November 1, 2021 10:38 ET | Source: Qualiket Research Qualiket Research
Dallas, Texas, USA, November 1, 2021 (GLOBE NEWSWIRE) - The global formaldehyde market is valued at USD 7.81 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2027 increase.
Formaldehyde is an important component in the production of alkyd resins. It is described as a colorless, flammable compound with a strong odor, produced by the oxidation of methanol. It is mainly used in industries such as plywood, automobiles, healthcare and construction. Formaldehyde can also be used as a desiccant, plasticizer and solvent.
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The main players in the formaldehyde market are Allnex Belgium SA/NV, BASF SE, Chemiplastica SA, Georgia-Pacific Chemicals LLC, Hexza Corporation Berhad, Hexion Inc., INEOS Group, Mitsui Chemicals Inc., Nissan Chemical Industries Ltd. and Pacific Texchem Pvt . Limited company
COVID-19 has paralyzed the entire world. Almost all countries have implemented blockades and strict social distancing measures. This has led to chaos in the supply chain. This pandemic changed the common system all over the world. The epidemic has affected commercial activities in the formaldehyde market. Because formaldehyde and its derivatives are present in almost all end-use applications, companies in the formaldehyde market are reducing their focus on cleaners, disinfectants, and other basic products throughout the pandemic.
The global formaldehyde market is fragmented, with a small number of large companies and a large number of small companies operating in China
The global formaldehyde market is dominated by BASF SE, Hexion, PJSC Metafrax and Ercros SA. In 2018, these four companies have accumulated 25% of the global formaldehyde market.
On April 9, 2019, Dynea AS announced that it has signed a contract with PJSC Metafrax to build a 100 KTA formaldehyde plant in Gubakha, Perm, Russia
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Due to the rapid growth of the adhesive, automotive, furniture, and electrical and electronic manufacturing industries, the Asia-Pacific region will lead the market with the largest revenue share in 2020. Due to the increasing demand for formaldehyde in the furniture industry in countries such as Russia, Italy and Germany during the forecast period, Europe will be the second largest formaldehyde market in 2020. Central and South America (CSA) is expected to witness high demand for formaldehyde in different end-use applications such as cosmetics, healthcare, photography, paint, and food. Formaldehyde is used to preserve cosmetics.
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