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.
The report “Formaldehyde Market Analysis
By Application (UF Resins, PF Resins, MF Resins, Polyacetal Resins,
Pentaerythritol, Methylenebis, 1,4-butanediol), By End User
(Construction, Automotive, Furniture) And Segment Forecasts To 2020,” is
available now to Grand View Research customers and can also be
purchased directly at 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.
• 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.
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
• 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
About Grand View Research
Grand View Research, Inc. is a market
research and consulting company that provides off-the-shelf, 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 energy. With a deep-seated
understanding of varied business environments, Grand View Research
provides strategic objective insights. For more information, visit http://www.grandviewresearch.com
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone:
1-415-349-0058Toll Free:
1-888-202-9519Email: sales@grandviewresearch.com
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