According to a report published by Grand View Research, Inc.; the global formaldehyde market is anticipated to accomplish a valuation around USD 21.03 billion by 2020.
Growing application scope in several industries including plywood, construction, and automobile can propel the market during the forecast period (2012 to 2020). Rapid growth in construction industry and growing expenditure for infrastructure development is expected to support the market growth.
However, instability in raw material prices and high alertness among the consumers about hazardous effects of formaldehyde are considered as a key driving factors for the market during the forecast period.
Additionally, strict environmental guidelines by REACH about formaldehyde emissions from wood products is also expected to hamper the market growth. The U.S. EPA has also stated a strict guideline for ensuring the safety of the workforce.
Worldwide formaldehyde market can be segmented on the basis of application, end-use, and region.
Full Research Report On Formaldehyde Market Analysis: www.grandviewresearch.com/industry-analysis/formaldehyde-market
Based on application, the market can be bifurcated into urea-formaldehyde (UF) resins, melamine formaldehyde (MF) resins, phenol formaldehyde resins (PF) Resins, polyacetal resins, pentaerythritol, methylenebis (4-phenyl isocyanate) (MDI), 1,4-butanediol, and others.
In terms of revenue and volume, the UF resins segment was the dominant segment in 2013. The segment reported for over 39% of the total volume in the same year. Its associated properties such as chemical, color retention, flame resistant, and arc is expected to boost the segment growth. Its usability in aqueous suspension is also expected to bode well for the market.
The PF resins segment is anticipated to display rapid growth at an estimated CAGR of 7.1 % during 2014 to 2020. The segment is anticipated to lead the market due to its high utilization in industrial as well as consumer consumer-oriented products. Increasing utilization in construction and automotive industry as a binders and insulation foams is anticipated to boost its demand. The fire-resistant form of PF resins is broadly implemented in automobile and construction industries. In addition, growing applications of PF resins in oil and gas industry is also anticipated to supplement the market growth. The phenolic PF resins are utilized as adhesive and durable binders due to its water-resistant property.
On the basis of end-use, the market can be split into construction and others (aircraft, automotive, clothing, healthcare).
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In 2013, the construction segment was the leading segment with demand more than 23 million tons. Construction materials such as cabinet doors, strand boards, and medium density fiberboards are broadly manufactured using formaldehyde. It also utilized in the manufacturing of long-lasting furniture are low costs with compared to wood. Additionally, resins enable reprocessing of aged furniture and produce high quality recycled wood products. This helps to reduce the negative impact on the environment. Resins and various other material produced from formaldehyde are being extensively used automotive industry.
Geographically, the market can be divided into North America, Asia Pacific, Europe, and RoW.
In 2013, Asia Pacific dominated the market with a revenue of USD 6.74 billion due to improved production of textile, cosmetics, and automotive. Rapid growth in construction industry is poised to drive the regional growth. North America is expected to show stable growth due to demand for the product in numerous end-use industries. Europe is also anticipated to exhibit steady growth during the forecast period. Developing countries in Middle East and Africa, and Latin America are anticipated to display combined growth at projected CAGR of 6.4% during 2014 to 2020.
Key companies operating in the market include Momentive Specialty Chemical Inc.; Celanese Corporation; Huntsman Corporation; Perstorp Formox AB; and Huntsman Corporation.
Formaldehyde is increasingly utilized in the making of building materials and many household products. The product is also declared as an indoor air pollutant and can be damaging to nose, lungs, and eyes. This has increased the demand for effective emission catalysts systems. For instance, BASF has recently introduced a new system called Formaldpure. The system is intended to reduce pollution caused by formaldehyde.
Grand View Research has segmented the formaldehyde market on the basis of application, end use and region:
Global Formaldehyde Application Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 – 2020)
UF Resins
PF Resins
MF Resins
Polyacetal Resins
Pentaerythritol
Methylenebis (4-phenyl isocyanate) (MDI)
1,4-butanediol
Others
Global Formaldehyde End Use Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 – 2020)
Construction
Others (automotive, aircraft, healthcare, clothing)
Global Formaldehyde Regional Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 – 2020)
North America
Europe
Asia Pacific
RoW
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