Latest News- Formaldehyde Market: Construction and furniture is expected to lead the End-user segment during 2023-2027

The Formaldehyde Market is being driven by Growth in the construction industry

The Formaldehyde Market is expected to grow at a CAGR of 6.86% during 2022 and 2027. During this period, the market is also expected to show a growth of 10.15 mn t. In the formaldehyde market, methanol serves as the primary raw material for its production via two processes: the silver catalyst method and the metal oxides catalyst method. The price volatility of methanol poses significant challenges for both methanol and formaldehyde manufacturers. Given the escalating demand for formaldehyde and growing concerns over methanol price fluctuations, there is a pressing need to explore alternative production technologies for formaldehyde that do not rely on methanol. Notable market player, BASF, in collaboration with Heidelberg University and LMU Munich, has initiated a joint research project aimed at developing innovative catalyst systems for the selective hydrogenation of carbon dioxide into formaldehyde, thereby reducing dependence on methanol as a raw material. 

Get more information on Formaldehyde Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Construction and furniture
  • Automotive
  • Others
• Geography
  • APAC
    • China
    • India
  • North America
    • US
  • Europe
    • Germany
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth in the construction industry
• High production and consumption of formaldehyde in China
• Growth in the automotive industry

However, the market also witnesses some limitations, which are as follows:

• Fluctuating price of methanol
• Stringent regulations on formaldehyde emissions
• Formaldehyde-free products

Benefits of Buying Global Formaldehyde Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Formaldehyde Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The formaldehyde market encompasses various applications, including building materials and indoor goods, which pose potential health risks. Exposure limits to formaldehyde are regulated for vulnerable populations, such as children and pregnant women. Mitigation strategies include using non-toxic building materials, like bio-based composites and plywood alternatives, to reduce emissions. Toxicity studies link formaldehyde to respiratory issues, including asthma and cancer, in humans and pets. Indoor air quality is a significant concern due to formaldehyde emissions from wood-based materials, such as fiberboard, medium-density fiberboard, particleboard, laminate flooring, and wood composites. Emissions standards aim to minimize environmental impact and protect human health. Safety measures include using low-VOC materials, high-performance wood products, and eco-friendly alternatives, such as sustainable building materials and composite wood products, in construction.

Market Research Overview

The formaldehyde market is a significant segment of the global specialty chemicals industry, encompassing companies that manufacture this versatile chemical. According to Technavio, the global specialty chemicals market, which includes formaldehyde, comprises organizations engaged in the production of high-value organic and inorganic chemicals. This market spans various sectors, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, coatings, methanediol for nitrogen fertilizer production, and hard-gel capsules for the pharmaceutical industry. Technavio calculates the market size based on the combined revenue of these manufacturers and their sub-categories. Key end-user industries for formaldehyde include foundries, personal care, water treatment, oil and gas, and bed frames.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/