Formaldehyde Market - Forecasts from 2025 to 2030

The global formaldehyde market is expected to grow at a CAGR of 5.45%, reaching a market size of US$10.714 billion in 2030 from US$8.214 billion in 2025.

Formaldehyde is a chemical compound that exists in nature and is composed of elements, namely 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 that can be used in the manufacture of different products, particularly in the construction and automobile industries. The growing construction industry with varied commercial and residential projects is fueling the demand during the forecast period.

Global formaldehyde market drivers?

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 that is used when manufacturing various engineered lumber products. They are medium-density fiberboard, particle board, oriented strand board, different forms of plywood, and laminated veneer lumber. 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. Their formaldehyde products also find applications in the agriculture, energy, and automotive industries. Forest products and formaldehyde have a slow turnover; thus, the company's manufacturing facilities are located near the customers.

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 region as a result of 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's goal is to enhance the cities' quality of life by implementing this urban transformation policy and developing eco-friendly cities.

Nevertheless, the European and North American regions are anticipated to follow the Asia Pacific in the formaldehyde market by holding a significant market share throughout the forecast period.

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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 analyzed into the following segments:

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