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.
Formaldehyde Industry Segmentation
Formaldehyde (methanol) is a naturally occurring organic compound with the formula CH2O (HCHO). It is an essential precursor to many other materials and chemical compounds. Due to the versatile and favorable chemical properties of formaldehyde, it is used in a wide range of applications. The formaldehyde market is segmented by derivative, end-user industry, and geography. By derivative, the market is segmented into urea formaldehyde, phenol formaldehyde, melamine formaldehyde, hexamine, polyoxymethylene, and other derivatives. By end-user industry, the market is segmented into construction, automotive, agriculture, health care, chemical and petrochemical, and other end-user industries. The report also covers the market size and forecasts for the formaldehyde market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilotons).
| Derivative | |
| Urea Formaldehyde | |
| Phenol Formaldehyde | |
| Melamine Formaldehyde | |
| Hexamine | |
| Polyoxymethylene | |
| Other Derivatives (Methylene Diphenyl Diisocyanate, Butanediol) |
| End-user Industry | |
| Automotive | |
| Construction | |
| Agriculture | |
| Health Care | |
| Chemical and Petrochemical | |
| Other End-user Industries (Paints, Textiles) |
| Geography | |||||||
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Formaldehyde Market Size Summary
The formaldehyde market is poised for significant growth, driven by its versatile applications in the automotive and construction industries. Despite challenges posed by the COVID-19 pandemic, which disrupted supply chains and construction activities, the market is rebounding, particularly in the healthcare sector. The chemical's favorable properties make it a preferred choice for various applications, although its toxic and carcinogenic nature, along with stringent regulations, pose challenges to market expansion. The Asia-Pacific region, led by countries like China and India, dominates the market due to high consumption levels, especially in construction and automotive sectors. The region's robust construction activities and the continuous demand for formaldehyde-based resins in furniture production are key factors propelling market growth.
The construction industry remains the largest consumer of formaldehyde, utilizing it extensively in the production of composite and engineered wood products. This trend is supported by government initiatives and economic forecasts in major markets such as China, the United States, and Germany, which are expected to sustain construction activities. Additionally, the market is witnessing opportunities through research and technological developments in the treatment of organic waste using formaldehyde derivatives. The global formaldehyde market is characterized by a mix of large and small players, with companies like Perstorp Orgnr, Hexion, Georgia-Pacific Chemicals, Celanese Corporation, and Foremark Performance Chemicals playing significant roles. Recent strategic moves, such as Hexion's shift to bio-based methanol, highlight the industry's focus on sustainable growth.
Formaldehyde Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand from Construction Industry
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1.1.2 Rising Application in Automotive Industry
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1.2 Restraints
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1.2.1 Health Hazard due to Formaldehyde Emission
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Derivative
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2.1.1 Urea Formaldehyde
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2.1.2 Phenol Formaldehyde
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2.1.3 Melamine Formaldehyde
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2.1.4 Hexamine
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2.1.5 Polyoxymethylene
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2.1.6 Other Derivatives (Methylene Diphenyl Diisocyanate, Butanediol)
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2.2 End-user Industry
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2.2.1 Automotive
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2.2.2 Construction
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2.2.3 Agriculture
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2.2.4 Health Care
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2.2.5 Chemical and Petrochemical
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2.2.6 Other End-user Industries (Paints, Textiles)
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Formaldehyde Market Size FAQs
What is the current Formaldehyde Market size?
The Formaldehyde Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Formaldehyde Market?
Perstorp Orgnr, Hexion, Georgia-Pacific Chemicals, Celanese Corporation and Foremark Performance Chemicals are the major companies operating in the Formaldehyde Market.
