Formaldehyde Market: Introduction
In terms of value, the global formaldehyde market is anticipated to expand at a CAGR of ~4% from 2021 to 2031 and cross US$ 15 Bn by 2031. The usage of formaldehyde in the production of resins has been rising. Formaldehyde-based resins are used in a wide range of applications. In terms of volume, Asia Pacific dominated the global formaldehyde market in 2020. It is estimated to lead the global formaldehyde market during the forecast period, owing to the increase in demand for formaldehyde in various end-use industries, including automotive and building & construction. The rise in the demand for resins in building & construction, automotive, and chemical sectors is expected to be a major factor driving the global formaldehyde market.
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