Formaldehyde Market size worth over $5.5 billion by 2026
Published Date: December 17, 2019 Authors: Kunal Ahuja, Amit Rawat
According to a new research report by Global Market Insights, Inc., the Formaldehyde Market size is set to surpass USD 5.5 billion by 2026. Rapid increase in urbanization has urged the demand for new, affordable housing which shows significant opportunities for market growth.
The formaldehyde market shall witness significant gains from 2019 to 2026 owing to the increasing use of resins in several construction & automotive applications. Formaldehyde derivatives are widely used in the manufacture of high-quality paints, adhesives & coatings pertaining to their high bonding strength and versatility. Derivatives such as PF resin, UF resin, POM and MDI are widely used resins in the production of a variety of wood products such as flooring, cabinets and shelving as they offer high strength and cost affordability.
Light weight and superior bonding strength to accelerate PF resins market share
Rise in demand for durable phenolic compounds owing to their superior physical properties has increased the formaldehyde market value for phenolic resins in building materials applications. Formaldehyde industry serves in the manufacture of premium quality adhesives & coatings owing to their high performance and stability even under high temperatures. Key market factors such as high heat resistance and low toxicity have further increased the product penetration in the production of protective coatings for electrical devices.
Improved performance output owing to high thermal stability to propel plasticizers market
Demand for high performance plastics owing to their low weight & flexibility show significant formaldehyde market opportunities. Global plasticizers segment was valued over USD 13.5 million in 2018. Formaldehyde derivatives such as melamine formaldehyde is widely used in the manufacture of plasticizers owing to its mechanical & molding properties. The formaldehyde resin is used in the production of high-quality concrete owing to their increased compressive strength, workability which leads to the formation of hard concrete. In addition, plasticizers also find suitable use in flooring & wall, wires & cables, and adhesives & sealant applications.
Browse key industry insights spread across 275 pages with 248 market data tables and 43 figures & charts from the report, “Formaldehyde Market 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), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Production of cost-effective automotive paints to drive market expansion in Europe
Automotive paints help in maintaining the ambient appearance, durability and reliability of the vehicle which significantly increases their long-term use. Key factors augmenting the formaldehyde market demand in the region include increasing consumer awareness towards vehicle maintenance and use of advanced technology in the generation of cost-effective paints.
Resins such as urea, phenol & melamine formaldehydes are used in auto paints as they offer durable exterior primers and provide glossy touch to the vehicle. Europe paints value is expected to surpass at over USD 1.35 billion by 2026. Formaldehyde resins in paint formulations impart high gloss & hardness are moisture resistant and retain a dust free surface.
Adoption of slow release fertilizers to drive market opportunities in Asia Pacific
Emergence of modern field practices have increased the use of crop protection products such as fertilizers, pesticides & fungicides to enhance the crop yield which shall promote fertilizers market growth. With Asia Pacific accounting for 30% of the global land available, increasing population in the region has boosted the food production activities, which is expected to drive the demand for agrochemicals. Formaldehyde based pesticides prevent the possibilities of crop damage and help in fighting disease-causing organisms. Chemical pesticides production in China amounted over 2.5 million metric tons in 2017 which shows significant formaldehyde market opportunities. Formaldehyde based pesticides are used as disinfectant and help in pest control for several bacteria and fungi.
Market players are concentrating towards increasing their industry expansion by improving their production capacities and engaging in strategic collaborations & partnerships. Formaldehyde manufacturers are also indulged in joint ventures and acquisitions to deliver new innovations & creativity to improve their product portfolio. Some key players for formaldehyde industry include Dynea Oy, Huntsman Corporation, Georgia-Pacific, Celanese Corporation and LyondellBasell.
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