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Formaldehyde Market by End-user, Derivatives, and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR45307
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The formaldehyde market share is expected to increase by 7.89 million tons from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.02%.

This formaldehyde market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers formaldehyde market segmentation by end-user (construction and furniture, automotive, and others), derivatives (urea-formaldehyde, phenol-formaldehyde, melamine-formaldehyde, polyoxymethylene, and others), and geography (APAC, North America, Europe, South America, and MEA). The formaldehyde market report also offers information on several market vendors, including 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 among others.

What will the Formaldehyde Market Size be During the Forecast Period?

Formaldehyde Market Size

Download the Free Report Sample to Unlock the Formaldehyde Market Size for the Forecast Period and Other Important Statistics

 

Formaldehyde Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The growth in the construction industry is notably driving the formaldehyde market growth, although factors such as the fluctuating price of methanol may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the formaldehyde industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Formaldehyde Market Driver

The growth in the construction industry is one of the key factors driving the growth of the global formaldehyde market. According to the United States Census Bureau, China had the largest construction market in 2020 and is expected to remain the largest construction market globally by 2025. However, its share of the global total is expected to decline from 32% in 2020 to 29.2% in 2025. Similarly, Japan's contribution to the global total is anticipated to decline from 7% in 2020 to 5.4% in 2025. Growing opportunities in the residential construction segment remain a major driver for the global construction industry. For instance, around 43 million new homes will be required each year globally between 2021 and 2025, with 11 million of these being in India, 7 million in China, 2 million in Nigeria, and 1.5 million in the US. Brazil, Pakistan, and Indonesia are also expected to require more than a million new homes every year. The increasing spending on construction activities will raise the demand for formaldehyde products, which will drive the growth of the global formaldehyde market during the forecast period.

Key Formaldehyde Market Trend

The advances in technology will fuel the global formaldehyde market growth. Formaldehyde is produced from methanol, which is the primary raw material, by two processes: based on the silver catalyst and based on metal oxides catalyst. Hence, the fluctuating prices of methanol pose difficulty for the manufacturers of both methanol and formaldehyde. With the increasing demand for formaldehyde and increasing concerns about methanol's price, it is important to develop new production technologies for formaldehyde, which do not use methanol. One of the key vendors of the global formaldehyde market, BASF, along with Heidelberg University, LMU, Munich, planned a joint research project for developing catalyst systems that will allow the selective hydrogenation of carbon dioxide to formaldehyde. Another new technology in formaldehyde production is the turbocharger concept by Johnson Matthey. The advances in technologies pertaining to formaldehyde production methods are emerging trends in the global formaldehyde market.

Key Formaldehyde Market Challenge

The fluctuating price of methanol is a major challenge for the global formaldehyde market growth. Methanol is the key raw material of formaldehyde. Hence, the price fluctuations of methanol directly impact the price of formaldehyde, which, in turn, affects the profit margins of manufacturers as well. Methanol Gulf Coast benchmark price showed sudden fluctuations in 2017-2018. The price observed a steep fluctuation till April 2020. Moreover, the price fluctuation of methanol can be attributed to two reasons, the first one is price fluctuation of natural gas impacts methanol price, as it is the key raw material for methanol production, and the other one is the mismatch in the demand-supply of methanol is another reason for the fluctuating price of methanol. The tighter supply of methanol does not fulfill the demand for methanol. Thus, the fluctuation in methanol prices is one of the major challenges faced by the global formaldehyde market.

This formaldehyde market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global formaldehyde market as a part of the global specialty chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the formaldehyde market during the forecast period.

Who are the Major Formaldehyde Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • 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

 

This statistical study of the formaldehyde market encompasses successful business strategies deployed by the key vendors. The formaldehyde market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Akzo Nobel NV - The company offers Melamine Formaldehyde and Melamine Urea Formaldehyde systems that are used in load-bearing constructions and in other applications where there is demand for high-durability glue lines.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The formaldehyde market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Formaldehyde Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the formaldehyde market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global specialty chemicals market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Formaldehyde Market?

