Formaldehyde Market Size By Derivatives (PF Resins, UF Resins, MF Resins, Polyoxymethylene/ Polyacetal, Methylene Diphenyl Diisocyanate, Pentaerythritol, 1,4 Butanediol, Paraformaldehyde, Hexamine), By End-Use Application (Resins, Textile, Plasticizers, Paints, Elastic Fibers, Synthetic Lubricants, Polyurethane Foams, Vulcanization Accelerators, Household/Electronic Appliances, Pesticides), Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026

Published Date: Dec 2019  |  Report ID: GMI3751  |  Authors: Kunal Ahuja, Amit Rawat

Report Format: PDF   |   Pages: 275   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Formaldehyde Market size exceeded $4 billion, globally in 2018 and is estimated to grow at over 5% CAGR between 2019 and 2026. Rising demand for adhesives & coatings in furniture, automotive, textile & construction industries and growing shift towards high performance additives which help improve the overall efficiency shall boost the market demand.

Formaldehyde Market Statistics

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Formaldehyde is a chemical compound produced by the oxidation of methanol. The product owing to its superior physical & chemical properties is used in various building materials & household products formulations as it acts as a preservative and offers high bonding properties.

These derivatives find applications in glues & adhesives, coatings, fiberboard and certain insulation materials. In addition, the product forms a crucial component in the synthesis of resins including para, phenol & urea formaldehyde which are widely served in medium density plywood and particle boards.

Formaldehyde is extensively used in the manufacturing of lightweight resins which find applications in automotive market. Adoption of these derivatives as raw material in the production of auto components significantly enhances the fuel efficiency and helps in achieving high performance output.

For example, Celanese Corporation, a manufacturer of chemical & specialty materials offers formaldehyde for use in several vehicle interior applications. The product is available in range of concentrations which offer solubility in water, alcohol & ether. 

Automotive industry requires long-lasting adhesive solutions to ensure that the vehicle offers high performance and provides effective abrasion resistance. Formaldehyde market derivatives such as MF resins and UF resins are high thermosetting adhesives which offer cost effectiveness and effective thermal stability.

In addition, these products are also used in speaker grills, sunroof systems, window winders and mirrors as they contribute to the low weight of the vehicle.

The U.S. Emission Standards for Composite Wood Products (40 CFR Part 770) amends the Toxic Substances Control Act, which aims to reduce the possibility of exposure to formaldehyde emissions from wood products imported in the U.S. or produced domestically. The emission standards vary according to the composite, such as medium-density fiberboard, thin medium-density fiberboard, and hardwood plywood.

High versatility & excellent thermal properties to escalate UF resins market size

Formaldehyde Market by UF Resins

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Based on derivative, the formaldehyde market is segmented into UF resins, MF resins, PF resins, POM, MDI, 1,4 BDO, Pentaerythritol, Paraformaldehyde and Hexamine. UF resins are used in manufacturing high performance automotive interior, fuel system parts and building materials as they offer high strength and rigidity.

They can be customized easily to impart chemical & heat resistant characteristics which makes them compatible for the production of doors, windows and wall linings. The product operates as a chemical combination of urea and formaldehyde which is not poisonous in nature which further increases its application outlook in several industries.

UF resin segment is attributed to the rise in investments towards the development of new residential & commercial buildings. This has boosted the demand for high quality adhesives & coatings. Key factors driving the formaldehyde market growth are attributed to extensive focus on research & development which has enabled manufacturers to utilize hi-tech manufacturing processes to improve the quality and cost affordability of the raw materials produced.

Formaldehyde Market Report Coverage
Report Coverage Details
Base Year:2018
Market Size in 2018:4 billion (USD)
Forecast Period:2019 to 2026
Historical Data for:2014 to 2018
No. of Pages:275
Tables, Charts & Figures:290
Segments covered:Derivatives & End-Use Applications
Growth Drivers:
  • North America: Growth in wood furniture market
  • Europe:
    • Increasing demand for paints & coatings in the region
    • Growing demand for high quality plasticizers
  • Asia Pacific:
    • Growing automotive industry
    • Increasing construction spending in Asia Pacific
  • LATAM: Evolving resin manufacturing hubs in the region
  • MEA:
    • Growing demand for luxury furniture
    • Rising preference towards specialty fertilizers
Pitfalls & Challenges:
  • Stringent government regulations
  • Increasing availability of formaldehyde-free products

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Growing housing construction to strengthen high quality paints demand

Formaldehyde Market By Paints Application

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Based on application, the formaldehyde market is segmented into resins, textile, plasticizers, paints, elastic fibers, synthetic lubricants, polyurethane foams, vulcanized accelerators, household /electronic appliances and pesticides. Derivatives such as paraformaldehyde is used in the manufacture of paints & coatings.

The product acts as a highly durable exterior primer which helps in giving clear coat paint to the final product. This in turn, enhances the appearance of the vehicles and imparts a glossy touch to the final product.

