Formaldehyde Market Forecasts to 2028 – Global Analysis By Derivative (Phenol Formaldehyde Resin, Urea Formaldehyde Resin), Application (Paints & Coatings, Resins, Fibers, Synthetic Lubricants), and By Geography
Estimated Year Value (2021)
US $9.82 BN
Projected Year Value (2028)
US $13.82 BN
CAGR (2021 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Formaldehyde Market is accounted for $9.82 billion in 2021 and is expected to reach $13.82 billion by 2028 growing at a CAGR of 5.0% during the forecast period. Formaldehyde is used as a precursor to formulate chemical compounds and other important industrial materials. It is available naturally and is a major source of organic compounds. Synthesized formaldehyde has several medical uses owing to which it has high demand for various applications. Formaldehyde is used as an important component for the production of urea-alkyd resins. It is a colourless, flammable chemical compound having strong smell, produced by the oxidation of methanol. It finds applications in medium density particle boards and plywood's for binding materials used for making various household products and furniture. Formaldehyde can also be used as a drying agent, plasticizer, and solvent. Resins made using formaldehydes are used in making of interior molded components and under-the-hood components that must withstand high temperatures.
Growing demand from various end user industries
Formaldehyde is extensively employed in various end-use industries such as building & construction, chemical, agriculture, personal care & cosmetics, healthcare, and automotive
It is considered as one of the most important industrial and research chemicals. The property of formaldehyde to chemically react, and subsequently build resilient structures makes it one of the important chemicals for building blocks in manufacturing, furniture, and construction sectors, due to its strength and moisture resistance. Formaldehyde-based resins also provide better dimensional stability and mold resistance. Thus, increase in demand for formaldehyde in different sectors is expected to drive the global formaldehyde market during the forecast period. Formaldehyde is also used in the production of vaccines, disinfectants, and personal care products such as toothpastes and mouthwash due to its excellent antibacterial properties. Rising demand from these products is projected to boost the demand for formaldehyde.
High toxicity of the product
The high toxicity exhibited by formaldehyde is the main factor restricting market growth. Due to its hazardous nature, its application has become limited in the personal care and cosmetics sector. To spread awareness regarding this issue, companies are educating their customers about the needs and advantages of using the product as per regulatory standards.
Increasing usage of paraformaldehyde
Paraformaldehyde finds application in various sectors including the paint industry, chemical & pharmaceutical industry, and agrochemical industry. It is used in coating applications owing to its low acid content, which aids in gloss control and thermal stability. Its low acid content also prevents the formation of acidic by-products and eliminates the risk of transporting liquid formalin. Moreover, the growing agriculture industry owing to the rising population and increasing trends to utilize maximum arable land may boost the formaldehyde market share. It is widely used in manufacturing organic chemical synthesizers and fertilizers.
Unfavorable regulations regarding the use of the product
There are some regulations from the authorities which have a negative impact on the market growth. For instance, the European Union has adopted a directive that states that maximum concentration of 0.2% by weight or volume of formaldehyde and paraformaldehyde should be used in cosmetics. These substances are permitted in all cosmetic formulations, except nail hardeners and oral hygiene products. Additionally, labels of cosmetic products are required to list formaldehyde and paraformaldehyde as ingredients when the concentration of either exceeds 0.05%. These regulations are anticipated to adversely affect the formaldehyde market.
The resins segment is expected to be the largest during the forecast period
The resins segment is expected to hold a major share of the global formaldehyde market during the forecast period. Formaldehyde is extensively used in the production of resins such as urea formaldehyde resin, phenol formaldehyde resin, and melamine formaldehyde resin. This is estimated to boost the demand for formaldehyde during the forecast period. Formaldehyde-based resins are utilized in the building & construction sector due to their properties such as high tensile strength, scratch resistance, high heat distortion temperature, low water absorption, mold shrinkage, high surface hardness, and low cost. Formaldehyde-based resins are employed in the textile industry to help binding of dyes and pigments to fabrics and prevent colors from running when clothes are washed.
