Formaldehyde Market will Witness Boost in Demand Owing to Bolstered Construction Activity

The publication observes that the formaldehyde market was valued at US$10,886.7 million in 2012 and the market is expected to be worth US$18,061.4 million by 2018, registering growth at 7.5% CAGR during the forecast period from 2012 to 2018.

A rise in construction activities across the globe is expected to boost the demand for a variety of formaldehyde resins over the next few years.In order to present an executive-level overview, the report has segmented the global formaldehyde market in terms of applications and end users. The publication includes a cross-sectional analysis of these segments with respect to key regions, which include North America, Europe, Asia Pacific and the Rest of the World (RoW). Among these regions, Asia Pacific has been registering maximum demand across the primary end-use applications of formaldehyde, which includes the textiles, construction, and automobile industries. 

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Despite witnessing a steady rate of growth over the last few years, the global market for formaldehyde may have to face the challenge of volatile prices of raw material. Moreover, growing health awareness and intensifying environmental regulations are anticipated to impact the demand for formaldehyde derivatives adversely, inhibiting the growth of the global formaldehyde market. According to the publication, the regulation restricting formaldehyde emission, named the Formaldehyde Standards for Composite Wood Products Act, formulated by the U.S. government in July 2010, and REACH, imposed in Europe, set stringent limits on the emission standards for formaldehyde emissions from a range of products such as medium density fiberboard (MDF), plywood, wood products, and others. 

On the basis of application segments, the urea formaldehyde resins or UF Resins witnessed the maximum demand in 2012, accounting for over 39% of the global market in terms of volume consumed. However, the findings of the report indicate that the market for phenol formaldehyde resins (PF resins) will register the fastest growth over the forecast period. Back in 2011, PF resin emerged as the second largest application segment, accounting for over 13% of the total volume of formaldehyde consumption registered that year. Among the key end-use segments, the construction industry dominated the global market for formaldehyde, accounting for 65% of the total volume consumed in 2012. Based on the regional distribution of the market, Asia Pacific emerged as the largest market for formaldehyde in 2012, accounting for 57.7% of the global market in terms of total volume consumed, followed by Europe and North America. The demand for formaldehyde is expected to witness robust growth in Asia Pacific over the forthcoming years as well. 

The report also profiles some of the leading players in the global formaldehyde market, such as Momentive Specialty Chemical Inc., Bayer AG, Dynea Oy, Huntsman Corporation, BASF SE, Georgia Pacific Corporation, Perstorp Formox AB, and Celanese Corporation, in order to present a detailed research on the competitive landscape of the market.

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