Press release
Formaldehyde Market Poised for 8 % Growth, Set to Hit $11367.73 Billion by 2029
Formaldehyde
The expansion of the formaldehyde market is anticipated to be driven by increasing demand from the construction industry. This refers to activities such as building, altering, repairing, remodelling, enhancing or tearing down any physical structures. The construction sector utilizes formaldehyde in the production of adhesives, resins, and various construction substances. For example, a report named Global Construction 2030 by Oxford Economics, a UK-based organization offering economic forecasting, quantitative assessment, and thought leadership to businesses and governments, forecasted that the total construction output would see a surge of 85% by 2030. Therefore, the escalating need from the construction industry is fuelling the expansion of the formaldehyde market.
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What is the future CAGR of the formaldehyde market, and how will it impact industry expansion?
In recent years, the formaldehyde market has experienced significant growth. It is projected to expand from a value of $22.55 billion in 2024 to $24.13 billion in 2025, with a compound annual growth rate (CAGR) of 7.0%. The surge in the past years can be credited to the developments in the construction and building sector, the broadening of the automotive manufacturing industry, the growing demand in the furniture production sector, the elevation in textile and leather trades, as well as the use in agrochemicals and fertilizers.
The formaldehyde market is poised to experience robust growth in the upcoming years, with an estimated value of $32.78 billion in 2029, and a compound annual growth rate (CAGR) of 8.0%. This projected growth over the forecast period can be linked to the development of sustainable and green formaldehyde substitutes, heightened emphasis on eco-friendly building materials, stricter regulations and emission standards, and growing demand in the healthcare and biomedical research sectors. The market will also see new industrial applications. Key trends expected during the forecast period involve advancements in resin technology, growth in furniture manufacturing, stricter emission standards and regulations, increased uptake in the automotive industry, and a rise in the popularity of formaldehyde-free alternatives.
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What are the most significant trends transforming the formaldehyde market today?
Leading firms engaged in the formaldehyde market space are broadening their production installations to enhance production capabilities. This strategic step enables them to handle the increasing need for formaldehyde in myriad industries. For example, in September 2024, Kanoria Chemicals & Industries Limited, an Indian chemical manufacturing firm, started a fresh formaldehyde facility in Ankleshwar, Gujarat. This new plant, capable of producing 345 metric tons per day (MTPD), increased the company's total production to 763 MTPD. The establishment uses state-of-the-art metal oxide-based technology to fulfil the escalating demand from sectors such as pharmaceuticals, textiles, and agrochemicals, catering to both local and global markets.
Which key market segments comprise the formaldehyde market and drive its revenue growth?
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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What regions are at the forefront of formaldehyde market expansion?
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.
Who are the leading players fueling growth 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
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What Is Covered In The Formaldehyde Global Market Report?
•Market Size Forecast: Examine the formaldehyde market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the formaldehyde market for a structured understanding.
•Key Players Overview: Analyze major players in the formaldehyde market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the formaldehyde market.
•Segment Contributions: Evaluate how different segments drive overall growth in the formaldehyde market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the formaldehyde market.
•Industry Challenges: Identify potential risks and obstacles affecting the formaldehyde market.
•Competitive Landscape: Review strategic developments in the formaldehyde market, including expansions, agreements, and new product launches.
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