The building & construction segment is expected to have the highest CAGR during the forecast period
Formaldehyde-based resins are used to create composite and engineered wood products for uses in moldings, furniture, countertops, cabinetry, shelving, stairs, wall sheathing, support beams, flooring, and trusses among many other household furnishings and structures. Formaldehyde enables manufacturing of long-lasting furniture at reduced costs as compared to wood and resins allow recycling of older furniture to provide high quality recycled wood products. Thereby demand for formaldehyde is anticipated to grow. Formaldehyde resins are used for making cabinet doors, lamination countertops, medium density fiber board and insulation. Asia-Pacific countries like China, India and Singapore have been registering the strong growth in construction and remodeling activities, the requirement for formaldehyde market is projected to increase from this region in the forecast period.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period. Asia Pacific region stands to be the dominant market for automotive and construction industry. Factors such as good adhesive strength and moisture resistance properties of formaldehyde-based resins and continuous demand from the furniture sector are likely to drive the market growth. Growing consumer inclination towards lightweight materials for use in housing construction and automotive components, Asia Pacific region is expected to witness strong growth in the consumption of formaldehyde. Formaldehyde and its derivatives perform a vital role in the manufacturing of various raw materials used in construction and coating applications owing to their economical nature and high-quality performance. Furthermore, the increasing government investments on infrastructural expansion by nations like China, India and Vietnam are providing thrust to use of formaldehyde in construction industry. Hence, all such market trends are expected to drive the demand for formaldehyde market in the region during the forecast period.
Region with highest CAGR:
Europe is projected to have the highest CAGR during the forecast period. Increasing demand for formaldehyde from the furniture industry in countries, including Russia, Italy, and Germany, is expected to boost the market growth over the forecast period. Germany is the major consumer of formaldehyde in Europe on account of its increasing demand for use in fiberglass mats in building and construction applications. Government initiatives supporting residential construction, coupled with the easy availability of housing loans, are anticipated to fuel the formaldehyde market share over the following years.
Some of the key players profiled in the Formaldehyde Market include BASF SE, Celanese Corporation, Acron Group, Alder SpA, Johnson Matthey, Hexion, Huntsman International LLC, Foremark Performance Chemicals, Georgia-Pacific Chemicals, and Metafrax.
In May 2019: Georgia-Pacific Chemicals and Bitrez announced distributor agreement. Bitrez Ltd., a leading manufacturer of specialist polymers and chemicals in the UK, has appointed Georgia-Pacific Chemicals as exclusive distributor for its Curaphen specialty phenolics across the United States, Canada and Mexico. The appointment extends to all but a small group of existing Bitrez customers.
In March 2017: Hexion Inc. has introduced a new phenolic resin for composites with an ultra-low free formaldehyde (ULEF) content of less than 0.1% at the JEC World 2017 International Composites Event in Paris. The new, lower volatile organic compound (VOC) Cellobond™ J2027-X01 resin maintains the Cellobond product line's proven excellence in fire, smoke and toxicity (FST) performance while providing improved safe use and handling. The ULEF resin contains one-tenth the free formaldehyde of previous systems. This results in reduced emissions during composite manufacturing, particularly during open-mold processes such as hand lay-up while maintaining the reliable performance of phenolic resins.
In November 2016: Celanese Corporation announced that it had increased the prices of formaldehyde (50%) by US$ 0.020 per pound and those of formaldehyde (37%) by US$ 0.015 per pound.
In September 2016: The German Federal Ministry for Education and Research (BMBF) has sponsored with around €1.5 million a joint research project of BASF SE, Heidelberg University, LMU Munich and hte GmbH as of October. The aim of the project, in which the “Catalysis Research Laboratory” (CaRLa) jointly operated by Heidelberg University and BASF SE will be involved, is to develop catalyst systems allowing the selective hydrogenation of CO2 to formaldehyde.
