The global demand for Formaldehyde Market is presumed to reach the valuation of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% during the period of 2022-2028. Whereas with regards to volume, the market was calculated XX Kilo Tons in 2021 and foreseen to touch XX Kilo Tons by 2028 with a CAGR of XX% during 2022-2028.
Formaldehyde, a critical gaseous chemical compound used in the global economy is produced by methanol oxidation. It has exceptional chemical properties and physical properties, hence used in many areas of biological and chemical applications. The most common use of formaldehyde is in the industrial chemicals like resins, paints and plasticisers. It is extensively used in labs to preserve specimens and as an antiseptic. It can be used as a disinfectant in its liquid and gaseous state. The other industrial applications include wood processing, automotive, chemical industry and sanitary products like napkins, tissues, etc. Exposure to formaldehyde may be carcinogenic.
The use of formaldehyde in the manufacture of resins for wood processing is the critical driver for the growth of this market. Rapid urbanisation and increased spending in infrastructural developments will boost the growth of this market since its demand in the area of reinforcement applications continues to grow. The prominence of this compound in other flourishing sectors like cosmetics, automotive and health care will boost the market growth. The continuous research and development activities carried out in the use of this important building block in the chemical industry will further propel the market.COVID-19 pandemic will boost the demand for formaldehyde due to its extensive use in labs as an antiseptic. The main concern with the use of this compound on a vast scale is its carcinogenic nature.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of formaldehyde.
The entire formaldehyde market has been sub-categorized into end use and application. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By End Use
- PF Resins
- UF Resins
- MF Resins
- Polyacetal Resins
This section covers regional segmentation which accentuates on current and future demand for formaldehyde market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Formaldehyde Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the formaldehyde market include DyneaOy, Bayer AG, Celanese Corporation, BASF SE, PerstorpFormox AB, Georgia Pacific Corporation, Momentive Specialty Chemical Inc., Huntsman Corporation. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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