The Formaldehyde Market was worth USD 13.58 billion in 2014 and is expected to reach approximately USD 26.28 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 7.61% during the forecast period.
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Formaldehyde is a critical feedstock segment for creation urea-alkyd resins, which discover applications basically for the yield of restricting materials for medium thickness plywood and particle sheets. Formaldehyde is widely utilized as a part of different businesses, for example, construction, plywood, automobile, and so on. Key drivers for formaldehyde market incorporate the development of its application in different enterprises, for example, textile, and automobile and construction industry. Positive attitude toward growth and construction in foundation spending has prompted an upturn in formaldehyde market interest for different support and segment applications. Formaldehyde is composed close to the usage area, inferable from issues in transportation over long distances.
Some of the major formaldehyde applications are in polyacetal resins, PF resins, UF resins, methylenebis, 1,4-butanediol, MF resins, and pentaerythritol. PF saps are foreseen to command the general formaldehyde showcase significantly by virtue of its high usage rates and interest for consumer-oriented and industrial products. As PF resins are water and heat proof, they are generally useful as a part of construction and automotive industry as composites, insulation foams, and binders. The usage of PF resins has been expanding in the oil business. Phenolic PF resins are water resistant in nature and are useful as durable binders and adhesive. Fire resistant variations are broadly used as a part of automobile ventures and construction enterprises.
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The recuperating North American market has hinted at consistent demand in different fragments. Asia Pacific is foreseen to add to formaldehyde market development with its rising development and automotive markets. Different locales, for example, Europe and Latin America are foreseen to witness unfaltering interest development.
Major Market Players:
The leading players in the market are Georgia-Pacific, Bayer Cropscience Limited, BASF, Formox AB, Momentive Specialty Chemical Inc, Formox AB, Dynea Oy and Huntsman Corporation.
The Formaldehyde Market is segmented as follows-
By Application: Furniture, Automotive, Construction
By End User: UF resins, Polyacetal resins, 1,4-butanediol, PF resins, MF resins, Pentaerythritol, Methylenebis
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