Formaldehyde is known as an important feedstock component used for the production of urea-alkyd resins, which further find applications as binding materials for the medium density particle boards and plywood. Formaldehyde has wider use in various industries such as automobile, plywood, construction, and healthcare. Formaldehyde is basically synthesized from methanol, which is principally utilized in the synthesis of resins. Furthermore, it is also used as a solvent, plasticizer, and drying agent. Formaldehyde has further emerged as one of the most critical ingredients utilized to develop a broad range of household products, including cosmetics, medicines, antiseptics, etc. Owing to consistent research and development activities, the adoption of formaldehyde across various end-use industries is growing at a rapid pace.
MARKET DYNAMICS
The formaldehyde market has witnessed significant growth owing to factors such as wider application in industries such as building & construction, automotive, chemical, agriculture, personal care & cosmetics, healthcare, and others. Formaldehyde finds applications in resins, fibers, solvents, plasticizers, drying agents, and others. Formaldehyde is further used as a building-block material; there are very few compounds that could potentially replace it as a raw material. The growing adoption of formaldehyde-based resins has significantly improved the rate of wood utilization and played an important role in minimizing wood waste. Moreover, owing to the versatile and favorable chemical properties of formaldehyde, the demand for the same is set to move in an upward trajectory during the assessment period. However, the government rules & regulations, as well as fluctuating prices of raw materials, may hamper the market growth during the forecast period. Nevertheless, with the steady growth in the chemical processing industry and construction industry, there are opportunities for the market players to invest in this market.
MARKET SCOPE
The "Global Formaldehyde Market Analysis to 2028" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the formaldehyde market with detailed market segmentation by derivatives, application, end-use, and geography. The global formaldehyde market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading formaldehyde market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global formaldehyde market is segmented on the basis of derivatives, application, and end-use. On the basis of derivatives, the formaldehyde market is segmented into phenol formaldehyde resins, urea-formaldehyde resins, melamine formaldehyde resins, polyacetal resins, pentaerythritol, 1,4-butanediol, methylenebis, and others. The formaldehyde market on the basis of the application is classified into resins, fibers, solvents, plasticizers, drying agents, and others. On the basis of end-use, global formaldehyde market is bifurcated into building & construction, automotive, chemical, agriculture, personal care & cosmetics, healthcare, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global formaldehyde market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The formaldehyde market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the formaldehyde market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the formaldehyde market in these regions.
MARKET PLAYERS
The reports cover various key developments in the global formaldehyde market. Various companies are focusing growth strategies such as product launches, product approvals and others such as patents and events. Some of the growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from formaldehyde market are anticipated to lucrative growth opportunities in the future with the rising demand for formaldehyde in the global market. Below mentioned is the list of few companies engaged in the formaldehyde market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the formaldehyde market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- BASF SE
- Bayer AG
- Celanese Corporation
- Dynea Oy
- Georgia Pacific Corporation
- Hexion Inc.
- Huntsman Corporation
- Momentive Specialty Chemical Inc.
- Perstorp Formox AB
- PJSC Metafrax
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.