Formaldehyde Market revenue worth over USD 5.5 Bn by 2026: Global Market Insights, Inc.

Key formaldehyde market participants are BASF SE, Huntsman Corporation, Foremark Performance Chemicals & Georgia-Pacific. Companies are engaged in expanding their manufacturing capabilities to improve productivity and contribute to the industry expansion.

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Selbyville, Delaware, Dec. 17, 2019 (GLOBE NEWSWIRE) --

According to latest report “Formaldehyde Market by Derivatives (PF Resins, UF Resins, MF Resins, Polyoxymethylene/ Polyacetal, Methylene Diphenyl Diisocyanate, Pentaerythritol, 1,4 Butanediol, Paraformaldehyde, Hexamine), End-Use Application (Resins, Textile, Plasticizers, Paints, Elastic Fibers, Synthetic Lubricants, Polyurethane Foams, Vulcanization Accelerators, Household/Electronic Appliances, Pesticides), Regional Outlook, Price Trends, Competitive Market Share & Unit Forecast 2026”, by Global Market Insights, Inc., the market valuation of formaldehyde will cross $5.5 billion by 2026.

Rising focus of manufacturers on adopting sustainable practices such as, utilization of industrial by-products as raw materials, energy and waste management should promote the market growth.

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Some key findings of the formaldehyde market report include:

  • Market share of high-performance resins is on rise across the globe due to their superior physical properties such as effective bonding strength and durability.
  • Growing consumer inclination towards lightweight materials for use in housing construction & auto components manufacturing in Europe, Asia Pacific is expected to strengthen formaldehyde market growth.
  • Increasing infrastructural development owing to rising population in Asia Pacific countries including China & India is expected to offer optimal opportunities for the market expansion.
  • Key market participants operating in formaldehyde market are BASF SE, Huntsman Corporation, Foremark Performance Chemicals & Georgia-Pacific.
  • Manufacturers are increasingly adopting silver catalyst technology to produce formaldehyde owing to its safety and ability to reduce operational cost.
  • Formaldehyde resins provide a suitable replacement for traditional raw materials used in construction activities owing to their low cost and improved environmental performance.

Consumers are preferring superior quality raw materials in the manufacture of high-performance coatings to improve resistance from external factors and enhance longevity of the product which shows elevating market opportunities for formaldehyde. Formaldehyde & its derivatives play a vital role in the manufacturing of various raw materials used in construction, coatings, agrochemicals and plasticizer applications owing to their economical nature and high-quality performance.

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Stringent government regulations towards formaldehyde emissions is expected to hinder the formaldehyde market growth. Formaldehyde acts as a highly reactive organic compound, which is used in various industrial applications. The product may cause irritation in the eyes, mucous membranes, and consumption of the product can potentially lead to burning throat.  Several norms in Europe such as the REACH regulation restricts the use of formaldehyde and formaldehyde releasers which is expected to limit the industry expansion. 

Companies are engaged in expanding their manufacturing capabilities to improve productivity and contribute to formaldehyde market expansion. For instance, in 2017, SK Capital Partners, a firm engaged in providing chemical, specialty materials & pharmaceutical solutions completed its acquisition of a technology-driven producer of formaldehyde, D.B. Western, Inc. This market acquisition will help SK Capital to strengthen its positioning in the industry and help in the development of new products & applications.

Demand for wood furniture products in North America has strengthened the need for efficient adhesives which are used in the production of wood panels and plywood. Revenue from office furniture market in the U.S. generated a revenue over USD 15 billion in 2018 which shows significant formaldehyde market opportunities. Manufacturers in the region are focusing towards the use of low cost, high performance, thermosetting adhesives which offer superior abrasion resistance. For instance, Georgia-Pacific Chemicals, a U.S. based manufacturer of building products & related chemicals offers formaldehyde-based moisture resistant wood adhesives which comply with the government standards.

Market players are focusing on extensive research & development to promote product innovations which offer high flexibility & durability. The industry is expected to witness significant demand for formaldehyde resins due to growing construction activities and increasing consumer preference for wood-based furniture.

Browse key industry insights spread across 275 pages with 248 market data tables and 43 figures & charts from the report, “Formaldehyde Market Size 2019–2026” in detail along with the table of contents:

Table of Contents (ToC) of the report:

Chapter 4   Formaldehyde Market Insights

4.1    Industry segmentation

4.2    Industry landscape, 2015 – 2026

4.3    Industry ecosystem analysis

4.3.1    Raw material suppliers

4.3.2    Manufacturers

4.3.3    Distribution channel analysis

4.3.4    Profit margin trends

4.3.5    Vendor matrix

4.3.6    Service providers

4.4    Raw material analysis

4.4.1    Methanol

4.5    Technology landscape

4.5.1    Feed Materials

4.5.2    Production Process

4.6    Regulatory landscape

4.6.1    U.S.

4.6.2    Europe

4.6.3    China

4.7    Industry best practices & key buying criteria

4.8    Pricing analysis

4.8.1    Formaldehyde price trends

4.8.2    Cost structure analysis

4.9    Consumer buying behaviour

4.9.1    Unmet needs

4.9.2    Information search

4.9.3    Evaluation of alternatives

4.9.4    Purchase decision

4.9.5    Post purchase behavior

4.10    Industry impact forces

4.10.1    Growth drivers, by region

4.10.2    Industry pitfalls & challenges

4.10.3    SWOT Analysis, by region

4.11    Innovation & sustainability

4.12    Growth potential analysis, 2018

4.12.1    Emerging business model

4.13    Competitive landscape, 2018

4.13.1    Company market share analysis, 2018

4.13.2    Competitive landscape, by region

4.13.3    Top players overview

4.13.4    Key stakeholders

4.13.5    Strategy dashboard

4.14    Porter’s analysis

4.15    PESTEL analysis

4.16    Patent landscape

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.