May 31, 2021 09:30 ET | Source: Brandessence Market Research and Consulting Private Limited Brandessence Market Research and Consulting Private Limited
LONDON, UK, May 31, 2021 (GLOBE NEWSWIRE) -- Global Formaldehyde Market is valued at USD 20.79 Billion in 2020 and expected to reach USD 28.58 Billion by 2027 with the CAGR of 4.65% over the forecast period. Its increasing application in various industries such as; construction, textile and automobile is the key factor driving the growth of Global Formaldehyde Market.
Top Companies in Formaldehyde Market Report: Some major key players for Global Formaldehyde Market are Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Celanese Corp., Dynea AS, Ercros SA, Foremark Performance Chemicals, Georgia Pacific Corporation, Hexion Inc., Huntsman International LLC, INEOS Group Holdings SA, Koch Industries Inc., LANXESS AG and many others.
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Formaldehyde is one of the most studied and well-understood chemicals in use today. Formaldehyde is used in various building materials and household products. Composite and engineered wood items and many other home furnishings and structures are made with formaldehyde-based resins. It offers high bonding properties. Formaldehyde-based resins are used to make interior molded components and under-the-hood components that must withstand high temperatures. These resins are also used for highly durable exterior primers, transparent coat paints, tire-cord adhesives, brake pads, and fuel-system parts. Vehicles with formaldehyde technology are lighter and more energy efficient. Formaldehyde is also used in automotive. Thus, it has application in various industries.
During the Covid-19 pandemic, the careful steps taken by governments of different nations have led to the temporary shutdown of automotive, construction, wood-based industries, and others where formaldehyde is extensively used which has impacted the market negatively. However, formaldehyde is also used to manufacture vaccines anti-infective drugs, hard-gel capsules, and also used as a disinfectant and in various healthcare products which has increased its demand.
Increasing Application of Formaldehyde in Various Industries Such As; Construction, Textile And Automobile is the Key Factor Driving the Growth of Global Formaldehyde Market
Nowadays construction and automobile industries are growing with a good pace owing to the increasing disposable income, growing population, and emerging economies. Formaldehyde is used in the aerospace and automobile sector due to its highly stable molding processing ability and its low cost. Increasing production of furniture has prompted the demand for formaldehyde in wood-based industries. Formaldehyde is widely used in personal care such as in cosmetics, toothpaste, and many other products due to its antimicrobial properties and it acts as a preservative. For instance; according to the Centre for Industrial Studies 2018, World furniture production has been growing at a global level. Almost +20% (current USD) cumulative growths between 2008 and 2017. In addition, formaldehyde is used in healthcare applications such as the manufacture of vaccines, anti-infective drugs, and hard-gel capsules. Formaldehyde is used to inactivate viruses so that they do not cause disease. Formaldehyde is used in the production of personal care and consumer items. These products may contain formaldehyde-releasing ingredients, which act as a preservative by killing microorganisms and preventing bacteria and other pathogens from growing, thereby extending the shelf life of the product.
However, exposure to formaldehyde may cause harmful effects on human health which may hamper the growth of the market. In spite of that, increasing application of formaldehyde resins in stabilization and valorization of organic fraction of municipal solid waste and increasing infrastructure around the globe can offer more opportunities for the further growth of the global formaldehyde market.
Asia Pacific is Expected to Witness a Fastest Growth in the Global Formaldehyde Market
Asia Pacific is expected to show a fastest growth in the global formaldehyde market owing to the increasing growth of construction and automotive industry in this region. Formaldehyde and its derivatives play important role in manufacturing raw materials that are used in construction and automobile parts. Rising government investment in infrastructure expansion in countries like China, India, and Vietnam may also drive the demand for the formaldehyde in this region. According to the Journal of Sustainability 2019, the construction industry has made a significant contribution to China's economic growth and urbanization. The gross production of China's construction industry has increased by 1160 %, from USD $0.21765 trillion to USD $2.902 trillion which is creating more opportunities for the formaldehyde market. Also, North America and Europe are also expected to show a significant growth in the global formaldehyde market.
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News: Huntsman Corporation Acquired CVC Thermoset Specialities.
On March, 16th, 2020, Huntsman Corporation acquired CVC Thermoset Specialties, a North American specialty chemical company supplying the commercial composites, adhesives, and coatings markets. Emerald Performance Materials LLC, which is majority-owned by affiliates of American Securities LLC, owns CVC Thermoset Specialties. The acquisition of CVC Thermoset Specialties brings valuable complementary technology breadth to Huntsman Corporation’s Advanced Materials portfolio and its unique products will make systems using their class-leading epoxy-based materials even tougher, stronger, and more durable. Huntsman will use existing asset footprint and routes to market in Europe and Asia to rapidly grow and globalize CVC Thermoset Specialties' exciting and complementary product range to strengthening the position in North America. This acquisition will further improve the ability to create differentiation in customers' applications even further in particular through strong formulation businesses.
Global formaldehyde market is segmented into source, derivatives, end-user and regional & country level. On the basis of source, the market is segmented into organic and conventional. On the basis of derivatives, the market is segmented into urea formaldehyde, phenol formaldehyde, melamine formaldehyde, polyoxymethylene and others. On the basis of end-user, the market is segmented into construction, furniture, automotive, healthcare and others.
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Key Benefits for Global Formaldehyde Market Report–
By Regional & Country Level:
1. Chapter – Report Methodology 1.1. Research Process 1.2. Primary Research 1.3. Secondary Research 1.4. Market Size Estimates 1.5. Data Triangulation 1.6. Forecast Model 1.7. USP’s of Report 1.8. Report Description
2. Chapter – Global Formaldehyde Market Overview: Qualitative Analysis 2.1. Market Introduction 2.2. Executive Summary 2.3. Global Formaldehyde Market Classification 2.4. Market Drivers 2.5. Market Restraints 2.6. Market Opportunity 2.7. Formaldehyde Industry Growth 2.8. Porter’s Five Forces Analysis 2.9. Market Attractiveness Analysis
3. Chapter – Global Formaldehyde Market Overview: Quantitative Analysis
4. Chapter – Global Formaldehyde Market Analysis: Segmentation By Type
5. Chapter – Global Formaldehyde Market Analysis: Segmentation By Application
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