The valuation of the formaldehyde market would exceed 6,160 USD

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SELBYVILLE, Del., September 22, 2021 (GLOBE NEWSWIRE) – According to the recent report released by Global Market Insights Inc., the formaldehyde market is expected to exceed a valuation of $ 6,160 million by 2027. The report provides an assessment Detailed assessment of market size and estimates, faltering market trends, competitive scenario, drivers and opportunities, major pockets of investment and best winning strategies.

Formaldehyde is applied as a precursor in the formulation of chemical compounds and some vital industrial materials. It also has minor uses in photography, disinfectants, fumigants, cosmetics, and wood preservation. Widespread usage in various verticals is expected to drive the market growth during the forecast period.

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Formaldehyde market of hexamine derivatives segment is expected to grow at a CAGR of over 6% through 2027. Hexamine is a white crystalline water soluble compound that finds many applications in the synthesis of additives for rubber, pharmaceuticals and plastics. The organic compound is available in two forms, namely, unstabilized (99%) and stabilized (purity 95% to 98%). The stabilized form of hexamine is used as a chemical intermediate while the unstabilized variety is used in sealant and adhesive applications.

Main reasons for the growth of formaldehyde market:

  1. Significant demand for disinfectants during the COVID-19 pandemic.
  2. Growing use in the manufacture of home furnishings.
  3. Widespread application of resins in the manufacture of polymers.
  4. Growing adoption of plasticizers in several industries.

The 2027 forecasts show that the “polyurethane foams” segment retains its predominance:

In terms of end use, polyurethane foams segment sales are estimated to be over $ 315 million by 2027. Due to their high durability and flexibility, polyurethane foams are widely used. in the manufacture of bedding and other furnishings. Increasing consumer demand for high quality home furnishing products is expected to drive the growth of formaldehyde market segment throughout the evaluation period.

North America and Europe maintain their leadership status in terms of turnover:

The North American formaldehyde market is expected to grow at a CAGR of approximately 3.5% during the forecast period. Formaldehyde-based resins are widely used in the furniture industry due to their characteristics such as high thermal stability, low flammability, hardness, compatibility and good adhesion properties under different conditions. Additionally, growing interest in personalization of interior design and home furnishings, along with growth in consumer spending, is expected to drive demand for phenol-formaldehyde (PF) and urea-formaldehyde (UF) resins. ) in the region in the years to come.

Europe is expected to grow at a CAGR of around 3% on schedule. Government initiatives supporting residential construction, coupled with the easy availability of home loans, are expected to fuel formaldehyde’s market share in the years to come.

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Impact of the COVID-19 pandemic on the formaldehyde market

In the wake of the COVID-19 outbreak, the government and health agencies have recommended the use of disinfectants, especially in healthcare facilities, to prevent the spread of the new coronavirus. Formaldehyde is used as a sterilant and disinfectant in both its gaseous and liquid states. Its water-based solution is considered to be a virucide, bactericide, tuberculocide, fungicide and sporicide, which has supported the adoption of the product 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 outlook for the formaldehyde market during the pandemic.

Major market players:

The competitive landscape of the formaldehyde industry includes several manufacturers, including Bayer AG, BASF SE, Dynea Oy, Huntsman Corporation, Chemanol, Celanese Corporation, Balaji Formalin, Ercros SA, Perstorp, Foremark Performance Chemicals, Hexion Inc., Alder SpA, Chemique Adhesives, Georgia-Pacific Chemicals, LLC., And LyondellBasell, among others.

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services. Offering syndicated and customized research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with insightful insights and actionable market data that aid strategic decision making.

Contact us:

Arun Hegde

Business Sales, United States

Global Market Overview, Inc.

Phone: 1-302-846-7766

Toll free: 1-888-689-0688

Email: [email protected]

Web: https://www.gminsights.com

Related images

Image 1: Formaldehyde market statistics

The formaldehyde market size exceeded USD 4,350 million in 2020 and is expected to grow at a CAGR of 5% from 2021 to 2027.

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  • Formaldehyde Market Statistics


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