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Formaldehyde Market Analysis

Report ID: GMI3751
Published Date: Jul 2024
Report Format: PDF

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Formaldehyde Market Analysis

Formaldehyde Market Size, By Derivatives, 2021 - 2032 (USD Billion)

The UF resins segment garnered USD 1.73 billion in 2023 and will register USD 2.37 billion by 2032, attributed to its versatility and sustainable attributes. Widely used in wood-based panels, laminates, and textiles, UF resins offer low emissions and high durability. With increasing emphasis on eco-friendly products and stringent regulations driving adoption, demand for UF resins continues to rise. Innovations in resin technology further enhance performance, meeting diverse industrial needs. As industries prioritize sustainability and efficiency, UF resins will stand as a preferred choice, contributing significantly to the market growth.

Formaldehyde Market Revenue Share, By Application (2023)

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The paints segment achieved USD 1.01 billion in 2023 and will garner a valuation of USD 1.35 billion by 2032, owing to the integral role of formaldehyde in various coatings and finishes across industries. With increasing demand for durable and aesthetically pleasing surfaces in construction, automotive, and industrial applications, paints incorporating formaldehyde-based resins offer superior performance. Additionally, innovations in paint formulations cater to eco-friendly preferences, further boosting industry expansion. As consumer awareness shifts towards sustainable products, the paints segment will maintain its dominance, meeting diverse industry needs effectively.

Asia Pacific Formaldehyde Market Size, 2021- 2032 (USD Billion)

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Asia Pacific formaldehyde market size exceeded USD 2.55 billion in 2023 and will expand at a 3.7% CAGR from 2024 to 2032, fueled by robust industrial growth and increasing urbanization. The region's thriving construction, automotive, and furniture sectors drive substantial demand for formaldehyde in resin production and manufacturing processes. Moreover, government initiatives promoting infrastructure development and manufacturing activities bolster market expansion. With key economies like China, India, and Japan driving growth through infrastructure investments and industrialization, APAC will emerge as the primary contributor to the global formaldehyde industry.

Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

The market size of formaldehyde was crossed USD 4.32 billion in 2023 and is expected to register 3.2% CAGR from 2024 to 2032, owing to the innovations in resin technology and the extensive use of formaldehyde in various industrial processes and chemical manufacturing worldwide.

Formaldehyde industry from the UF resins segment is expected to reach USD 2.37 billion by 2032, due to its versatility and sustainable attributes and being widely used in wood-based panels, laminates, and textiles.

Asia Pacific formaldehyde industry is expected to register 3.7% CAGR from 2024 to 2032, due to robust industrial growth and increasing urbanization and the thriving construction, automotive, and furniture sectors in the region.

BASF SE, Balaji Formalin, Perstorp, Chemique Adhesives, Hexion Inc., Celanese Corporation, Foremark Performance Chemicals, Ercros S.A, Methanol Chemicals Company, LyondellBasell, Alder S.p.A, and Prefere Resins Holding GmbH, are some of the major formaldehyde companies worldwide.