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Formaldehyde Market - Forecasts from 2024 to 2029

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    Report

  • 141 Pages
  • September 2024
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 5649220
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.

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.
Construction and furniture industries are some of the areas that have used the product in their construction and remodeling activities. Moreover, the company has formaldehyde as one of the key raw materials for producing chemicals and products such as methylene diphenyl diisocyanate and butanediol. The company’s formaldehyde products are also used in theagriculture, energy, and automotive industries. Both forest products and formaldehyde have a slow turnover, and thus, the company's manufacturing facilities are located near customers.
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.
Based on geography, the market is segmented into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific region. The formaldehyde market is expected to increase significantly in the Asia Pacific due to rising production costs, rapid industrialization, and population expansion. Formaldehyde usage in the region is also being fueled by its growing use in various applications, including textile and construction, among others. In line with this, India's domestic clothing and textile sector accounted for 7% of industrial value and 2% of the nation's GDP.
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.

Reasons for buying this report::

  • Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
  • Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
  • Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
  • Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
  • Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.

What do businesses use our reports for?

Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report 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

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base and Forecast Years Timeline
1.8. Key benefits for the stakeholders
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Process
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. Analyst View
4. MARKET DYNAMICS
4.1. Market Drivers
4.1.1. Growing Adoption in Various End-Use Industries
4.1.2. Rapid Economic Growth
4.2. Market Restraints
4.2.1. Health and Environmental Concerns
4.2.2. Competition from Alternatives
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL FORMALDEHYDE MARKET BY INDUSTRY VERTICAL
5.1. Introduction
5.2. Agriculture
5.3. Construction
5.4. Chemical
5.5. Automotive
5.6. Others
6. GLOBAL FORMALDEHYDE MARKET BY DISTRIBUTION CHANNEL
6.1. Introduction
6.2. Online
6.3. Offline
7. GLOBAL FORMALDEHYDE MARKET BY GEOGRAPHY
7.1. Global Overview
7.2. North America
7.2.1. United States
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Rest of South America
7.4. Europe
7.4.1. United Kingdom
7.4.2. Germany
7.4.3. France
7.4.4. Italy
7.4.5. Spain
7.4.6. Rest of Europe
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. United Arab Emirates
7.5.3. Rest of the Middle East and Africa
7.6. Asia-Pacific
7.6.1. China
7.6.2. India
7.6.3. Japan
7.6.4. South Korea
7.6.5. Taiwan
7.6.6. Thailand
7.6.7. Indonesia
7.6.8. Rest of Asia-Pacific
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Competitive Dashboard
9. COMPANY PROFILES
9.1. Dynea AS
9.2. Johnson Matthey
9.3. Foremark Performance Chemicals (CC Industries)
9.4. Hexion Inc.
9.5. Georgia-Pacific Chemicals
9.6. Perstorp Holding AB (Petronas Chemicals Group Berhad)
9.7. Celanese Corporation
9.8. BASF SE
9.9. Sprea Misr
9.10. Balaji Formalin Private Limited
9.11. Mansoura for Resins & Chemical Industries Co. (MRI)
9.12. Oman Formaldehyde Chemical Company LLC (OFCC)

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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