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Formaldehyde Market, By Derivative
5.2 Phenol Formaldehyde Resin
5.3 Urea Formaldehyde Resin
5.4 1,4 Butanediol
5.7 Melamine Formaldehyde Resin
5.10 Methylene Diphenyl Diisocyanate
5.11 Hexamethylenetetramine (Hexamine)
6 Global Formaldehyde Market, By Application
6.2 Paints & Coatings
6.5 Synthetic Lubricants
6.6 Polyurethane Foams
6.10 Drying Agents
6.12 Vulcanization Accelerators
7 Global Formaldehyde Market, By End User
7.4 Building & Construction
7.5 Personal Care & Cosmetics
7.6 Chemical and Petrochemical
7.7 Water Treatment
7.8 Oil & Gas
7.10 Electronic Appliances
7.11 Consumer Goods
7.14 Cleaning Products
7.15 Heating, Ventilation, & Air Conditioning (HVAC)
8 Global Formaldehyde Market, By Geography
8.2 North America
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.5 Other Key Strategies
10 Company Profiling
10.1 BASF SE
10.2 Celanese Corporation
10.3 Acron Group
10.4 Alder SpA
10.5 Johnson Matthey
10.7 Huntsman International LLC
10.8 Foremark Performance Chemicals
10.9 Georgia-Pacific Chemicals
List of Tables
1 Global Formaldehyde Market Outlook, By Region (2020-2028) ($MN)
2 Global Formaldehyde Market Outlook, By Derivative (2020-2028) ($MN)
3 Global Formaldehyde Market Outlook, By Phenol Formaldehyde Resin (2020-2028) ($MN)
4 Global Formaldehyde Market Outlook, By Urea Formaldehyde Resin (2020-2028) ($MN)
5 Global Formaldehyde Market Outlook, By 1,4 Butanediol (2020-2028) ($MN)
6 Global Formaldehyde Market Outlook, By Methylenebis (2020-2028) ($MN)
7 Global Formaldehyde Market Outlook, By Paraformaldehyde (2020-2028) ($MN)
8 Global Formaldehyde Market Outlook, By Melamine Formaldehyde Resin (2020-2028) ($MN)
9 Global Formaldehyde Market Outlook, By Pentaerythritol (2020-2028) ($MN)
10 Global Formaldehyde Market Outlook, By Polyoxymethylene/Polyacetal (2020-2028) ($MN)
11 Global Formaldehyde Market Outlook, By Methylene Diphenyl Diisocyanate (2020-2028) ($MN)
12 Global Formaldehyde Market Outlook, By Hexamethylenetetramine (Hexamine) (2020-2028) ($MN)
13 Global Formaldehyde Market Outlook, By Application (2020-2028) ($MN)
14 Global Formaldehyde Market Outlook, By Paints & Coatings (2020-2028) ($MN)
15 Global Formaldehyde Market Outlook, By Resins (2020-2028) ($MN)
16 Global Formaldehyde Market Outlook, By Fibers (2020-2028) ($MN)
17 Global Formaldehyde Market Outlook, By Synthetic Lubricants (2020-2028) ($MN)
18 Global Formaldehyde Market Outlook, By Polyurethane Foams (2020-2028) ($MN)
19 Global Formaldehyde Market Outlook, By Pesticides (2020-2028) ($MN)
20 Global Formaldehyde Market Outlook, By Solvents (2020-2028) ($MN)
21 Global Formaldehyde Market Outlook, By Plasticizers (2020-2028) ($MN)
22 Global Formaldehyde Market Outlook, By Drying Agents (2020-2028) ($MN)
23 Global Formaldehyde Market Outlook, By Preservatives (2020-2028) ($MN)
24 Global Formaldehyde Market Outlook, By Vulcanization Accelerators (2020-2028) ($MN)
25 Global Formaldehyde Market Outlook, By End User (2020-2028) ($MN)
26 Global Formaldehyde Market Outlook, By Healthcare (2020-2028) ($MN)
27 Global Formaldehyde Market Outlook, By Agriculture (2020-2028) ($MN)
28 Global Formaldehyde Market Outlook, By Building & Construction (2020-2028) ($MN)
29 Global Formaldehyde Market Outlook, By Personal Care & Cosmetics (2020-2028) ($MN)
30 Global Formaldehyde Market Outlook, By Chemical and Petrochemical (2020-2028) ($MN)
31 Global Formaldehyde Market Outlook, By Water Treatment (2020-2028) ($MN)
32 Global Formaldehyde Market Outlook, By Oil & Gas (2020-2028) ($MN)
33 Global Formaldehyde Market Outlook, By Automotive (2020-2028) ($MN)
34 Global Formaldehyde Market Outlook, By Electronic Appliances (2020-2028) ($MN)
35 Global Formaldehyde Market Outlook, By Consumer Goods (2020-2028) ($MN)
36 Global Formaldehyde Market Outlook, By Textile (2020-2028) ($MN)
37 Global Formaldehyde Market Outlook, By Furniture (2020-2028) ($MN)
38 Global Formaldehyde Market Outlook, By Cleaning Products (2020-2028) ($MN)
39 Global Formaldehyde Market Outlook, By Heating, Ventilation, & Air Conditioning (HVAC) (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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