The global formaldehyde market is anticipated to grow at a considerable CAGR of 3.8% during the forecast period (2024-2031). Formaldehyde is the most commercially important aldehyde. It has its applications in wide range of industries including agriculture, automotive, medical chemical & petrochemical, and others. The growing application of formaldehyde in different industrial sector has promoted the key producer of the formaldehyde to invest in the expansion of their formaldehyde production facilities. Thus, the rising inclination of key market players towards the adoption of expansion strategies across the globe is anticipated to drive the growth of the global formaldehyde market.

For instance, in September 2019, PJSC Metafrax and Dynea AS signed a contract for engineering, equipment supply and site services for a large formaldehyde plant, to be implemented in Gubakha, Perm region (Russia). Under the terms of the contract, Dynea will act as Technology Licensor for the supply of a new fasil silver catalyst formaldehyde plant. The plant nameplate capacity will be 100 000 TPA (expressed in 100% Formaldehyde) and will produce 55% Formaldehyde.  The capacity of the plants will be 180 thousand tons of 55.0% formaldehyde and 30 thousand tons of paraformaldehyde per year. Such developments are contributing towards the market growth. 

High levels of exposure may cause some types of cancers. Therefore, the health related problems associated with the formaldehyde usage may impede its market growth during the forecast period. The increase in R&D activities related to the application of formaldehyde derivative for treatment of Organic Fraction of Municipal Solid Waste (OFMSW) are likely to offer lucrative opportunities for the growth of the formaldehyde market during the forecast period.

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Market Coverage

                 The market number available for – 2023-2031

                 Base year- 2023

                 Forecast period- 2024-2031

Segment Covered- 

                 By Derivative

                 By End-User Industry

Regions Covered-

                 North America

                 Europe

                 Asia-Pacific

                 Rest of the World

Competitive Landscape- BASF SE, Hexion Inc., PJSC Metafrax, and Ercros S.A., among others.

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Formaldehyde Market Report Segment

By Derivative

                 Urea Formaldehyde

                 Phenol Formaldehyde

                 Melamine Formaldehyde

                 Hexamine 

                 Polyoxymethylene

                 Others

By End-User Industry

                 Construction

                 Agriculture

                 Automotive

                 Medical 

                 Chemical & Petrochemical

                 Others

Formaldehyde Market Report Segment by Region

North America                                                                                                           

·        United States

·        Canada                     

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan              

·                  South Korea

·                  Rest of APAC

Rest of the World

       Latin America

       Middle East and Africa 

Company Profiles

                 Acron Group

                 Ashland Global Specialty Chemicals Inc.

                 Balaji Formalin Pvt. Ltd.

                 Capital Resin Corp.

                 Celanese Corp.

                 Dynea AS

                 Ercros SA

                 Foremark Performance Chemicals, Inc.

                 Georgia-Pacific Chemicals Corp.

                 Hexion Inc.

                 Huntsman International LLC

                 Johnson Matthey

                 Metafrax Group

                 Momentive Specialty Chemical Inc.

                 Nutrien Ltd.

                 Perstorp Holding AB

                 Romit Resins Pvt. Ltd.

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