Global Formaldehyde Market Report 2022: Laboratory Applications to Drive Sector Growth

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Sep 28, 2022, 14:15 ET

DUBLIN, Sept. 28, 2022 /PRNewswire/ -- The "Global Formaldehyde Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.

The global formaldehyde market is predicted to augment at a significant CAGR over the forecast period; the estimated value for 2020 was accounted to be US$19.944 billion.

The growing construction industry with varied commercial and residential projects is fueling the market demand during the forecast period.

Formaldehyde is known to have excellent adhesive and binding properties; hence, it is widely utilized for making resins. These resins are then used for the production of wood products that are employed for making furniture.

Other applications of formaldehyde include the preservation of tissue specimens in biology labs; also they help preserve the shape of the specimen; it is also utilized for the production of sanitary paper products like paper towels and tissues, and it is also used in the development of photography film among other applications.

However, concerns regarding formaldehyde being hazardous to human health are posing a threat in impeding the market growth during the forecast period.

The utilization of formaldehyde as a disinfectant in the agriculture industry is burgeoning the market demand during the forecast period.

Formaldehyde, in the form of disinfectant, is used in the poultry industry in hatcheries. Formaldehyde solutions as germicides are used to kill bacteria, viruses, and mould to reduce contamination. Additionally, the chemical in different formulations is utilized in slow-release fertilizers. Companies such as Hexion offer formaldehyde formulations like formaldehyde derivatives and urea-formaldehyde for these fertilizers.

As per the European Union predictions, the total population of the world is predicted to remain the main driver of the global food demand. In addition, the per capita consumption has also significantly increased. This is mainly attributed to the facilitation via trade, where the per capita consumption has surged faster than the growing population. The growing income resulting in the consumption of food products that are of high quality is gaining popularity. The change in consumption patterns has been observed with time, along with the changing consumer preferences resulting from societal habits, health concerns, and concerns regarding environmental and climate change issues.

Concerns regarding the hazardous health effects of formaldehyde are predicted to impede market growth during the forecast period.

Formaldehyde is known to have significant adverse health effects on humans. The chemical is a well-regulated substance. Still, health agencies continue to evaluate its safety. For example, the World Health Organization and International Agency for Research on Cancer, along with the National Toxicology Program that lies within the United States Department of Health and Human Services, filed formaldehyde as a carcinogen.

The EPA, under its Integrated Risk Information System (IRIS), unveiled a draft of a toxicological review of formaldehyde in 2010. This stated that the chemical fulfils the criteria described as carcinogenic to humans. The draft IRIS toxicological review was evaluated by the National Academy of Sciences, and a report in April 2011 was issued. This criticized the IRIS review on formaldehyde toxicology, further stating that the methodologies and underlying science in the draft do not provide a clear conclusion that there is a causal link between formaldehyde exposure and leukaemia and would further require a risk evaluation.

The European Chemicals Agency (ECHA) classified formaldehyde as a category 2 mutagen on 1st January 2016. It also rejected its reclassification as a category 1A carcinogen. Hence, it is quite possible that novel regulatory requirements could be put forward on a wide scale to limit exposure to formaldehyde in humans. The companies in the formaldehyde business would require to incur high costs for meeting such regulatory requirements leading to a reduction in demand for formaldehyde-based products. Besides, the additional costs and reduction in demand would, in turn, have an adverse effect on the companies' operations and profitability. Hence, causing an impact on hampering the market growth during the forecast period.

As per the EPA, there have been the highest levels of airborne formaldehyde detected in indoor air. This is known to be released through various consumer products like building materials and home furnishings. The source of higher levels of formaldehyde is reported from novel manufactured or mobile homes compared to traditional homes.

The major sources reported are power plants, manufacturing units, exhaust emissions coming from automobiles, and incinerators. In addition, it has been reported by the EPA that smoking is an important source of formaldehyde. Several acute and chronic effects of formaldehyde have been noticed. These include toxic effects caused by the chemical through inhalation, including eye, nose, throat and nasal cavity irritation. The effects observed on inhalation are coughing, chest pains, wheezing, and bronchitis.

Segmentation:

By Industry Vertical

Agriculture
Construction
Chemical
Automotive

By Distribution Channel

Online
Offline

By Geography

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

5. Global Formaldehyde Market Analysis, by Industry Vertical

6. Global Formaldehyde Market Analysis, by Distribution Channel

7. Global Formaldehyde Market Analysis, by Geography

8. Competitive Environment and Analysis

9. Company Profiles

Companies Mentioned