Formaldehyde Market Will Exhibit an Impressive Expansion by 2024-2031 | BASF SE, Hexion Inc., PJSC Metafrax, and Ercros S.A.

The global formaldehyde market is anticipated to grow at a considerable CAGR of 3.8% during the forecast period (2024-2031). Formaldehyde is the most commercially important aldehyde. It has its applications in wide range of industries including agriculture, automotive, medical chemical & petrochemical, and others. The growing application of formaldehyde in different industrial sector has promoted the key producer of the formaldehyde to invest in the expansion of their formaldehyde production facilities. Thus, the rising inclination of key market players towards the adoption of expansion strategies across the globe is anticipated to drive the growth of the global formaldehyde market.

For instance, in September 2019, PJSC Metafrax and Dynea AS signed a contract for engineering, equipment supply and site services for a large formaldehyde plant, to be implemented in Gubakha, Perm region (Russia). Under the terms of the contract, Dynea will act as Technology Licensor for the supply of a new fasil silver catalyst formaldehyde plant. The plant nameplate capacity will be 100 000 TPA (expressed in 100% Formaldehyde) and will produce 55% Formaldehyde. The capacity of the plants will be 180 thousand tons of 55.0% formaldehyde and 30 thousand tons of paraformaldehyde per year. Such developments are contributing towards the market growth.

High levels of exposure may cause some types of cancers. Therefore, the health related problems associated with the formaldehyde usage may impede its market growth during the forecast period. The increase in R&D activities related to the application of formaldehyde derivative for treatment of Organic Fraction of Municipal Solid Waste (OFMSW) are likely to offer lucrative opportunities for the growth of the formaldehyde market during the forecast period.

To Request a Sample of our Report on Formaldehyde Market: https://www.omrglobal.com/request-sample/formaldehyde-market

Market Coverage

• The market number available for - 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

Segment Covered-

• By Derivative

• By End-User Industry

Regions Covered-

• North America

• Europe

• Asia-Pacific

• Rest of the World

Competitive Landscape- BASF SE, Hexion Inc., PJSC Metafrax, and Ercros S.A., among others.

A full Report of Formaldehyde Market is Available @ https://www.omrglobal.com/industry-reports/formaldehyde-market

Formaldehyde Market Report Segment

By Derivative

• Urea Formaldehyde

• Phenol Formaldehyde

• Melamine Formaldehyde

• Hexamine

• Polyoxymethylene

• Others

By End-User Industry

• Construction

• Agriculture

• Automotive

• Medical

• Chemical & Petrochemical

• Others

Formaldehyde Market Report Segment by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

• Acron Group

• Ashland Global Specialty Chemicals Inc.

• Balaji Formalin Pvt. Ltd.

• Capital Resin Corp.

• Celanese Corp.

• Dynea AS

• Ercros SA

• Foremark Performance Chemicals, Inc.

• Georgia-Pacific Chemicals Corp.

• Hexion Inc.

• Huntsman International LLC

• Johnson Matthey

• Metafrax Group

• Momentive Specialty Chemical Inc.

• Nutrien Ltd.

• Perstorp Holding AB

• Romit Resins Pvt. Ltd.

Reasons to buy from us -

1. We cover more than 15 major industries, further segmented into more than 90 sectors.

2. More than 120 countries are for analysis.

3. Over 100+ paid data sources mined for investigation.

4. Our expert research analysts answer all your questions before and after purchasing your report.

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/formaldehyde-market

Media Contact:

Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari

Email: info@omrglobal.com

Contact no: +91 7803040404

About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

This release was published on openPR.