Formaldehyde Market Report 2020 | Top key Players BASF SE, Huntsman Corporation, Bayer AG, Georgia-Pacific Chemicals, Perstorp, Chemique Adhesives, Hexion, Celanese Corporation, Foremark Performance Chemicals
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An increase in the number of applications of different chemicals across industries has had a major impact over formaldehyde market over the years. Formaldehyde is essentially a strong-smelling, colorless gas that is widely used to make household products and building materials. It is known for its anti-bacterial and preservative properties, but the chemistry based on formaldehyde also helps make a large number of value-added products.
With its excellent physical and chemical characteristics, the compound is used in the manufacturing of urea-formaldehyde resins and make excellent adhesives for pressed wood products like furniture, cabinets, particleboard and paneling.
Top key Players -
o Dynea Oy
o BASF SE
o Huntsman Corporation
o Balaji Formalin
o Bayer AG
o Georgia-Pacific Chemicals
o Chemique Adhesives
o Celanese Corporation
o Foremark Performance Chemicals
o Ercros S.A.
o Alder S.p.A.
The derivatives from formaldehyde area important for the production of several personal care and consumer product items as these products tend to possess ingredients that release formaldehyde. These ingredients act as a preservative that eliminates microorganisms preventing the growth of bacteria or pathogens leading to an extended product shelf life.
Consistent product innovations, production, branding and marketing have carved a niche for the consumer goods market in the U.S. With a value estimation of $635 billion, the consumer goods market was considered the largest in the world in 2019 which would have a positive influence on global formaldehyde market.
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Prevalent use in the automotive industry
The automotive industry uses formaldehyde market to make vehicles lighter and even more energy-efficient. Resins based on Formaldehyde are generally used to manufacture interior molded components as well as under-the-hood components that are required to endure extremely high temperatures.
The U.S automotive industry is one of the largest industries in the world that sold more than 17 million units in the year 2018. The massive sales are backed by the exceedingly generous support from the foreign investments in the U.S. automotive sector that amounted to $114.6 billion in 2018. Such developments in the industry has proven to be a significant factor contributing to formaldehyde market size.
Likely restraints for the formaldehyde market
Formaldehyde has been on high demand due to the broad scope of applications across various industries. However, the chemical faces major restraints and challenges that tend to limit its growth in the market. An exposure to the product has the potential to cause a number of symptoms and adverse health effects such as irritation in throat, skin, eyes and nose, allergic reactions, wheezing and coughing.
Materials that contain formaldehyde release it as a vapor or gas into the air. Automobile tends to exude a fair portion of the chemical in the outdoor air. Some regulatory bodies have laid down standards that curb the use of the product.
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