What Has Been The Historical And Current Growth Of The Formaldehyde Market?
The formaldehyde market has seen considerable growth due to a variety of factors.
• The market size for formaldehyde has seen robust growth of late. It is projected to climb from $22.55 billion in 2024 to $24.13 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.0%.
This significant growth observed in the historic period is owed to several factors including developments in the construction and building sector, expansion of automobile manufacturing, heightened demand in the furniture making industry, growth of textile and leather industries, and its use in agrochemical and fertilizer production.
What Are the Future Growth Projections for the Formaldehyde Market?
The formaldehyde market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are for the formaldehyde market size to experience substantial expansion in the coming years. The projections see it reaching $32.78 billion by 2029, with a compound annual growth rate (CAGR) of 8.0%.
This growth during the forecast period is linked to the rise of sustainable and ecological friendly alternatives to formaldehyde, enhanced focus on green building materials, strict standards and regulations regulating emissions, increasing demand in the healthcare and biomedical research sectors, and the advent of innovative industrial applications. The principal trends for this period also encompass advancements in resin technology, the expansion of the furniture manufacturing industry, strict emission standards and regulations, increased use in the automotive sector, and the growing popularity of formaldehyde-free alternatives.
Which Drivers Are Accelerating Growth In The Formaldehyde Market?
The surge in requirements from the construction sector is predicted to drive the expansion of the formaldehyde market in the future. The term construction encompasses the creation, alteration, repair, revamp, enhancement, or tear down of any structures. Formaldehyde plays a significant role in facilitating the construction sector in producing glues, resins, and other building materials. For example, Oxford Economics, a UK-oriented firm that delivers worldwide economic prediction, quantitative investigation, and thought leadership for corporations and the government, declared in their report, Global Construction 2030, that the construction output volume is anticipated to witness an increment of 85% by 2030. As a result, the burgeoning requirement from the construction sector is fuelling formaldehyde market progression.
What Are The Major Segments Within The Formaldehyde Market?
The formaldehyde market covered in this report is segmented –
1) By Type: Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Polyoxymethylene, Other Types
2) By Application: Resins, Fibers, Solvents, Plasticizers, Drying Agents, Other Chemical Intermediates
3) By End-User: Construction, Furniture, Automotive, Healthcare, Other End-Users
Subsegments:
1) By Urea Formaldehyde: Urea Formaldehyde Resins, Urea Formaldehyde Foam
2) By Phenol Formaldehyde: Phenolic Resins, Laminates
3) By Melamine Formaldehyde: Melamine Resins, Coatings
4) By Polyoxymethylene: POM Copolymers, POM Homopolymers
5) By Other Types: Paraformaldehyde, Formaldehyde Solutions
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Which Trends Are Expected To Transform The Formaldehyde
To increase production capacities, principal businesses in the formaldehyde market are developing their manufacturing infrastructures. This tactical step enables them to address the growing need for formaldehyde in numerous sectors. Kanoria Chemicals & Industries Limited, for example, a chemical production firm based in India, launched a new formaldehyde production unit in Ankleshwar, Gujarat in September 2024. With a daily production capacity of 345 metric tons, this expansion increases the company's overall production to 763 metric tons daily. The new plant uses sophisticated metal oxide technology to accommodate the escalating demand from sectors such as pharmaceuticals, textiles, and agrochemicals, delivering to both local and global markets.
Who Are the Key Players in the Formaldehyde Market?
Major companies operating in the formaldehyde market include:
• BASF SE
• Johnson Matthey Process Technologies
• AkzoNobel NV
• Celanese Corporation
• Georgia-Pacific Chemicals LLC
• Huntsman International LLC
• Hexion Inc.
• Allnex GMBH
• Perstorp Holding AB
• Acron Group
• Arclin Inc.
• Atul Ltd.
• Momentive Specialty Chemical Inc.
• Prefere Resins Holding GmbH
• Sprea Misr
• Cornerstone Chemical
• Metafrax
• Pörner Ingenieurgesellschaft mbH
• Metadynea Metafrax Group
• Kanoria Chemicals & Industries Ltd.
• Dynea Oy
• Foremark Performance Chemicals
• Pacific Texchem Private Limited
• Frati Luigi S.p.A
• Balaji Formalin Private Limited
• Alder S.p.A
• Simalin Chemicals Industries Limited
What Is The Most Dominant Region In The Formaldehyde Market?
Asia-Pacific was the largest region in the formaldehyde market in 2024. 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, Africa.
