New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Formaldehyde Global Market Report 2023" - https://www.reportlinker.com/p06351379/?utm_source=GNW
The global formaldehyde market grew from $19.66 billion in 2022 to $21 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The formaldehyde market is expected to grow to $26.74 billion in 2027 at a CAGR of 6.2%.
The formaldehyde market consists of sales of molecular formaldehyde, 1,3,5-trioxaneand methanediol.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Formaldehyde refers to a colorless pungent irritating gas CH2O is a solution made by oxidizing methanol. Formaldehyde is used as preservatives in food, paints and cosmetics and also to make under-the-hood components and interior molded components that need to withstand high temperatures.
Asia-Pacific was the largest region in the formaldehyde market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the formaldehyde market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of formaldehyde are urea-formaldehyde, phenol-formaldehyde, melamine-formaldehyde, polyoxymethylene, and other types.Urea-formaldehyde refers to a synthetic resin that is made by the process of condensation between urea and formaldehyde that is used mainly for wood-bonding adhesives, colored molded articles, and others.
There are various applications for formaldehyde such as resins, fibers, solvents, plasticizers, drying agents, and other chemical intermediates. These are used by various end-users such as in construction furniture, automotive, healthcare, and other end-users.
Growing demand from the construction industry is expected to propel the growth of the formaldehyde market going forward.Construction refers to the process of building, altering, repairing, remodeling, improving, or demolishing any structures.
Formaldehyde helps the construction industry in the manufacturing of glues, resins, and other construction materials.For instance, according to Oxford Economics, a UK-based company that provides global economic forecasting, quantitative analysis, and thought leadership for business and government, published in a report Global Construction 2030, the volume of construction output is expected to grow by 85% by 2030.
Therefore, the growing demand from the construction industry is driving the growth of the formaldehyde market.
Advancements in paint technology have emerged as a key trend gaining popularity in the formaldehyde market.Major companies operating in the formaldehyde market are coming up with and using new paint technologies to sustain their position in the market.
For instance, in February 2021, Teknos, a Finland-based paint, and coating solution provider operating in the formaldehyde market launched two indoor air purifying paints named BIORA AIR, and BIORA AIR CEILING, which uses the unique technology of aldehyde-binding, in which the paint absorbs and neutralizes aldehydes from indoor air.
In May 2022, Bakelite Synthetics, a US-based formaldehyde network operator completed the acquisition of Georgia-Pacific Chemicals for an undisclosed amount.Through this acquisition, Bakelite Synthetics is expecting to give complementary resin and new formaldehyde technology to various end markets and can deliver greater service to their customers and expand their business to other geographic regions.
Georgia-Pacific Chemicals LLC is a US-based chemical manufacturer and marketer operating in the formaldehyde market.
The countries covered in the formaldehyde market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The formaldehyde market research report is one of a series of new reports that provides formaldehyde market statistics, including formaldehyde industry global market size, regional shares, competitors with a formaldehyde market share, detailed formaldehyde market segments, market trends, and opportunities, and any further data you may need to thrive in the formaldehyde industry. This formaldehyde market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06351379/?utm_source=GNW
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