Formaldehyde Market To Hit Value 21.03 Billion By 2020 |Grand View Research, Inc.


The global formaldehyde market is expected to reach USD 21.03 billion by 2020, according to a new study by Grand View Research Inc. Growth in furniture and construction industry along with increasing concentration in Asia Pacific is expected to be a key driver for the market over the next six years. Fluctuating raw material prices coupled with the increasing consumer awareness regarding harmful effects of formaldehyde is expected to be a major challenge for the market over the forecast period. In addition, stringent environmental regulations, imposed by REACH on formaldehyde emissions from wood products are expected to further hinder the growth of the market.
Formaldehyde is an important feedstock component for production urea-alkyd resins, which find applications mainly for the output of binding materials for medium density plywood and particle boards. Formaldehyde is extensively used in various industries such as plywood, automobile, construction, etc. Key drivers for formaldehyde market include the growth of its application in various industries such as construction, automobile and textile industry.
Formaldehyde is typically formulated from methanol which is predominantly used in synthesis of resins. This constituted a major portion of its application and the rest is followed by formaldehyde usage in fertilizer sector and in producing various disinfectants and preservatives. They are also primarily utilized as hydrogen sulfide scavenger in diverse oil operations and in other industrial applications.

Key participants in the global formaldehyde market include Dynea Oy, Bayer AG, Celanese Corporation, BASF SE, Perstorp Formox AB, Georgia Pacific Corporation, Momentive Specialty Chemical Inc., Huntsman Corporation, and more.

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Positive outlook on construction and growth in infrastructure spending has led to an upturn in formaldehyde market demand for various reinforcement and component applications. Formaldehyde is produced close to the consumption area, owing to issues in transportation over long distances. Growing concerns for health and safety regarding human life as well as the environment are expected to be key challenges for industry participants.

Further key findings from the study suggest:
  • UF Resins dominated the application market in terms of revenue and volume, accounting for over 39% of global market volume in 2013. PF resins are expected to be fastest growing application segment, at an estimated CAGR of 7.1 % from 2014 to 2020. Growing consumption of phenol formaldehyde in automotive and construction industry as insulation foams and binders is expected to augment demand. In addition, increasing demand for PF resins from the oil and gas industry is expected to further fuel the formaldehyde market.
  • Construction was the largest end use market for formaldehyde, with demand in excess of 23 million tons in 2013. Formaldehyde is extensively used in construction materials such as cabinet doors, medium density fiberboards and strand boards resulting in high demand from the segment.
  • Asia Pacific was the largest regional market for formaldehyde, accounting for revenue of USD 6.74 billion in 2013 owing to increased production of textile, automotive and cosmetics. Emerging markets in Latin America, Middle East and Africa are expected to show combined growth at an estimated CAGR of 6.4 % from 2014 to 2020.
  • Global formaldehyde market is highly fragmented with top four companies accounting for less than 15% of global revenue in 2013. Key industry participants include Dynea Oy, Bayer AG, Celanese Corporation, and BASF SE, Formox AB, Georgia Pacific Corporation, Momentive Specialty Chemical Inc. and Huntsman Corporation.
The U.S. EPA has issued stringent guidelines to be followed to ensure the safety of the workforce and avoid potential damage to lungs, nose, skin, reproductive systems problems and also cancer. Apart from regulatory restrictions, fluctuations in the price of raw materials are key issues associated with the formaldehyde market.

Key formaldehyde market applications include PF resins, UF resins, MF resins, polyacetal resins, pentaerythritol, 1,4-butanediol, and methylenebis. PF resins are expected to dominate the overall formaldehyde market majorly on account of its high consumption rates and demand for industrial and consumer-oriented products. PF resins being water and fire resistant are widely used in construction and automotive industry as insulation foams, binders, and composites.
Formaldehyde has multiple applications across a robust range of end-use industries. They are widely used in cosmetics, wherein the compound acts as antimicrobial agent as well as a preservative. Similarly, in terms of its involvement in agriculture industry, the compound is majorly used as a fumigant and also as a fungicide and germicide.

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The usage of PF resins has also been increasing in the oil industry. Phenolic PF resins, water resistant in nature, are used as adhesive and durable binders. Fire resistant variants are widely used in automobile industries and construction industries. Growing UF resins preference is also expected to drive formaldehyde market growth owing to its chemical, arc, and flame resistant and colour retention properties along with the ability to be applied in aqueous suspension.

Grand View Research has segmented the formaldehyde market on the basis of application, end user:
Global Formaldehyde Application Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 - 2020)
  • UF Resins
  • PF Resins
  • MF Resins
  • Polyacetal Resins
  • Pentaerythritol
  • Methylenebis (4-phenyl isocyanate) (MDI)
  • 1,4-butanediol
  • Others
Global Formaldehyde End Use Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 - 2020)
  • Construction
  • Others (automotive, aircraft, healthcare, clothing)
Construction is a key end-use industry for the market, where resins are used for making cabinet doors, laminator countertops, medium density fibreboard and insulation. It enables to the manufacturing of long-lasting furniture at reduced costs as compared to wood. Resins allow recycling of older furniture to provide high quality recycled wood products which help in reducing the negative impact on the environment as well.
Formaldehyde market demand is expected to be driven in the automotive industry, in the form of resins and other materials for use as varying car components possessing properties of high strength and abrasion resistance.

About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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