SELBYVILLE, Del., Sept. 22, 2021 (GLOBE NEWSWIRE) -- According to the recent report published by Global Market Insights Inc., the Formaldehyde Market is projected to surpass a valuation of USD 6,160 million by 2027. The report provides a detailed assessment of market size and estimations, wavering market trends, competitive scenario, drivers and opportunities, major investment pockets, and top winning strategies.
Formaldehyde is applied as a precursor in the formulation of chemical compounds and certain vital industry materials. It also has minor uses in photography, disinfectants, fumigants, cosmetics, and wood preservation. Widespread utilization in various industry verticals is expected to bolster market growth over the forecast period.
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The formaldehyde market from the hexamine derivative segment is set to grow at a CAGR of over 6% through 2027. Hexamine is a water-soluble white crystalline compound that finds extensive applications in the synthesis of rubber additives, pharmaceuticals, and plastics. The organic compound is available in two forms viz., unstabilized (99%) and stabilized (purity 95% to 98%). The stabilized form of hexamine is used as a chemical intermediate while the unstabilized variety is utilized in sealant and adhesive applications.
Key reasons for formaldehyde market growth:
- Prominent demand for disinfectants during the COVID-19 pandemic.
- Increasing usage in making furniture products.
- Prevalent application of resins in polymer manufacturing.
- Mounting adoption of plasticizers across several industries.
2027 forecasts show the 'polyurethane foams' segment retaining its dominance:
In terms of end-use application, the polyurethane foams segment revenue is estimated to exceed USD 315 million by 2027. Due to their high durability and flexibility, polyurethane foams are widely used in the manufacturing of bedding and other furniture goods. Escalating consumer demand for high-quality furniture products is slated to drive the growth of the formaldehyde market segment through the assessment timespan.
North America and Europe to maintain top status with respect to revenue:
The North American formaldehyde market is foreseen to progress at approximately a 3.5% CAGR over the forecast period. Formaldehyde-based resins are broadly used in the furniture sector on account of their characteristics like high thermal stability, low flammability, hardness, compatibility, and good adhesion properties in different conditions. Moreover, increasing interest in customizing home décor and furniture products, along with growing consumer spending, is likely to boost phenol-formaldehyde resins (PF) and urea-formaldehyde (UF) demand in the region in the upcoming years.
Europe is speculated to expand at a CAGR of around 3% through the projected timeline. Government initiatives supporting residential construction, coupled with the easy availability of housing loans, are anticipated to fuel the formaldehyde market share over the following years.
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Impact of COVID-19 pandemic on the formaldehyde market
Following the COVID-19 outbreak, government and health agencies recommended the use of disinfectants, particularly in healthcare settings, to prevent the novel coronavirus from spreading. Formaldehyde finds usage as a sterilant and disinfectant in both its gaseous and liquid states. Its water-based solution is considered a virucide, bactericide, tuberculocide, fungicide, and sporicide, which has supported product adoption in healthcare applications. Formaldehyde is also used in the production of viral vaccines as an inactivating ingredient to weaken or kill viruses, bacteria, or toxins, which has positively impacted the formaldehyde market outlook during the pandemic.
Leading market players:
The competitive landscape of the formaldehyde industry has several manufacturers, including Bayer AG, BASF SE, Dynea Oy, Huntsman Corporation, Chemanol, Celanese Corporation, Balaji Formalin, Ercros S.A, Perstorp, Foremark Performance Chemicals, Hexion Inc., Alder S.p.A., Chemique Adhesives, Georgia-Pacific Chemicals, LLC., and LyondellBasell, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Related Images
Image 1: Formaldehyde Market Statistics
Formaldehyde Market size surpassed USD 4,350 million in 2020 and is projected to grow over a CAGR of 5% from 2021 to 2027.
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