The Formaldehyde Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Formaldehyde Global Market Report 2024, The formaldehyde market size has grown strongly in recent years. It will grow from $21.15 billion in 2023 to $22.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to growth in construction and building industry, expansion of automotive manufacturing, increasing demand in furniture manufacturing, rise in textile and leather industries, utilization in agrochemicals and fertilizers.
The formaldehyde market size is expected to see strong growth in the next few years. It will grow to $30.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to sustainable and eco-friendly formaldehyde alternatives, increased focus on green building materials, stringent regulations and emission standards, growing demand in healthcare and biomedical research, emergence of innovative industrial applications. Major trends in the forecast period include advancements in resin technology, expanding furniture manufacturing, stringent emission standards and regulations, increasing adoption in automotive sector, rising popularity of formaldehyde-free alternatives.
Growing demand from the construction industry is expected to propel the growth of the formaldehyde market going forward. Construction refers to the process of building, altering, repairing, remodeling, improving, or demolishing any structures. Formaldehyde helps the construction industry in the manufacturing of glues, resins, and other construction materials. For instance, according to Oxford Economics, a UK-based company that provides global economic forecasting, quantitative analysis, and thought leadership for business and government, published in a report Global Construction 2030, the volume of construction output is expected to grow by 85% by 2030. Therefore, the growing demand from the construction industry is driving the growth of the formaldehyde market.
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The formaldehyde market covered in this report is segmented –
1) By Type: Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Polyoxymethylene, Other Types
2) By Application: Resins, Fibers, Solvents, Plasticizers, Drying Agents, Other Chemical Intermediates
3) By End-User: Construction, Furniture, Automotive, Healthcare, Other End-Users
Major companies operating in the formaldehyde market are developing new products such as advanced chemical products to gain a competitive edge in the market. Advanced chemical products refer to sophisticated and innovative chemical substances and materials that result from advanced research, development, and manufacturing processes. For instance, in August 2022, SKTB Katalizator JSC, a Russia-based manufacturers of catalysts launched semi-commercial production of a new catalyst for formaldehyde synthesis. The new catalyst will increase formaldehyde production’s sustainability and efficiency. Russian business SKTB Katalizator JSC has been in business for more than 46 years and provides cutting-edge catalysts for a variety of uses, including desulfurization, dehydrogenation, and the elimination of hazardous organic compounds. The formaldehyde synthesis novel catalyst’s semi-commercial production launch is evidence of SKTB Katalizator JSC’s dedication to sustainability and innovation in the chemical industry. It is anticipated that the new catalyst will benefit the industry by providing enhanced production procedures and aiding in the creation of superior formaldehyde products.
The formaldehyde market report table of contents includes:
1. Executive Summary
2.Formaldehyde Market Characteristics
3.Formaldehyde Market Trends And Strategies
4.Formaldehyde Market analysis
5.Formaldehyde Market Size And Growth
6.Formaldehyde Segmentation
7.Formaldehyde Regional And Country Analysis
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27.Formaldehyde Competitive Landscape And Company Profiles
28.Formaldehyde Key Mergers And Acquisitions
29.Formaldehyde Future Outlook and Potential Analysis
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