Formaldehyde Market Market segmentation by region

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69% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for formaldehyde market in APAC. Market growth in this region will be slower than the growth of the market in regions.

The growth in the construction industry will facilitate the formaldehyde market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in the region hindered the growth of the regional formaldehyde market in 2020. In March 2020, India imposed a complete lockdown to prevent the community spread of the disease. All manufacturing industries were highly affected, as their production units were either closed or halted. However, most APAC countries lifted lockdown restrictions in Q3 of 2020, and mass vaccination drives and government funding for SMEs had further led to the normal operation of various sectors such as construction and automobile would proliferate the demand for formaldehyde in the region during the forecast period.

What are the Revenue-generating End User Segments in the Formaldehyde Market?

Formaldehyde Market Segmentation

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The formaldehyde market share growth in the construction and furniture segment will be significant during the forecast period. Formaldehyde is extensively used in the construction industry for manufacturing various products such as home cleaners, textiles, paints, yard products, pesticides, and landscape products.

This report provides an accurate prediction of the contribution of all the segments to the growth of the formaldehyde market size and actionable market insights on post COVID-19 impact on each segment.

 

Formaldehyde Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 6.02%

Market growth 2021-2025

7.89 mn tons

Market structure

Fragmented

YoY growth (%)

7.08

Regional analysis

APAC, North America, Europe, South America, MEA, APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 69%

Key consumer countries

China, US, Russian Federation, Germany, and India

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

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

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Formaldehyde Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive formaldehyde market growth during the next five years
  • Precise estimation of the formaldehyde market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the formaldehyde industry across APAC, North America, Europe, South America, MEA, APAC, North America, Europe, South America, and MEA
  • A thorough 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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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Specialty chemicals

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 (million tons)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 15: End-user - Market share 2020-2025 (%)
    • 5.2 Comparison by End-user
      • Exhibit 16: Comparison by End-user
    • 5.3 Construction and furniture - Market size and forecast 2020-2025
      • Exhibit 17: Construction and furniture - Market size and forecast 2020-2025 (million tons)
      • Exhibit 18: Construction and furniture - Year-over-year growth 2020-2025 (%)
    • 5.4 Automotive - Market size and forecast 2020-2025
      • Exhibit 19: Automotive - Market size and forecast 2020-2025 (million tons)
      • Exhibit 20: Automotive - Year-over-year growth 2020-2025 (%)
    • 5.5 Others - Market size and forecast 2020-2025
      • Exhibit 21: Others - Market size and forecast 2020-2025 (million tons)
      • Exhibit 22: Others - Year-over-year growth 2020-2025 (%)
    • 5.6 Market opportunity by End-user
      • Exhibit 23: Market opportunity by End-user

    6 Market Segmentation by Derivatives

    • 6.1 Market segments
      • Exhibit 24: Derivatives - Market share 2020-2025 (%)
    • 6.2 Comparison by Derivatives
      • Exhibit 25: Comparison by Derivatives
    • 6.3 Urea formaldehyde - Market size and forecast 2020-2025
      • Exhibit 26: Urea formaldehyde - Market size and forecast 2020-2025 (million tons)
      • Exhibit 27: Urea formaldehyde - Year-over-year growth 2020-2025 (%)
    • 6.4 Phenol formaldehyde - Market size and forecast 2020-2025
      • Exhibit 28: Phenol formaldehyde - Market size and forecast 2020-2025 (million tons)
      • Exhibit 29: Phenol formaldehyde - Year-over-year growth 2020-2025 (%)
    • 6.5 Melamine formaldehyde - Market size and forecast 2020-2025
      • Exhibit 30: Melamine formaldehyde - Market size and forecast 2020-2025 (million tons)
      • Exhibit 31: Melamine formaldehyde - Year-over-year growth 2020-2025 (%)
    • 6.6 Polyoxymethylene - Market size and forecast 2020-2025
      • Exhibit 32: Polyoxymethylene - Market size and forecast 2020-2025 (million tons)
      • Exhibit 33: Polyoxymethylene - Year-over-year growth 2020-2025 (%)
    • 6.7 Others - Market size and forecast 2020-2025
      • 6.8 Market opportunity by Derivatives
        • Exhibit 36: Market opportunity by Derivatives

