The Global Formaldehyde Market is expected
to reach USD 21.03 billion by 2020, according to a new study by Grand View
Research Inc. 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. In
addition, stringent environmental regulations, imposed by REACH on formaldehyde
emissions from wood products are expected to further hinder the growth of the
market.
Browse full research report on Formaldehyde Market: http://www.grandviewresearch.com/industry-analysis/formaldehyde-market
Further key findings from the study suggest:
- 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.
- 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.
- Asia
Pacific was the largest regional market for formaldehyde, accounting for
revenue of USD 6.74 billion in 2013 owing to increased production of
textile, automotive and cosmetics. Emerging markets in Latin America,
Middle East and Africa are expected to show combined growth at an
estimated CAGR of 6.4 % from 2014 to 2020.
- Global
formaldehyde market is highly fragmented with top four companies
accounting for less than 15% of global revenue in 2013. 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.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/organic-chemicals-and-compounds
For the purpose of this study, Grand View Research has
segmented the formaldehyde market on the basis of application, end use and
region:
• Global Formaldehyde Application
Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 - 2020)
•
UF Resins
•
PF Resins
•
MF Resins
•
Polyacetal Resins
•
Pentaerythritol
•
Methylenebis (4-phenyl isocyanate) (MDI)
•
1,4-butanediol
•
Others
• Global Formaldehyde End Use Outlook
(Volume, Kilo tons; Revenue, USD Million, 2012 - 2020)
•
Construction
•
Others (automotive, aircraft, healthcare, clothing)
• Global Formaldehyde Regional Outlook
(Volume, Kilo tons; Revenue, USD Million, 2012 - 2020)
•
North America
•
Europe
•
Asia Pacific
•
RoW
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-formaldehyde-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: http://www.grandviewresearch.com
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