NEW YORK , Dec. 16, 2022 /PRNewswire/ -- According to Technavio, the global formaldehyde market size is expected to grow by 10.15 million tons from 2022 to 2027. The market is estimated to grow at a CAGR of 6.86% during the forecast period. Moreover, the growth momentum will be accelerating. APAC will account for a 69% share of the global market's growth during the forecast period.
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Global formaldehyde market - Parent market analysis
Technavio categorizes the global formaldehyde market as a part of the global specialty chemicals market. The parent global specialty chemicals market covers companies engaged in the manufacturing of various types of products under organic and inorganic chemicals. The global specialty chemicals market covers products and companies engaged in high-value-added chemicals used in the manufacture of a wide variety of products, including, but not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings.
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Global formaldehyde market – Customer landscape The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies. Global formaldehyde market - Segmentation assessment Segment overview Technavio has segmented the market based on derivative type (urea formaldehyde, phenol formaldehyde, melamine formaldehyde, polyoxymethylene, and others), end-user (construction and furniture, automotive, and others) and geography (APAC, North America , Europe , South America , and the Middle East and Africa ).
The urea formaldehyde segment will account for a significant share of the market's growth during the forecast period. Urea-formaldehyde, also known as urea methanol is formed by reacting urea and formaldehyde in the presence of some mild base, such as pyridine. It is mainly used as a resin and adhesive in various end-user applications such as plywood, particle boards, coatings, decorative lubricants, and molding compounds. Urea formaldehyde is used as an adhesive, as it is highly reactive, shows great performance, and is cost-effective.
Geography overview By geography, the global formaldehyde market is segmented into APAC, North America , Europe , South America , and Middle East and Africa . The report provides actionable insights and estimates the contribution of all regions to the growth of the global formaldehyde market.
APAC will account for 69% of the market's growth during the forecast period. The increasing focus on development, rapid industrialization, and the growing automotive industry, especially in China and India , are expected to drive the demand for formaldehyde in the region.
Global formaldehyde market – Market dynamics Key factor driving market growth
The growth in the construction industry is the key factor driving the global formaldehyde market growth.
Formaldehyde is mainly used in the production of resins, which find use in the construction industry. Resins like urea formaldehyde, phenol formaldehyde, and melamine formaldehyde are used for manufacturing building materials.
The construction industry is the major end-user of formaldehyde globally, with a share of more than 65%.
Hence, the growth of the construction industry, which is driven by emerging economies, a growing population, and increasing disposable income, largely drives the global formaldehyde market.
Leading trends influencing the market
The advances in technology are the primary trend in the global formaldehyde market.
Formaldehyde is produced from methanol, which is the primary raw material, hence, the fluctuating prices of methanol pose difficulty for the manufacturers of both methanol and formaldehyde.
With the increasing demand for formaldehyde and increasing concerns about methanol price, it is important to develop new production technologies for formaldehyde that do not use methanol.
Key vendors of the global formaldehyde market, BASF, are developing catalyst systems that will allow the selective hydrogenation of carbon dioxide to formaldehyde.
Another new technology in formaldehyde production is the turbocharger concept by Johnson Matthey .
These advances in technologies pertaining to formaldehyde production methods are emerging trends in the global formaldehyde market.
Major challenges hindering market growth
The fluctuating price of methanol is a major challenge to the global formaldehyde market growth. Methanol is the key raw material of formaldehyde.
Hence, the price fluctuations of methanol directly impact the price of formaldehyde, which, in turn, affects the profit margins of manufacturers as well.
The price fluctuation of methanol can be attributed to two reasons - price fluctuation of natural gas and the mismatch in the demand-supply of methanol is another reason for the fluctuating price of methanol.
The tighter supply of methanol does not fulfill the demand for methanol. Thus, the fluctuation in methanol prices is one of the major challenges faced by the global formaldehyde market.
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What are the key data covered in this formaldehyde market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the formaldehyde market between 2023 and 2027
Precise estimation of the size of the formaldehyde market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the formaldehyde market industry across APAC, North America , Europe , South America , and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of formaldehyde market vendors
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Melamine Formaldehyde Market by Application and Geography – Forecast and Analysis 2021-2025: The melamine formaldehyde market share is expected to increase by 1218.03 thousand tons from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.49%. Furthermore, this report extensively covers melamine formaldehyde market segmentation by application (laminates, adhesives, molding powder, coatings, and others) and geography (North America , Europe , APAC, South America , and MEA).
Accelerate at a CAGR of 6.86%
APAC, North America, Europe, South America, and Middle East and Africa
US, China, India, Russia, and Germany
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Akzo Nobel NV, Ashland Inc., BASF SE, Bitrez Ltd., Celanese Corp., Dynea AS, Ercros SA, GEO Specialty Chemicals Inc., Hexion Inc., Hindustan Organic Chemicals Ltd., INEOS Group Holdings SA, Koch Industries Inc., Lanxess AG, LCY Chemical Corp., Methanol Chemicals Co., Perstorp Holding AB, Polisan Holding AS, and Thermo Fisher Scientific Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period
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3.4 Market outlook: Forecast for 2022-2027
4.2 Derivative type Segment Analysis 2017 - 2021
6 Market Segmentation by Derivative Type
6.3 Urea-formaldehyde - Market size and forecast 2022-2027
6.4 Phenol formaldehyde - Market size and forecast 2022-2027
6.5 Melamine formaldehyde - Market size and forecast 2022-2027
6.6 Polyoxymethylene - Market size and forecast 2022-2027
6.7 Others - Market size and forecast 2022-2027
6.8 Market opportunity by Derivative Type
7.3 Construction and furniture - Market size and forecast 2022-2027
7.4 Automotive - Market size and forecast 2022-2027
7.5 Others - Market size and forecast 2022-2027
9.3 APAC - Market size and forecast 2022-2027
9.4 North America - Market size and forecast 2022-2027
9.5 Europe - Market size and forecast 2022-2027
9.6 South America - Market size and forecast 2022-2027
9.7 Middle East and Africa - Market size and forecast 2022-2027
9.8 China - Market size and forecast 2022-2027
9.9 US - Market size and forecast 2022-2027
9.10 India - Market size and forecast 2022-2027
9.11 Russia - Market size and forecast 2022-2027
9.12 Germany - Market size and forecast 2022-2027
10.3 Impact of drivers and challenges
13.3 Currency conversion rates for US$
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