      7 Customer landscape

      • 7.1 Overview
        • Exhibit 37: Customer landscape

      8 Geographic Landscape

      • 8.1 Geographic segmentation
        • Exhibit 38: Market share by geography 2020-2025 (%)
      • 8.2 Geographic comparison
        • Exhibit 39: Geographic comparison
      • 8.3 APAC - Market size and forecast 2020-2025
        • Exhibit 40: APAC - Market size and forecast 2020-2025 (million tons)
        • Exhibit 41: APAC - Year-over-year growth 2020-2025 (%)
      • 8.4 North America - Market size and forecast 2020-2025
        • Exhibit 42: North America - Market size and forecast 2020-2025 (million tons)
        • Exhibit 43: North America - Year-over-year growth 2020-2025 (%)
      • 8.5 Europe - Market size and forecast 2020-2025
        • Exhibit 44: Europe - Market size and forecast 2020-2025 (million tons)
        • Exhibit 45: Europe - Year-over-year growth 2020-2025 (%)
      • 8.6 South America - Market size and forecast 2020-2025
        • Exhibit 46: South America - Market size and forecast 2020-2025 (million tons)
        • Exhibit 47: South America - Year-over-year growth 2020-2025 (%)
      • 8.7 MEA - Market size and forecast 2020-2025
        • Exhibit 48: MEA - Market size and forecast 2020-2025 (million tons)
        • Exhibit 49: MEA - Year-over-year growth 2020-2025 (%)
      • 8.8 Key leading countries
        • Exhibit 50: Key leading countries
      • 8.9 Market opportunity by geography
        • Exhibit 51: Market opportunity by geography (million tons)

      9 Drivers, Challenges, and Trends

      • 9.1 Market drivers
        • 9.2 Market challenges
          • Exhibit 53: Impact of drivers and challenges
        • 9.3 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • Exhibit 54: Vendor landscape
          • 10.2 Landscape disruption
            • Exhibit 55: Landscape disruption
            • Exhibit 56: Industry risks

          11 Vendor Analysis

          • 11.1 Vendors covered
            • Exhibit 57: Vendors covered
          • 11.2 Market positioning of vendors
            • Exhibit 58: Market positioning of vendors
          • 11.3 Akzo Nobel NV
            • Exhibit 59: Akzo Nobel NV - Overview
            • Exhibit 60: Akzo Nobel NV - Business segments
            • Exhibit 61: Akzo Nobel NV - Key News
            • Exhibit 62: Akzo Nobel NV - Key offerings
            • Exhibit 63: Akzo Nobel NV - Segment focus
          • 11.4 Ashland Global Holdings Inc.
            • Exhibit 64: Ashland Global Holdings Inc. - Overview
            • Exhibit 65: Ashland Global Holdings Inc. - Business segments
            • Exhibit 66: Ashland Global Holdings Inc. - Key News
            • Exhibit 67: Ashland Global Holdings Inc. - Key offerings
            • Exhibit 68: Ashland Global Holdings Inc. - Segment focus
          • 11.5 BASF SE
            • Exhibit 69: BASF SE - Overview
            • Exhibit 70: BASF SE - Business segments
            • Exhibit 71: BASF SE - Key offerings
            • Exhibit 72: BASF SE - Segment focus
          • 11.6 Celanese Corp.
            • Exhibit 73: Celanese Corp. - Overview
            • Exhibit 74: Celanese Corp. - Business segments
            • Exhibit 75: Celanese Corp. - Key offerings
            • Exhibit 76: Celanese Corp. - Segment focus
          • 11.7 Dynea AS
            • Exhibit 77: Dynea AS - Overview
            • Exhibit 78: Dynea AS - Product and service
            • Exhibit 79: Dynea AS - Key offerings
          • 11.8 Ercros SA
            • Exhibit 80: Ercros SA - Overview
            • Exhibit 81: Ercros SA - Business segments
            • Exhibit 82: Ercros SA - Key News
            • Exhibit 83: Ercros SA - Key offerings
            • Exhibit 84: Ercros SA - Segment focus
          • 11.9 Hexion Inc.
            • Exhibit 85: Hexion Inc. - Overview
            • Exhibit 86: Hexion Inc. - Business segments
            • Exhibit 87: Hexion Inc. - Key News
            • Exhibit 88: Hexion Inc. - Key offerings
            • Exhibit 89: Hexion Inc. - Segment focus
          • 11.10 INEOS Group Holdings SA
            • Exhibit 90: INEOS Group Holdings SA - Overview
            • Exhibit 91: INEOS Group Holdings SA - Business segments
            • Exhibit 92: INEOS Group Holdings SA - Key News
            • Exhibit 93: INEOS Group Holdings SA - Key offerings
            • Exhibit 94: INEOS Group Holdings SA - Segment focus
          • 11.11 Koch Industries Inc.
            • Exhibit 95: Koch Industries Inc. - Overview
            • Exhibit 96: Koch Industries Inc. - Product and service
            • Exhibit 97: Koch Industries Inc. - Key offerings
          • 11.12 LANXESS AG
            • Exhibit 98: LANXESS AG - Overview
            • Exhibit 99: LANXESS AG - Business segments
            • Exhibit 100: LANXESS AG - Key offerings
            • Exhibit 101: LANXESS AG - Segment focus

