ALBANY, New York, March 11, 2020 /PRNewswire/ -- Resins continue to remain a prominent application for players in the formaldehyde market. Resins like phenol formaldehyde resin, urea formaldehyde resin, and melamine formaldehyde resin promise robust opportunities for growth during the forecast period. The growing demand for resins in construction sector, due to their desirable properties such as high tensile strength, high heat distortion, and high surface hardness, among others remains key driver of growth. The demand in the textile industry for binding of dyes, and pigments also promises opportunities for growth during the forecast period.
According to TMR analysts, the uptake of urea formaldehyde and phenol formaldehyde resins promises a bright horizon during the forecast period. Additionally, this will key to driving market growth at 3.0% CAGR during the forecast period. UF and PF resins continue to occupy major share of total revenues in the formaldehyde market. Their functional properties, and physical attributes make them an ideal choice for a wide-range of applications for various end-use industries. The manufacturers in the formaldehyde market will likely focus on expansion in new growth opportunities in the US, China, Europe in applications like wood-based panels, which is witnessing a robust growth.
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Key Findings in the Formaldehyde Market Study:
- UF resins have enjoyed significant popularity in recent years in the formaldehyde market. Their increasing use in textiles, paper, rayon, and cotton blends production remains a promising draw for player in the formaldehyde market. Their high reactivity, and exceptional performance at reasonable costs remains a key driver for their growth. Hence, the UF resins segment will likely reach a market valuation of US$2.3 bn by 2020, and occupy a 26% market share. The phenol formaldehyde resin segment will also note promising growth during the forecast period.
- Phenol formaldehyde resins remains a key draw for wood processing, plywood, and lamination requirements. The rising advancements in formaldehyde products promise expansion in applications in new areas like aerospace, and automobile, among others. the highly stable moulding processing performance, optimum mechanical properties, and exceptional flame retardant properties continue to make these resins popular in new applications. The rising investment in research, and development of synthetic resins, and enhancing their mechanical properties will lead the segment to a notable valuation of US$ 1.7 bn by 2020 end. Moreover, the segment will account for 19% of the total market share by 2020 end.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on Formaldehyde market by Derivative – Urea-formaldehyde resin, Phenol formaldehyde resin, Polyoxymethylene, Melamine formaldehyde resin, Pentaerythritol, Methylene Diphenyl Diisocyanate, Butanediol, Hexamethylenetetramine, and Others; Application – Resins, Fibers, Solvents, Plasticizers, Drying Agents, and Other Chemical Intermediaries; End Use – Chemicals, Agriculture, Building & Construction, Personal Care & Cosmetics, Healthcare, Automotive, and Others - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027, at https://www.transparencymarketresearch.com/formaldehyde-market.html
Key Growth Drivers in the Formaldehyde Market:
- The growth in construction industry will likely remain an important part for expansion of formaldehyde market. Apart from construction, the chemical, personal care & cosmetics, agriculture, automotive, and healthcare will also remain key end-sectors for growth for players in the formaldehyde market.
- Formaldehyde remains an important chemical for industrial research. The chemical reacts, and is often used for building resilient structures. The growing demand for these in furniture applications, and construction sector with their moisture resistant, and strength will be key to growth during the forecast period.
- The rising demand for formaldehydes in creating vaccines, personal care products, and disinfectants like toothpastes, and mouthwash remains is rising, thanks to growing demand for products with high anti-bacterial resistance. The rising demand for these applications will make way for significant opportunities for growth for players in the formaldehyde market.
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Formaldehyde Market: Region-wise Analysis
The formaldehyde market promises major opportunities in Asia Pacific region, wherein growing demand for personal care, cosmetics, growth in construction sector, furniture, and automotive will drive demand. On the other hand, regions like Europe will witness regulatory challenges as recent European Union directive to keep a maximum of 0.2 formaldehyde in cosmetics will present a challenge to growth. Additionally, manufacturers will also be required to state concentrations of more than 0.05% in cosmetics. This will likely hinder growth in the Europe region.
Formaldehyde market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
The global formaldehyde market landscape presents a fragmented, and competitive scenario. Various small, and large players in China remains a distinct feature of the market. Key players in the market like BASF SE, PJSC Metafrax, and Ercros S.A account for 25% market share in the global formaldehyde market.
Global Formaldehyde Market: Segmentation
Formaldehyde Market, by Derivative
- Urea-formaldehyde Resin
- Phenol Formaldehyde Resin
- Melamine Formaldehyde Resin
- Methylene Diphenyl Diisocyanate
- Others (including Trimethylol Propane and Neopentyl Glycol)
Formaldehyde Market, by Application
- Drying Agents
- Other Chemical Intermediates (including Amino and Phenolic Resins)
Formaldehyde Market, by End Use
- Building & Construction
- Personal Care & Cosmetics
- Others (including Photography)
Formaldehyde Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Chemicals and Materials Industry,
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Melamine Market - The global melamine market is projected to grow at a CAGR of more than 4% between 2019 and 2027 and likely to cross US$ 2.8 Bn by 2027. Major demand from laminates used in furniture, kitchen counter tops, cabinets, floors, etc. are anticipated to drive the market.
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