Increasing construction activity and rapid urbanization is driving the demand of formaldehyde

The global formaldehyde market was stood around USD 6 billion in 2020 and is expected to showcase a growth of over 5% during the forecast period (2021-2027). This can be attributed to growing investment in construction activity and increasing urbanization couple with growing population. Further, large application area and increasing consumer disposable power is fueling the market.

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Formaldehyde is an important raw material in the production of wide range of products like particleboard, plywood, and fiberboard; glues and adhesives; permanent-press fabrics; paper product coatings; and certain insulation materials. Further, it is used in the production of food, paints & coatings, and disinfectant. Since demand of building products are increasing on account of rising construction activities in the developing economies, couple with growing market of food, paints & coatings, and healthcare owing to increasing urbanization and growing population, thus propelling the demand of formaldehyde.

Formaldehyde is widely used in the manufacturing of construction related products and in the light of COVID-19, formaldehyde demand had been negatively affected owing to halted construction activities due to stringent measures taken by government across the globe like lockdown. Further, generation of new variants like Omicron is likely to affect the manufacturers production capacity, which is in turn affects the supply-demand dynamics

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Based on application, the market is categorized into resins, textile treatment, vulcanization accelerators, poly urethane foams, explosives, paint resins, pesticides, elastic fibers, synthetic lubricants, plasticizers, and household/electronic appliances. Among these, resins held the substantial share in the market and is expected to show significant growth rate. Resins of UF and PF are among largest consumable derivatives of formaldehyde due to their properties which can withstand tough conditions. These resins are used in the adhesives and paints & coatings industries. Also, is an essential raw material which are used in the wood and wood-based industry as adhesives for furniture and floors, and tiles.

Based on end-use, the market is categorized into consumer products, automotive, healthcare, construction, textile, chemical & petrochemical, agricultural, and others. Among these, construction held the significant share in the market. In construction industry, formaldehyde as derivative used in the manufacturing of carpet underlay, structural wood panels, particle wood, and plywood. Due to the large and increasing demand of these products owing to rising construction activities and increasing consumer disposable power, which encourage consumers to spend more on house decoration and renovation work.

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For a better understanding of the market adoption of formaldehyde, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific held the significant share in the market owing to large manufacturing industry such as construction, automotive, and consumer goods to name a few. As a result, demand of several products like photographic film, paper towels, cosmetics, carpeting, furniture, cabinets, paints, automotive components, wood-based products is large compared to other regions. Eventually, demand of formaldehyde to produce aforementioned products is high in the region.

Global Formaldehyde Market Segmentation

Market Insight, by Production Process

• Silver Catalyst
• Metal Oxide Catalyst

Market Insight, by Derivative

• Urea Formaldehyde (UF)
• Phenol Formaldehyde (PF)
• Polyoxymethylene
• Pentaerythritol
• Methylene Diphenyl Diisocynate (MDI)
• 1,4 Butanediol (1,4 BDO)
• Paraformaldehyde
• Hexamine
• Others

Market Insight, by Application

• Resins
• Textile Treatment
• Vulcanization Accelerators
• Poly urethane foams
• Explosives
• Paint Resins
• Pesticides
• Elastic Fibers
• Synthetic Lubricants
• Plasticizers
• Household/Electronic Appliances

Market Insight, by End-Use

• Consumer Products
• Automotive
• Healthcare
• Construction
• Textile
• Chemical & Petrochemical
• Agricultural
• Others

Market Insight, by Region

• North America Formaldehyde Market
  • United States
  • Canada
  • Rest of North America
• Europe Formaldehyde Market
  • Germany
  • United Kingdom
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific Formaldehyde Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World Formaldehyde Market

Top Company Profiles

• Dynea Oy
• Celanese Corporation
• Perstorp Group
• BASF SE
• Georgia-Pacific Chemicals
• Alder S.p.A
• Hexion
• Foremark Performance Chemicals
• Balaji Formalin Private Limited

Kanoria Chemicals & Industries Ltd.