According to the ChemAnalyst report titled “Global Formaldehyde Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032,” the global formaldehyde market is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.39% during the forecast period, reaching a total volume of 36 million tonnes. This growth is driven primarily by significant demand from various end-use industries, including Urea Formaldehyde (UF) Resins & Concentrates, Phenol Formaldehyde (PF) Resins, Polyoxymethylene/ Polyacetal (POM), and Paraformaldehyde.
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According to the ChemAnalyst report titled “Global Formaldehyde Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2032,” the global formaldehyde market is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.39% during the forecast period, reaching a total volume of 36 million tonnes. This growth is driven primarily by significant demand from various end-use industries, including Urea Formaldehyde (UF) Resins & Concentrates, Phenol Formaldehyde (PF) Resins, Polyoxymethylene/ Polyacetal (POM), and Paraformaldehyde.
Formaldehyde, also known as methanal and formalin when dissolved in water, is the simplest aldehyde, characterized by its strong, pungent odor. It is a colorless, volatile, highly flammable, and toxic gas produced through the vapor-phase oxidation of methanol, a highly exothermic process. Formaldehyde finds extensive use in the production of building materials, including panels, plywood, adhesives, flooring, particle boards, furniture, wall sheathing, support beams, cabinetry, countertops, insulation materials, laminations, moldings, and various household products.
Additionally, it is employed in cosmetics and personal care products, such as sunscreen, shampoos, lotions, creams, makeup, mouthwash, and toothpaste, serving as a preservative or antiseptic. It is also utilized as an industrial disinfectant, a precursor in chemical processes, in the production of industrial resins, permanent press fabrics, industrial coatings, explosives, photographic materials, dyes, cellulose esters, artificial silk, kitchenware, fungicides or germicides in agriculture, preserving and coagulating rubber latex, embalming fluids, pulp and paper treatments, and more.
The building and construction sector represents the most lucrative segment of the market and is expected to drive demand over the forecast period. Formaldehyde-based resins, including Urea-Formaldehyde resin, Phenol-Formaldehyde resin, Melamine-Formaldehyde resin, and Acetal resin, are widely used in various industries. These resins exhibit versatile properties, including scratch resistance, moisture and mold resistance, high tensile strength, stiffness, high heat-distortion temperature, and cost-effectiveness, making them a mainstay in the building and construction, automotive, and household domains.
Urea-Formaldehyde is the most popular type, widely used in building materials, adhesives, finishes, medium-density fiberboards, molded objects, lacquers, glues, particle boards, tires, electrical devices, textiles, foam industries, and more. Melamine Formaldehydes find applications in laminates, laminate flooring, furniture, kitchen cabinets, utensils, and Phenol Formaldehyde is used in synthetic plastics, laboratory countertops, laminates, circuit boards, coatings, and adhesives, while Acetal Formaldehyde is prominently employed in the automotive industry for manufacturing automobile parts, mechanical components, and a variety of other products.
The global formaldehyde market is segmented based on end-use, sales channels, and regions. In terms of end-use, the market includes Urea Formaldehyde (UF) Resins & Concentrates, Phenol Formaldehyde (PF) Resins, Polyoxymethylene/ Polyacetal (POM), Paraformaldehyde, and others. Among these, the Urea Formaldehyde (UF) Resins & Concentrates industry leads the global market and is expected to maintain this position in the coming years. Increased residential and commercial construction, driven by a growing global population, is expected to boost the demand for Phenol Formaldehyde resin in the coming years. These resins are also used in paints and coatings due to their exceptional durability against chemicals, moisture, and ultraviolet rays.
Regionally, Asia Pacific holds the largest share of demand in the formaldehyde market, accounting for approximately 55% of the global market in 2022. The region’s rapid economic growth, particularly in developing countries like India and China, has led to increased demand for formaldehyde-based resins, primarily in the construction sector. The flourishing textile industry in the region, where formaldehyde is used as a drying agent and to improve fabric durability, also contributes to the demand for formaldehyde. China, as a major producer of products involving formaldehyde, such as resins, plasticizers, chemicals, agrochemicals, personal care products, automotive components, dyes, and pigments, is a significant consumer of formaldehyde in the Asia Pacific region. Moreover, Asia Pacific also leads in formaldehyde production, with China playing a key role.
Major players in the global formaldehyde market, as highlighted in the report, include Nantong Jiangtian Chemical Co., Ltd, Balaji Formalin, Kanoria Chemicals & Industries, Shandong Yu Shi Ju Chemical Co. Ltd, Simalin Chemical Industries Private Limited, Shandong Yushiju Chemical, Shandong Sunny Wealth New Materials, Hebei Yuhang Chemical Industry Co., Ltd, Linyi Jinyuan Chemical Co., Ltd, Huaqiang Chemical Group Co., Ltd, Sinopec Sichuan Vinylon Works, and others.
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“Formaldehyde is a versatile chemical with numerous applications as a solvent, chemical intermediate, resin, preservative, fiber, plasticizer, and drying agent. The fast-expanding automotive industry is anticipated to boost formaldehyde demand in the upcoming years due to its usage in the production of formaldehyde-based resins for manufacturing lightweight and energy-efficient vehicles, interior molded parts, highly durable exterior paints and coatings, brake pads, tire cord adhesives, and more. Additionally, the flourishing construction sector, along with other end-use industries, is likely to offer potential opportunities for formaldehyde market players to expand their production capacities, preventing a supply-demand gap in the forecast period,” commented Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm promoting ChemAnalyst worldwide.
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