NEW YORK, November 22, 2016 /PRNewswire/ --
Increasing infrastructure-based development and growing furniture industry to drive formaldehyde market in India
According to a recently released TechSci Research report, "India Formaldehyde Market Study, 2011 - 2025", the market of formaldehyde in India is anticipated to grow at a CAGR of over 4% during 2016 - 2025. Flourishing furniture industry along with growing focus on infrastructure-based development are the major factors propelling the India formaldehyde market. In addition to this, various capacity expansion projects announced by formaldehyde derivatives producing companies in India are boosting the demand for formaldehyde in the country. Moreover, growing consumption of formaldehyde by multiple end user industries including construction, furniture, paints & coatings, textiles, fertilizers & pesticides, etc., is expected to drive the India formaldehyde market during forecast period.
Formaldehyde is tailored for utilization as the crucial raw material and a key ingredient in construction sector with applications in wood-based panel items such as plywood, particleboard, etc. In addition to this, it is also used to make sheathing & cladding in houses, furniture, insulation and flooring systems. As per the 12th Five Year Plan (2012-17), an investment of USD1,000 billion is planned for infrastructure sector in the country. Moreover, the country's furniture market is projected to grow at a CAGR of around 26% during 2014-2019. Thus, increasing government expenditure on infrastructure-based development and growing furniture market are expected to drive India formaldehyde market during 2016 - 2025.
"Urea formaldehyde resins is the largest application area of formaldehyde in India. Rapid industrialization in the country leads to improving living standards of customers, increasing focus towards roofing mat applications and growing demand for wood-based products, which, in turn, is expected to generate huge demand for urea formaldehyde resins across the country during forecast period." said Mr. Karan Chechi, Research Director, with TechSci Research, a research based global management consulting firm.
"India Formaldehyde Market Study, 2011 - 2025"has evaluated the future growth potential of India formaldehyde market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in India formaldehyde market.
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