The formaldehyde market has demonstrated solid growth, increasing from $21.15 billion in 2023 to $22.7 billion in 2024 at a CAGR of 7.3%. It is expected to grow to $30.05 billion by 2028, driven by the construction and automotive industries, and demand from furniture manufacturing. Future growth will be supported by the adoption of sustainable alternatives, stringent emission regulations, and innovative industrial applications. Key trends include advancements in resin technology, compliance with emission standards, and increased use in the automotive sector.
Major Driver In The Formaldehyde Market
The anticipated rise in demand from the construction industry is poised to drive the growth of the formaldehyde market in the coming years. Construction, encompassing the processes of building, altering, repairing, remodeling, improving, or demolishing structures, relies on formaldehyde for the production of glues, resins, and various construction materials. Oxford Economics, a UK-based economic forecasting company, predicts an 85% growth in the volume of construction output by 2030, as highlighted in the Global Construction 2030 report. Consequently, the formaldehyde market is experiencing growth propelled by the increasing demands of the construction sector. The market size for formaldehyde is projected to increase from its 2023 value to X in 2024 and X in 2028.
Request A Free Sample Of The Global Formaldehyde Market Report
Formaldehyde Market Competitive Landscape
BASF SE, Bayer AG, 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
Key Formaldehyde Market Trend
Advancements in paint technology are emerging as a key trend in the formaldehyde market. Companies are developing new paint technologies to maintain their market position. For example, in February 2021, Teknos, a Finnish paint and coating solutions provider, introduced two indoor air-purifying paints, BIORA AIR and BIORA AIR CEILING. These paints use a unique aldehyde-binding technology that absorbs and neutralizes aldehydes from indoor air.
Get The Full Global Formaldehyde Market Report
Formaldehyde Market Segmentation
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
By Geography:The regions covered in the formaldehyde market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the formaldehyde market in 2023.
The Formaldehyde Global Market Report 2024 furnishes information about the global formaldehyde market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
