Market Size of Formaldehyde Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Formaldehyde Market Analysis
The formaldehyde market is expected to record a CAGR greater than 5% globally during the forecast period.
Due to the COVID-19 outbreak, nationwide lockdowns around the globe, disruption in construction activities and supply chains, production halts, and labour unavailability negatively impacted the formaldehyde market. However, the healthcare segment is witnessing an improvement in the market, which aids the growth of the market studied.
- Owing to the versatile and favorable chemical properties of formaldehyde, its application in the automotive and construction industry is growing exponentially, consequently propelling market growth.
- However, the toxic and carcinogenic nature of formaldehyde and stringent regulations employed by several authorities regarding formaldehyde emissions are likely to hinder the growth of the studied market.
- The research and technological development (RTD) related to the application of formaldehyde derivatives for the treatment of organic fraction of municipal solid waste (OFMSW) will likely provide opportunities for the formaldehyde market over the next five years.
- Asia-Pacific region dominates the formaldehyde market, owing to rising formaldehyde consumption from countries such as China and India.