Formaldehyde derivatives in paints & coatings applications offer superior functionality, versatility, and unique chemical properties. These formaldehyde-based paints are utilized in furniture, construction and automotive industries.

The major factors for formaldehyde market demand are increased corrosion resistance and protection from external influences such as sun. Pentaerythritol is a widely used derivative form and acts as a building block in several architectural paints & coatings applications as it can withstand elevated temperatures and dries rapidly to form surface coatings with high gloss.

          Furniture industry growth in North America to drive resins market expansion

U.S. Formaldehyde Market, By Resins Application

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North America from resins applications shall register gains of around 3% by 2026. These resins are widely used as adhesives & high-quality coatings in plywood, wood panels and other furniture applications. MF resins are used in furnishing applications which require contact with water such as exterior grade panel products and kitchen furniture. Key formaldehyde market trends of the resins such as superior water resistance and dimensional stability further increases their use in the production of wood panels and particle board.

The formaldehyde market opportunities in North America are increasing owing to its high versatility, effective adhesion and economic feasibility. Wood based material lamination requires high bonding range to enhance the longevity of products. Another class of formaldehydes, UF resins, are also used in the manufacturing of premium furniture owing to their short setting time, hardness, superior bond strengths and low manufacturing costs.

Collaboration among Industry players to remain key growth strategy

Various market players are involved in various strategic collaborations to improve their market presence and gain a competitive edge in the formaldehyde industry. Global formaldehyde market consists of players such as BASF SE, Huntsman Corporation, Bayer AG, Georgia-Pacific Chemicals, Hexion and Foremark Performance Chemicals.

In June 2017, SK Capital, a U.S. based investment firm completed its acquisition of D.B. Western, Inc. (Foremark Performance Chemicals) which is a technology driven manufacturer of formaldehyde and derivatives. The formaldehyde market value will help the company to strengthen its positioning in the chosen market and develop new product innovations.

SI Group, a manufacturer of chemical intermediates & specialty resins in 2017 completed its construction of new, state-of-the-art manufacturing plant in Brazil. The project includes a new plant which will help an expansion of the existing resin plant. The facility will bring another 80,000 metric tons of annual capacity in resin and formaldehyde production which is expected to increase the market opportunities.

SI group has invested about USD 20 million in 2017 to expand its presence in the formaldehyde industry and positioning in the global market. In addition, the plant is equipped with high efficiency technology which will lead to a 30% reduction of natural gas consumption and enhanced safety features for operator safety.

The formaldehyde market report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Tons revenue in USD from 2015 to 2026, for the following segments:

By Derivative

  • UF Resins
  • PF Resins
  • MF Resins
  • POM
  • Pentaerythritol
  • MDI
  • 1,4 BDO
  • Paraformaldehyde
  • Hexamine
  • Others

By End-Use Application

  • Resins (Adhesives & Coatings)
  • Textile
  • Plasticizers
  • Paints
  • Elastic Fibers
  • Synthetic Lubricants
  • Polyurethane Foams
  • Vulcanized Accelerators
  • Household/electronic Appliances
  • Pesticides
  • Others

The above information has been provided for the following regions and countries:

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Ireland
    • Belgium
    • Netherlands
    • Denmark
    • Norway
    • Sweden
    • Iceland
    • Switzerland
  • Asia Pacific
    • China
    • India
    • Japan
    • Indonesia
    • Australia
    • Malaysia
    • Thailand
  • Latin America (LATAM)
    • Brazil
    • Argentina
    • Mexico
  • Middle East & Africa (MEA)
    • Saudi Arabia
    • South Africa
    • UAE

Frequently Asked Questions (FAQ) :

In 2018, the formaldehyde market registered a remuneration of $4 billion.
The overall formaldehyde market might register a crcr of 3% over the anticipated period.
According to the report published by Global Market Insights Inc., the formaldehyde business is supposed to attain $5.5 billion (USD) by 2026.
Growing automotive & wood furniture industry, increasing demand for paints & coatings, high quality plasticizers & luxury furniture, increasing construction spending and rising preference towards specialty fertilizers are the major key factors expected to drive the growth of global formaldehyde market.
Dynea Oy, BASF SE, Huntsman Corporation, Balaji Formalin, Bayer AG, Georgia-Pacific Chemicals, Perstorp, Chemique Adhesives, Hexion, Celanese Corporation, Foremark Performance Chemicals, Ercros S.A., Chemanol, LyondellBasell, Alder S.p.A. are some of the top contributors in the industry.
Based on the application, the paint segment registered a significant market share in 2018 and is projected to record a remarkable growth rate throughout the forecast period.

Premium Report Details

  • Published Date: Dec 2019
  • Pages: 275
  • Tables: 247
  • Charts / Figures: 43
  • Companies covered: 15
  • Countries covered: 26

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