The global formaldehyde market is expected to grow at a compound annual growth rate of 5.46% during the forecast period.
Formaldehyde is a natural chemical compound composed of elements hydrogen, oxygen, and carbon. It is also called methanol, and its chemical formula is CH2O or HCHO. The chemical is significant as it is one of the most useful substances for manufacturing different products, particularly in the construction and automobile industries. The growing construction industry with varied commercial and residential projects is fueling the market demand during the forecast period.
Dynea is a specialty company that produces wood adhesives, founded in Norway. It is a first-mover company with a significant production presence in the European market. The company offers formaldehyde under the specialty adhesive and polymers section. The companies engaged in developing formaldehyde production projects are creating a push to support market growth throughout the projected period.
Data released by the American Institute of Architects’ (AIA) Shanghai office indicate that China is expected to construct ten cities similar to New York by 2025. Further, a notice for the Implementation of Urban Renewal Actions in 2020 was released by the Ministry of Housing and Urban-Rural Development (MOHURD) following China's 14th Five-Year Plan. Thus, while China has been rapidly urbanizing, with its rate of urbanization standing at 64.7% in 2022, the government aims to enhance the Chinese cities' quality of life by implementing this urban transformation policy and developing eco-friendly cities.
The European and North American regions are anticipated to follow Asia Pacific in the formaldehyde market by holding a significant market share throughout the forecast period.
Formaldehyde is a natural chemical compound composed of elements hydrogen, oxygen, and carbon. It is also called methanol, and its chemical formula is CH2O or HCHO. The chemical is significant as it is one of the most useful substances for manufacturing different products, particularly in the construction and automobile industries. The growing construction industry with varied commercial and residential projects is fueling the market demand during the forecast period.
GLOBAL FORMALDEHYDE MARKET TRENDS:
- North America is one of the oldest regions that has benefitted from Hexion Inc.’s technological advancement in formaldehyde-based products, especially resins for the forest products industry. The company further stated that it has large stakes in the areas of Latin America, Australia, New Zealand, and Europe. One of the key chemicals the company deals with is formaldehyde-based resins, which are used as an adhesive and a binder when manufacturing various engineered lumber products. They are medium-density fiberboard, particle board, oriented strand board, different forms of plywood, and laminated veneer lumber, among others.
Dynea is a specialty company that produces wood adhesives, founded in Norway. It is a first-mover company with a significant production presence in the European market. The company offers formaldehyde under the specialty adhesive and polymers section. The companies engaged in developing formaldehyde production projects are creating a push to support market growth throughout the projected period.
GLOBAL FORMALDEHYDE MARKET GEOGRAPHICAL OUTLOOK:
- Asia Pacific’s formaldehyde market is anticipated to grow significantly.
Data released by the American Institute of Architects’ (AIA) Shanghai office indicate that China is expected to construct ten cities similar to New York by 2025. Further, a notice for the Implementation of Urban Renewal Actions in 2020 was released by the Ministry of Housing and Urban-Rural Development (MOHURD) following China's 14th Five-Year Plan. Thus, while China has been rapidly urbanizing, with its rate of urbanization standing at 64.7% in 2022, the government aims to enhance the Chinese cities' quality of life by implementing this urban transformation policy and developing eco-friendly cities.
The European and North American regions are anticipated to follow Asia Pacific in the formaldehyde market by holding a significant market share throughout the forecast period.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive IntelligenceReport Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
The global formaldehyde market is segmented and analyzed as follows:
- By Industry Vertical
- Agriculture
- Construction
- Chemical
- Automotive
- Others
- By Distribution Channel
- Online
- Offline
- By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of the Middle East and Africa
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
- North America
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. GLOBAL FORMALDEHYDE MARKET BY INDUSTRY VERTICAL
6. GLOBAL FORMALDEHYDE MARKET BY DISTRIBUTION CHANNEL
7. GLOBAL FORMALDEHYDE MARKET BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
Some of the key companies profiled in this Global Formaldehyde Market report include:- Dynea AS
- Johnson Matthey
- Foremark Performance Chemicals (CC Industries)
- Hexion Inc.
- Georgia-Pacific Chemicals
- Perstorp Holding AB (Petronas Chemicals Group Berhad)
- Celanese Corporation
- BASF SE
- Sprea Misr
- Balaji Formalin Private Limited
- Mansoura for Resins & Chemical Industries Co. (MRI)
- Oman Formaldehyde Chemical Company LLC (OFCC)
Methodology
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