According to ChemAnalyst report, “Formaldehyde Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Formaldehyde market witnessed a demand of around 10.47 million in 2020 and anticipated to grow at a significant rate with a healthy CAGR of 4.22% until 2030 due to the wide range applications of Formaldehyde and its derivatives in various end use industries such as Building & Construction, Chemical, Automotive, Pharmaceuticals, Agriculture, Personal Care & Cosmetics and Others.
Formaldehyde is an organic compound as well as simplest aldehyde, also called as Methanal and Formalin (when dissolve in water), having a strong pungent smell. It is a colorless, volatile, highly flammable, toxic gas produced by vapor-phase oxidation of methanol, this process takes place at very high temperature and the reaction is highly exothermic. It is associated with several health hazards in humans and other animals such as respiratory and skin allergies, Cancer, etc. Hence, government has fixed standard regulations for its production, storage, handling, and use for protecting human health as well as environment.
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Formaldehyde is used extensively in producing building materials such as panels and plywood, adhesives, flooring, particle boards, fiber boards, furniture, wall sheathing, support beams and cabinetry, countertops, insulation materials, laminations, moldings etc. along with other household products. It also finds applications in cosmetics and personal care products such as sunscreen, shampoos, lotions, creams, makeup, mouth wash, toothpaste etc. as a preservative or an antiseptics, an industrial disinfectant, as a precursor in chemical processes, in the production of industrial resins, permanent press fabrics, industrial coatings, explosives, photographic materials, in dyes, cellulose esters and artificial silk, kitchenware, as a fungicide or germicide in agriculture, preserving & coagulating rubber latex, as embalming fluids, in pulp & papers treatment etc. Based on its applications, the major end use industries for Formaldehyde are Building and Construction, Chemical, Pharmaceuticals, Agriculture, Personal Care and Cosmetics, Automotive and Others. Among these Building and Construction is the most lucrative segment of Formaldehyde market and anticipated to thrust its demand over the forecast period.
Formaldehyde market is segmented into four types depending upon the Formaldehyde derived resins including Urea-Formaldehyde resin, Phenol-Formaldehyde resin, Melamine- Formaldehyde resin and Acetal resin. These resins exhibit versatile properties such as scratch resistance, moisture & mold resistance, high tensile strength, stiffness, high heat-distortion temperature, and low cost therefore vastly employed in Building & Construction, automotive and Household domains. Urea-Formaldehyde is the leading segment in Formaldehyde Market.
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Urea-Formaldehyde extensively utilized in building materials including adhesives, finishes, medium density fiber boards, molded objects and lacquers, glues, particle boards, in automotive industry in tires to improve bonding of rubber to tire cord, in molding electrical devices, textiles, to improve tear strength of paper, foam industries, agriculture etc. Melamine Formaldehydes find applications in laminates, laminate flooring, furniture and kitchen cabinets, utensils etc. Phenol Formaldehyde finds applications in synthetic plastics, laboratory countertops, laminates, circuit boards, as coatings and adhesives and Acetal Formaldehyde is used prominently in Automobile industries for manufacturing of automobile parts, mechanical parts such as gear, bushings, pipes etc. and apart from it used in production of cosmetic containers, videocassettes, communication equipment’s etc. Due to the wide range applications of all these resins Formaldehyde market is expected to grow at a significant rate over the forecast period. However, health hazards caused by Formaldehyde such as allergies, even cancer due to long exposures are the main markets restraints for it. Due to this reason major players are focusing to adapt non-hazardous alternatives of Formaldehyde.
The unprecedented spread of COVID-19 across the global caused nationwide lockdowns and disruption in demand and supply chain which directly impacted several industries. Construction and Automotive are among the most stricken sectors during the pandemic which consequently declined the demand of Formaldehyde. Though there was a constant demand for Formaldehyde from Pharmaceuticals and Personal care along with Agriculture industries even in the pandemic. Moreover, after the exemption of trade restriction and resumption in industrial operations in the second half of 2020, Building & Construction and Automotive along with other end use industries recovered promptly and is expected to surge the demand for Formaldehyde in the forthcoming years.
Region wise, Asia Pacific dominates the market for Formaldehyde and is anticipated to remain the same until 2030 owing to various factors urbanization, large consumer base and the flourishing industries such as Building and Construction, Automotive and Pharmaceuticals in the region. Additionally, China is the leading consumer of formaldehyde due to the giant manufacturer of products involving formaldehyde such as resins, agrochemicals, plasticizers, chemicals, personal care products, automotive parts, dyes, and pigments etc. which consequently fuel the market for Formaldehyde in the APAC region. Booming Textile industry in the region and its utilization as a drying agent or to improve durability of fabrics also drives the demand for Formaldehyde in Asia Pacific.
Major players for Formaldehyde globally include Alder S.p.A, Bayer Ag, Johnson Matthey Pvt. Ltd., Foremark Performance Chemicals, Georgia-Pacific Chemicals LLC, Huntsman International LLC, Momentive Specialty Chemical Inc., Chemique Adhesives & Sealants Ltd. Dynea AS, Perstorp Holding AB, Celanese AG, and Balaji Formalin Pvt. Ltd.
“Formaldehyde is a versatile commodity having numerous applications as a solvent, chemical intermediates, resins, as preservative, fibers, plasticizers and drying agents. Surging demand from leading end use industries is likely to expand its market in the forthcoming years. Blooming Automotive industry is anticipated to boost its demand in the upcoming years as it is employed to make light weight and energy efficient vehicles along with interior molded parts, highly durable exterior paints and coatings, brake pads, tire cord adhesives etc. Hence, flourishing automotive and construction sectors along with other end use industries are likely to offer potential opportunities for Formaldehyde market players to expand their production capacities in order to avoid demand supply gap of Formaldehyde in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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