The Global Formaldehyde Market is expected to reach USD 21.03 billion by 2020, according to a new study by Grand View Research Inc. Growth in furniture and construction industry along with increasing concentration in Asia Pacific is expected to be a key driver for the market over the next six years. Fluctuating raw material prices coupled with the increasing consumer awareness regarding harmful effects of formaldehyde is expected to be a major challenge for the market over the forecast period. In addition, stringent environmental regulations, imposed by REACH on formaldehyde emissions from wood products are expected to further hinder the growth of the market.
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Further key findings from the study suggest:
- UF Resins dominated the application market in terms of revenue and volume, accounting for over 39% of global market volume in 2013. PF resins are expected to be fastest growing application segment, at an estimated CAGR of 7.1 % from 2014 to 2020. Growing consumption of phenol formaldehyde in automotive and construction industry as insulation foams and binders is expected to augment demand. In addition, increasing demand for PF resins from the oil and gas industry is expected to further fuel the formaldehyde market.
- Construction was the largest end use market for formaldehyde, with demand in excess of 23 million tons in 2013. Formaldehyde is extensively used in construction materials such as cabinet doors, medium density fiberboards and strand boards resulting in high demand from the segment.
- Asia Pacific was the largest regional market for formaldehyde, accounting for revenue of USD 6.74 billion in 2013 owing to increased production of textile, automotive and cosmetics. Emerging markets in Latin America, Middle East and Africa are expected to show combined growth at an estimated CAGR of 6.4 % from 2014 to 2020.
- Global formaldehyde market is highly fragmented with top four companies accounting for less than 15% of global revenue in 2013. Key industry participants include Dynea Oy, Bayer AG, Celanese Corporation, and BASF SE, Formox AB, Georgia Pacific Corporation, Momentive Specialty Chemical Inc. and Huntsman Corporation.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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