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 indu