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Formaldehyde Market Trends

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

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Formaldehyde Market Trends

Demand for formaldehyde is rising across various applications, including resins for adhesives and coatings, textiles, plasticizers, paints, and elastic fibers. The construction sector, which relies on formaldehyde-based resins for composite wood products, is a major driver of this growth. The automotive industry also uses formaldehyde for lightweight synthetic lubricants and durable polyurethane foams. In textiles, formaldehyde improves fabric finishes, while in agriculture, it is used in pesticide production. Environmental concerns are pushing for low-emission and eco-friendly formaldehyde alternatives. Additionally, the growing consumer electronics and household appliances markets are increasing demand, with formaldehyde derivatives enhancing material performance and durability.

Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

The global market size for formaldehyde was valued at USD 4.5 billion in 2024 and is expected to reach USD 6.1 billion by 2034, driven by a CAGR of over 3% from 2025 to 2034.

The UF resins segment was valued at USD 1.8 billion in 2024 and is anticipated to grow at a CAGR of 3.2% from 2025 to 2034, driven by their versatility and sustainable attributes.

The U.S. market was valued at USD 491.3 million in 2024 and is expected to grow at a CAGR of 3%, driven by a focus on sustainability and compliance with regulatory standards.

Major players in the formaldehyde industry include Alder, BASF, Balaji Formalin, Celanese Corporation, Chemique Adhesives, Dynea, Ercros, Foremark Performance Chemicals, Georgia-Pacific Chemicals, Huntsman Corporation, Hexion, and Prefere Resins Holding.