Formaldehyde Market to Reach a Valuation of ~US$ 11.5 bn by 2027
Considered as one of the most important research and industrial chemical due to its ability to produce resilient structures, formaldehyde is set to witness increased demand across industries. The global formaldehyde market is set to record a moderate compound annual growth rate of about 3% from 2019 to 2027. The market worth in the year 2018 was about USD 8.6 billion and the steady CAGR will take it to about USD 11.5 billion by the end of the assessment period.
Transparency Market Research notes, “Application in a wide range of activities across varied industry verticals is set to drive growth in the market as the end-use industries such as building and construction and automotive witness sturdy increase in demand.”
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Key Findings of Global Formaldehyde Market Study:
• A notable market share, in terms of volume, is anticipated to be accounted for by resins segment under the application category
• Industrialization, urbanization, and increase in disposable incomes are notable growth factors in the market
• Asia Pacific region will be a prominent market in the global formaldehyde market over the forecast period
Key Drivers of Growth in Global Formaldehyde Market:
Used in a number of end-use industries such as healthcare, automotive, building and construction, personal care and cosmetics, agriculture, and chemical, formaldehyde is witnessing growth in its demand as expansion in the said industries take place. Some of the notable growth factors impacting the global formaldehyde market positively include the following:
• Notable increase in building & construction volumes is anticipated over the forecast period and this is set to drive demand for formaldehyde which is used as adhesive here
• Use of formaldehyde in production of resins is extensive and set to grow, paving way for higher growth trajectory for the market
• Growing middle class population – a result of robust economic growth and increase in disposable incomes – is a significant growth factor in the market
• The aforementioned factor is leading to demand for automotives and buildings, leading to improvement in formaldehyde market’s worth
• Population is growing across the world and that will contribute to increasing demand for houses, offices, developmental infrastructure, leading to higher demand for formaldehyde
• Increasing demand for the product to produce laminated boards and wood-based panels is also a notable contributor to growth in global formaldehyde market
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Regional Analysis of Global Formaldehyde Market:
• In 2018, Asia Pacific held the dominant share of the global formaldehyde market and the trend is expected to continue into the forecast period
• Increase in construction volumes, and expansion of automotive sector in the region are expected to drive it forward
• Factors supporting growth in these sectors include growth in middle class, increase in population, and rise in disposable income
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Competitive Landscape of Global Formaldehyde Market:
The fragmented vendor landscape of global formaldehyde market has the following players dominating it – BASF SE, Hexion Inc., PJSC Metafrax, and Ercros S.A. These accounted for one-fourth of total market share in 2018. Transparency Market Research has covered these players in a comprehensive manner. Details about players’ financials, strategies, and products are being carried in the report.
