 5.1.5 Polyoxymethylene

      6. 5.1.6 Others

    2. 5.2 End User Industry

      1. 5.2.1 Automotive

      2. 5.2.2 Construction

      3. 5.2.3 Agriculture

      4. 5.2.4 Health Care

      5. 5.2.5 Chemical and Petrochemical

      6. 5.2.6 Others

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Acron Group

      2. 6.4.2 Alder SpA

      3. 6.4.3 BASF SE

      4. 6.4.4 Celanese Corporation

      5. 6.4.5 Foremark Performance Chemicals

      6. 6.4.6 Georgia-Pacific Chemicals

      7. 6.4.7 Hexion

      8. 6.4.8 Huntsman International LLC

      9. 6.4.9 Johnson Matthey

      10. 6.4.10 Metafrax

      11. 6.4.11 Perstorp Orgnr

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 R&D on Use of Formaldehyde for Treatment of Waste

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Formaldehyde Market market is studied from 2016 - 2026.

The Formaldehyde Market is growing at a CAGR of >6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Perstorp Orgnr, Hexion, Georgia-Pacific Chemicals, Celanese Corporation, Foremark Performance Chemicals are the major companies operating in Formaldehyde Market.

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