Formaldehyde Market - Changing Supply And Demand Scenarios By 2020

Growth in furniture and construction industry along with increasing concentration in Asia Pacific is expected to be a key driver for the market over the next six years. Fluctuating raw material prices coupled with the increasing consumer awareness regarding harmful effects of formaldehyde is expected to be a major challenge for the market over the forecast period.

The Global Formaldehyde Market is expected to reach USD 21.03 billion by 2020, according to a new study by Grand View Research Inc.

In addition, stringent environmental regulations, imposed by REACH on formaldehyde emissions from wood products are expected to further hinder the growth of the market. UF Resins dominated the application market in terms of revenue and volume, accounting for over 39% of global market volume in 2013. PF resins are expected to be fastest growing application segment, at an estimated CAGR of 7.1 % from 2014 to 2020.

Growing consumption of phenol formaldehyde in automotive and construction industry as insulation foams and binders is expected to augment demand. In addition, increasing demand for PF resins from the oil and gas industry is expected to further fuel the formaldehyde market.

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Construction was the largest end use market for formaldehyde, with demand in excess of 23 million tons in 2013. Formaldehyde is extensively used in construction materials such as cabinet doors, medium density fiberboards and strand boards resulting in high demand from the segment.

Top Players of Formaldehyde Market:

Key industry participants include Dynea Oy, Bayer AG, Celanese Corporation, and BASF SE, Formox AB, Georgia Pacific Corporation, Momentive Specialty Chemical Inc. and Huntsman Corporation.

Market Segmentation of Formaldehyde Market:

The Global Formaldehyde Market Segmented on the basis of Application and End Use.

By Application:

    UF Resins
    PF Resins
    MF Resins
    Polyacetal Resins
    Pentaerythritol
    Methylenebis (4-phenyl isocyanate) (MDI)
    1,4-butanediol

By End-Use:

    Construction
    Others (automotive, aircraft, healthcare, clothing)

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