Press release
Formaldehyde Market Growth Drivers, Key Trends, Size, Share Analysis And Forecast To 2033
Formaldehyde Market
As per the report, the formaldehyde market size has grown strongly in recent years. It will grow from $21.15 billion in 2023 to $22.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The formaldehyde market size is expected to see strong growth in the next few years. It will grow to $30.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
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Formaldehyde Market Poised For Growth Driven By Surging Demand In The Booming Construction Industry
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.
Innovative Paint Technologies Transforming 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.
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
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Major companies operating in the formaldehyde market report are 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
Contents of the report:
1. Executive Summary
2. Formaldehyde Market Report Structure
3. Formaldehyde Market Trends And Strategies
4. Formaldehyde Market - Macro Economic Scenario
5. Formaldehyde Market Size And Growth
…..
27. Formaldehyde Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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