Formaldehyde Market: Current Analysis and Forecast (2021-2027)


Emphasis on Production Process (Silver Catalyst, Metal Oxide Catalyst); Derivative (Urea Formaldehyde (UF), Phenol Formaldehyde (PF), Polyoxymethylene, Pentaerythritol, Methylene Diphenyl Diisocynate (MDI), 1,4 Butanediol (1,4 BDO), Paraformaldehyde, Hexamine, Others); Application (Resins, Textile Treatment, Vulcanization Accelerators, Poly Urethane Foams, Explosives, Paint Resins, Pesticides, Elastic Fibers, Synthetic Lubricants, Plasticizers, and Household/Electronic Appliances); End-Use (Consumer Products, Automotive, Healthcare, Construction, Textile, Chemical & Petrochemical, Agricultural, Others); and Region/Country









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Report Description
Table of content
Research Methodology

Report Description

Formaldehyde Market
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).
Demand of formaldehyde depends on the country’s economic performance since formaldehyde is used in myriad of applications therefore with increasing growth in industries like automotive, construction, consumer goods, to name a few, demand of formaldehyde increase and vice-versa. For instance, according to Methanol Institute, wide range of uses for formaldehyde make it essential for the operations of nearly 50,000 product manufacturing facilities in the U.S. alone. Further, countries like U.S., China, India, Japan, Germany, and South Korea are among the largest construction, consumer goods, and automotive market, and these industries had showcased considerable growth in the last few years, except automobile, as a result demand of formaldehyde also witnessed considerable growth. Moreover, it is expected that developing countries like India would witness considerable growth during the forecast period owing to increasing foreign investment, new schemes launched by the governments like product link incentives scheme, which would encourage foreign companies to establish their manufacturing facilities in the country.

Insights Presented in the Report

“Amongst production process, silver catalyst held prominent share in the market in 2020.”

Based on production process, the market is bifurcated into silver catalyst and metal oxide catalyst. Of both, silver catalyst held the significant share in the market in 2020. Because the silver is not affected by the reaction, it is almost completely recovered after it is used, so making it economically superior. Further, silver catalyst is a much more conventional method owing to which many companies are using this technology for the production of formaldehyde

“Amongst derivative, urea formaldehyde (UF) held prominent share in the market in 2020.”

Based on derivatives, the market is categorized into UF, PF, polyoxymethylene, pentaerythritol, MDI, 1,4 BDO, paraformaldehyde, hexamine, and others. Among these, UF accounted for significant share in the market. Due to its properties like high tensile strength, high flexural modulus, high heat-distortion temperature, and low water absorption it is used in large number of products like adhesives, plywood, particle board, medium-density fiberboard (MDF), and molded objects.

“Asia-Pacific captured significant position in the formaldehyde market”

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.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive country level analysis of the industry

Customization Options:

The global formaldehyde market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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1.1.   Market Definitions
1.2.   Limitation
1.3.   Stake Holders
1.4.   Currency used in Report
2.1.   Research Process of the Formaldehyde Market
2.2.   Research Methodology of the Formaldehyde Market
2.3.   Forecasting Method
2.4.   Respondent Profile
2.5.   Main Objective of the Formaldehyde Market Study




7.1.   Silver Catalyst
7.2.   Metal Oxide Catalyst
8.1.   Urea Formaldehyde (UF)
8.2.   Phenol Formaldehyde (PF)
8.3.   Polyoxymethylene
8.4.   Pentaerythritol
8.5.   Methylene Diphenyl Diisocynate (MDI)
8.6.   1,4 Butanediol (1,4 BDO)
8.7.   Paraformaldehyde
8.8.   Hexamine
8.9.   Others
9.1.   Resins 
9.2.   Textile Treatment
9.3.   Vulcanization Accelerators
9.4.   Poly urethane foams
9.5.   Explosives
9.6.   Paint Resins
9.7.   Pesticides
9.8.   Elastic Fibers
9.9.   Synthetic Lubricants
9.10.                     Plasticizers
9.11.                     Household/Electronic Appliances
10.1.                     Consumer Products
10.2.                     Automotive
10.3.                     Healthcare
10.4.                     Construction
10.5.                     Textile
10.6.                     Chemical & Petrochemical
10.7.                     Agricultural
10.8.                     Others
11.1.                     North America Formaldehyde Market 
11.1.1.    United States
11.1.2.    Canada 
11.1.3.    Rest of North America
11.2.                     Europe Formaldehyde Market 
11.2.1.    Germany 
11.2.2.    France 
11.2.3.    United Kingdom
11.2.4.    Spain 
11.2.5.    Rest of Europe
11.3.                     Asia Pacific Formaldehyde Market
11.3.1.    China 
11.3.2.    Japan 
11.3.3.    India 
11.3.4.    Australia 
11.3.5.    Rest of Asia Pacific
11.4.                     Rest of World Formaldehyde Market 
12.1.                     Market Drivers
12.2.                     Market Challenges
12.3.                     Impact Analysis
16.1.                     Demand Side Analysis
16.2.                     Supply Side Analysis
16.2.1.    Top Product Launches
16.2.2.    Top Business Partnerships
16.2.3.    Top Business Expansions, Investments and Divestitures
16.2.4.    Top Merger and Acquisitions
18.1.                     Competitive Landscape
18.1.1.    Porters Fiver Forces Analysis          Bargaining Power of Buyer          Bargaining Power of Supplier          Intensity of Rivalry          Threats of New Entrant          Threat of Substitute
18.1.2.    Company Shares, by Revenue
19.1.                     Dynea Oy
19.2.                     Celanese Corporation
19.3.                     Perstorp Group
19.4.                     BASF SE
19.5.                     Georgia-Pacific Chemicals
19.6.                     Alder S.p.A
19.7.                     Hexion
19.8.                     Foremark Performance Chemicals
19.9.                     Balaji Formalin Private Limited
19.10.                  Kanoria Chemicals & Industries Ltd.

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Formaldehyde three major steps undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Formaldehyde industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Formaldehyde through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Formaldehyde market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. Major segment included in the report by production process, derivative, application, and end-use. Further regional and country-level analyses were conducted to evaluate the overall adoption of the Formaldehyde globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Formaldehyde. Further, we conducted factor analysis using dependent and independent variables such as large application area and growing production of end-use product. A thorough analysis was conducted for demand and supply-side scenario considering increasing investment, top partnerships, merger and acquisition, business expansion, and product launches in the Formaldehyde industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Formaldehyde market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Formaldehyde across the major markets
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Formaldehyde market. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants by Stakeholders and Regions
Formaldehyde Market

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Formaldehyde market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of production process, derivative, application, and end-use.

The main objective of the Formaldehyde market study

The current & future market trends of global Formaldehyde were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Formaldehyde in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segment in the study include area of production process, derivative, application, and end-use
  • Defined analysis of the regulatory framework for the formaldehyde industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the formaldehyde for the major countries
  • Major regions/countries analyzed in the report includes North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
  • Company profiles of the formaldehyde market players and the growth strategies adopted by them to sustain in the growing market

Deep dive country level analysis of the industry