Formaldehyde is a chemical compound produced by the oxidation of methanol. It offers high bonding properties, superior physical & chemical properties which find applications in glues & adhesives, coatings, fiberboard, and certain insulation materials. The extensive use of Formaldehyde in various industries such as plywood& furniture, automobile, textile, and construction is likely to drive the market.
Increasing Demand From Various End-Use Industries is Anticipated to Drive the Demand for Formaldehyde Market. Formaldehyde is extensively employed in various end-use industries such as building & construction, chemical, agriculture, personal care & cosmetics, health care, and automotive. The formaldehyde is one of the important chemicals for building blocks in the manufacturing furniture, and construction sector, due to its strength and moisture resistance. Formaldehyde-based resins also provide better dimensional stability and mold resistance. The increasing demand from all these sectors is expected to drive the formaldehyde market during the forecast period.
However, the growing concerns over the adverse effects of the product on human health have prompted regulatory bodies to impose restrictions on its usage. Furthermore, fluctuation in raw material pricing, main methanol are expected to be key challenges for industry participants.
“Global Formaldehyde Market was Valued at US$ 8.86 Bn in 2018 And it is Expected to Reach More than US$ 12.94 Bn by 2027, Likely to Grow with the CAGR of 4.3% During the Forecast Period.”
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Urea Formaldehyde Resins Segment Held the Significant Share in Global Formaldehyde Market In 2018.Urea-formaldehyde resin derivative segment is expected to hold an over 22% market share in terms of revenue. The Urea-formaldehyde resins are widely used in industry as binders for the production of bonded wood products, particularly particleboard, plywood, and various fiberboards are increasingly gaining traction in the wood industry due to their cost-effectiveness and robust strength. As it offers properties such as scratch resistance, high tensile strength, high heat distortion temperature, high surface hardness, elongation at break, and volume resistance urea-formaldehyde resins are used as adhesives in various end-use industries, these resins are gaining prominence as a key wood adhesive.
Asia Pacific Region is Expected to Dominate the Formaldehyde Market During the Forecast Period.The Asia-Pacific formaldehyde market had over 40% of the market share value in 2018. The market has grown considerably during the past few years and is expected to grow at a more rapid pace during the forecast period Currently more than half of the total global market is part of the manufacturing adhesives sector, because of its property of high reactivity, wonderful performance, and low price. China is the largest consumer of formaldehyde resin in Asia-Pacific, having a consumption share of more than 70% of the total Asia-Pacific demand in 2018.
While Europe and North America cumulatively held a market share of more than 30% of the market in 2018. The North American market has shown signs of steady demand in various segments.
The formaldehyde market is fragmented, with the presence of a few large-sized players and a large number of small players operating in China. The formaldehyde market is dominated by Hexion Inc., PJSC Metafrax, BASF SE, and Ercros S.A.These four companies cumulatively accounted for more than a 20% share of the formaldehyde market in 2018.
The prominent players in the global formaldehyde market are Bayer AG, Celanese Corporation, Dynea Oy, BASF SE, Perstorp Formox AB, Georgia Pacific Corporation, Huntsman Corporation, and more. Hexion Inc., Momentive Specialty Chemical Inc., PJSC Metafrax, and Ercros S.A.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
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e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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