The global formaldehyde market is anticipated to grow at a considerable CAGR of 3.8% during the forecast period (2024-2031). Formaldehyde is the most commercially important aldehyde. It has its applications in wide range of industries including agriculture, automotive, medical chemical & petrochemical, and others. The growing application of formaldehyde in different industrial sector has promoted the key producer of the formaldehyde to invest in the expansion of their formaldehyde production facilities. Thus, the rising inclination of key market players towards the adoption of expansion strategies across the globe is anticipated to drive the growth of the global formaldehyde market.
For instance, in September 2019, PJSC Metafrax and Dynea AS signed a contract for engineering, equipment supply and site services for a large formaldehyde plant, to be implemented in Gubakha, Perm region (Russia). Under the terms of the contract, Dynea will act as Technology Licensor for the supply of a new fasil silver catalyst formaldehyde plant. The plant nameplate capacity will be 100 000 TPA (expressed in 100% Formaldehyde) and will produce 55% Formaldehyde. The capacity of the plants will be 180 thousand tons of 55.0% formaldehyde and 30 thousand tons of paraformaldehyde per year. Such developments are contributing towards the market growth.
High levels of exposure may cause some types of cancers. Therefore, the health related problems associated with the formaldehyde usage may impede its market growth during the forecast period. The increase in R&D activities related to the application of formaldehyde derivative for treatment of Organic Fraction of Municipal Solid Waste (OFMSW) are likely to offer lucrative opportunities for the growth of the formaldehyde market during the forecast period.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Derivative
- By End-User Industry
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- BASF SE, Hexion Inc., PJSC Metafrax, and Ercros S.A., among others.
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Formaldehyde Market Report Segment
By Derivative
- Urea Formaldehyde
- Phenol Formaldehyde
- Melamine Formaldehyde
- Hexamine
- Polyoxymethylene
- Others
By End-User Industry
- Construction
- Agriculture
- Automotive
- Medical
- Chemical & Petrochemical
- Others
Formaldehyde Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Acron Group
- Ashland Global Specialty Chemicals Inc.
- Balaji Formalin Pvt. Ltd.
- Capital Resin Corp.
- Celanese Corp.
- Dynea AS
- Ercros SA
- Foremark Performance Chemicals, Inc.
- Georgia-Pacific Chemicals Corp.
- Hexion Inc.
- Huntsman International LLC
- Johnson Matthey
- Metafrax Group
- Momentive Specialty Chemical Inc.
- Nutrien Ltd.
- Perstorp Holding AB
- Romit Resins Pvt. Ltd.
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