LONDON–(BUSINESS WIRE)–The global formaldehyde market size is poised to grow by 7.56 million tons during 2020-2024, progressing at a CAGR of almost 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The formaldehyde market is driven by the growth in the construction industry. Formaldehyde is primarily used in the production of resins used in the construction industry. Resins like urea formaldehyde, phenol formaldehyde, and melamine formaldehyde are used for manufacturing building materials. The construction industry is the major end-user of formaldehyde globally, with a share of more than 65%. Hence, the growth of the construction industry, which is driven by the emerging economies, growing population, and increasing disposable income, largely drives the global formaldehyde market.
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Report Highlights:
- The major formaldehyde market growth came from the construction and furniture segment in 2019, and is expected to witness the fastest growth during the next five years.
- APAC was the largest formaldehyde market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the availability of large production capacities for formaldehyde and high consumption of formaldehyde.
- The global formaldehyde market is fragmented. Akzo Nobel NV, Ashland Global Holdings Inc., BASF SE, Celanese Corp., Dynea AS, Ercros SA, Hexion Inc., INEOS Group Holdings SA, Koch Industries Inc., and LANXESS AG are some of the major market participants. To help clients improve their market position, this formaldehyde market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the formaldehyde market 2020-2024 is expected to have neutral growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Establishment of New Production Plants and Capacity Expansion of Formaldehyde will be a Key Market Trend
The establishment of new production plants and capacity expansion of formaldehyde is identified as one of the key formaldehyde market trends that will drive growth in the market during the estimated period. For instance, Dynea planned to establish a new plant in Hungary with a production capacity of 40000 metric tons of formaldehyde per year. Moreover, the increase in formaldehyde market demand in end-user industries is encouraging vendors to invest in this market.
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Formaldehyde Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist formaldehyde market growth during the next five years
- Estimation of the formaldehyde market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the formaldehyde market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of formaldehyde market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Construction and furniture – Market size and forecast 2019-2024
- Automotive – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by End-user
Market Segmentation by Derivatives
- Market segments
- Comparison by Derivatives
- Urea formaldehyde – Market size and forecast 2019-2024
- Phenol formaldehyde – Market size and forecast 2019-2024
- Melamine formaldehyde – Market size and forecast 2019-2024
- Polyoxymethylene – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by Derivatives
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Akzo Nobel NV
- Ashland Global Holdings Inc.
- BASF SE
- Celanese Corp.
- Dynea AS
- Ercros SA
- Hexion Inc.
- INEOS Group Holdings SA
- Koch Industries Inc.
- LANXESS AG
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