          12 Appendix

          • 12.1 Scope of the report
            • 12.2 Currency conversion rates for US$
              • Exhibit 102: Currency conversion rates for US$
            • 12.3 Research methodology
              • Exhibit 103: Research Methodology
              • Exhibit 104: Validation techniques employed for market sizing
              • Exhibit 105: Information sources
            • 12.4 List of abbreviations
              • Exhibit 106: List of abbreviations

            Research Framework

            Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

            TechnavioINFORMATION SOURCES

            Primary sources

            • Manufacturers and suppliers
            • Channel partners
            • Industry experts
            • Strategic decision makers

            Secondary sources

            • Industry journals and periodicals
            • Government data
            • Financial reports of key industry players
            • Historical data
            • Press releases
            Technavio

            TechnavioDATA ANALYSIS

            Data Synthesis

            • Collation of data
            • Estimation of key figures
            • Analysis of derived insights

            Data Validation

            • Triangulation with data models
            • Reference against proprietary databases
            • Corroboration with industry experts
            Technavio

            TechnavioREPORT WRITING

            Qualitative

            • Market drivers
            • Market challenges
            • Market trends
            • Five forces analysis

            Quantitative

            • Market size and forecast
            • Market segmentation
            • Geographical insights
            • Competitive landscape
            Interested in this report?
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            Formaldehyde Market market growth will increase by $7.89 mn tons during 2021-2025.
            The formaldehyde market market is expected to grow at a CAGR of 6.02% during 2021-2025.
            Technavio has segmented the formaldehyde market market by end user (construction and furniture, automotive, and others) ,other 1 (urea formaldehyde, phenol formaldehyde, melamine formaldehyde, polyoxymethylene, and others) , and geography (APAC, North America, Europe, South America, and MEA).
            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 are a few of the key vendors in the formaldehyde market market.
            APAC will register the highest growth rate of 69% among the other regions. Therefore, the formaldehyde market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
            • China
            • US
            • Russian Federation
            • Germany
            • India
            The key factors driving the formaldehyde market market growth are:
            • Growth in the construction industry
            • Advances in technology
            The formaldehyde market market vendors should focus on grabbing business opportunities from the construction and furniture segment as it accounted for the largest market share in the base year.
            • What are the key global market and the regional market share?
            • What are the revenue-generating key market segments?
            • What are the key factors driving and challenging this market’s growth?
            • Who are the key market vendors and their growth strategies?
            • What are the latest trends influencing the growth of this market?
            • What are the variables influencing the market growth in the primary regions?
            • What are the factors influencing the growth of the parent market?
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