February 5, 2020 16:00 ET | Source: Acumen Research and Consulting Acumen Research and Consulting
Los Angeles, February 5, 2020 (Global News Agency)-Global market research provider Acumen Research and Consulting recently released a report entitled "Formaldehyde Market Size, Share, Growth Opportunities and Forecasts, 2019-2026" Reporting.
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The global formaldehyde market has been subdivided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region had the largest market share in 2018 and is expected to maintain its dominant position during the forecast period. This can be attributed to the high demand for formaldehyde in various industries in the automotive and construction industries in emerging countries such as China, India and Indonesia. With the advancement of urbanization in the region, residential and non-residential projects have increased, and the demand for automobiles and lightweight vehicles has also increased. All these factors are the reasons for the growth of the formaldehyde market in this region. It is expected that various industries in North America and Europe will achieve steady growth during the forecast period.
According to derivatives, the market is divided into urea-formaldehyde (UF) resins, phenolic (PF) resins, MF resins, polyacetal resins, 1,4-butanediol, pentaerythritol and methylene bis. Due to the high demand and consumption rate for laminate, plywood and wood processing, PF resin is expected to grow the fastest during the forecast period. In addition, it is also used in the aerospace and automotive industries due to its highly stable forming and processing capabilities, best mechanical properties and low cost. Market participants are investing in R&D activities and are committed to developing PF resin-based composite materials to improve their mechanical properties. However, considering its value and market share, UF resins dominate the market. This can be attributed to its wide application in the production of textiles, paper, rayon, blends and anti-wrinkle fabrics. UF resin has the advantages of economical price, high reactivity and high performance.
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According to the application, the market is segmented into fibers, solvents, plasticizers, desiccants, resins and other chemical intermediates. From the application point of view, the resin segment accounted for the largest market share in 2018 and is expected to maintain its dominant position during the forecast period. Formaldehyde is widely used in the manufacture of phenolic resins, urea-formaldehyde resins and melamine-formaldehyde resins. These resins are widely used in the construction field due to their high surface hardness, scratch resistance, low water absorption, high tensile strength and low cost.
According to the end use of formaldehyde, the global formaldehyde market is divided into consumer products, automobiles, healthcare, construction, etc. In 2018, the construction industry accounted for the largest market share and is expected to maintain its dominant position during the forecast period. This can be attributed to the use of formaldehyde in the manufacturing of laminator countertops, cabinet doors, MDF and insulation materials.
The main players operating in the formaldehyde market are Alder SpA, BASF SE, Bayer CropScience, Celanese AG, Dynea AS, Foremark Performance Chemicals, Georgia-Pacific Chemicals LLC, Huntsman International LLC, Johnson Matthey Process Technologies, Momentive Specialty Chemical Inc. And PerstorpOrgnr. Mergers, acquisitions, cooperation and innovative product launches are key strategies adopted by industry participants to increase market share. Due to the toxicity of formaldehyde-free products, the research and development activities of universities and companies are looking for alternatives to formaldehyde-free products. Therefore, this may have a negative impact on market growth.
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Some key observations about the formaldehyde industry include:
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