Formaldehyde Global Market Insights: Growth Drivers, Size & Forecasts to 2029

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What Is the Forecasted Market Growth Rate of the Formaldehyde Industry?
The market size for formaldehyde has seen steady growth in the past few years. It's projected to escalate from $22.55 billion in 2024 to an estimated $23.68 billion in 2025, recording a compound annual growth rate (CAGR) of 5.0%. The historical growth is tied to factors such as the expansion in the construction and building industry, the growth of automotive manufacturing, an increased demand in the furniture manufacturing sector, the rise of textile and leather industries, and its use in agrochemicals and fertilizers.

How Will the Formaldehyde Market Size Evolve From 2025 to 2029?
The formaldehyde industry is poised for significant expansion in the coming years, with an estimated value of $31.85 billion by 2029, following a compound annual growth rate (CAGR) of 7.7%. Factors fueling this estimated surge include the development and acceptance of environmentally-friendly formaldehyde substitutes, a heightened emphasis on green construction materials, strict compliance and emission guidelines, increasing needs in healthcare and biomedical studies, and the introduction of novel industrial applications. Notable trends projected for this period encompass advancements in resin technology, the proliferation of furniture production, stringent emissions guidelines and legislations, a growing preference in the automotive industry, and the upsurge in demand for formaldehyde-free alternatives.

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What Are the Main Growth Drivers in the Formaldehyde Market Today?
The rise in demand from the construction sector is anticipated to fuel the advancement of the formaldehyde market. The construction field encompasses the creation, modification, repair, enhancement, or demolition of various structures. Formaldehyde is beneficial to the construction sector as it aids in producing glues, resins, and other building materials. For example, Oxford Economics, a corporation situated in the UK that supplies worldwide economic prediction, quantitative assessment, and leadership guidance for businesses and governments, stated in the Global Construction 2030 report that the construction output quantity is projected to increase by 85% by 2030. As a result, the escalating demand from the construction sector is propelling the formaldehyde market's expansion.

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Which Formaldehyde Market Segment Is Expected to Lead Through 2029?
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

Which Market Trends Are Expected to Dominate Formaldehyde Industry Growth?
The formaldehyde market is seeing the expansion of manufacturing facilities by leading companies to increase production capacity. The purpose of this strategic plan is to cater to the growing demand for formaldehyde in diverse industries. To illustrate, Kanoria Chemicals & Industries Limited, an Indian chemical production enterprise, inaugurated a novel formaldehyde facility in Ankleshwar, Gujarat, in September 2024. The plant, which has a daily production capacity of 345 metric tons, raises the company's overall output to 763 metric tons. The establishment leverages cutting-edge metal oxide-based technology to fulfill the escalating demands from numerous industries such as pharmaceuticals, textiles, and agrochemicals. Moreover, it caters to both local and global markets.

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Which Companies Hold the Largest Market Share in the Formaldehyde Sector?
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

Where Is the Formaldehyde Market Experiencing the Highest Growth?
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.

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