Formaldehyde Market to Witness an Outstanding Growth by 2027

1. Formaldehyde Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2027 ©2019 Transparency Market Research, All Rights Reserved

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3. The global formaldehyde market was valued at ~US$ 8.6 Bn in 2018 and is anticipated to expand at a CAGR of ~3% from 2019 to 2027.  Use of formaldehyde in the production of resins is growing; these formaldehyde based resins find applications in a wide range of activities.  Formaldehyde Market: Introduction View Report Download Brochure ©2019 Transparency Market Research, All Rights Reserved

4. Key Drivers of Formaldehyde Market • Formaldehyde-based resins, such as urea formaldehyde resins, are excellent adhesives that play an integral role in the construction sector. • They are used in furniture applications in the production of particle boards and wood panels. • Formaldehyde-based resins help bind wood chips and sawdust to create engineered wood products, which are durable, cost-effective, and high performance alternatives to solid wood. • Therefore, increasing demand from construction and furniture sectors is expected to boost the demand for formaldehyde. • Formaldehyde is also used as an intermediate to produce other chemicals, such as butanediol, which is further employed to produce tetrahydrofuran.

5. Increasing Demand from End-use Industries to Offer Attractive Opportunities Rise in urbanization, increase in population, and positive developments in regional economic conditions are projected to drive the demand for houses in the near future. This is expected to boost the demand for wood-based panels. These factors are anticipated to augment the demand for formaldehyde, as formaldehyde-based resins are used to produce wood-based panels. Moreover, rising demand for formaldehyde in automotive, chemical, and personal care & cosmetic sectors due to its excellent adhesive and binding properties is projected to drive the market during the forecast period. ©2019 Transparency Market Research, All Rights Reserved

6. Prominent Companies in Global Market BASF SE Hexion Inc. PJSC Metafrax Ercros S.A. ©2019 Transparency Market Research, All Rights Reserved

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