Formaldehyde Market Projected to Deliver Greater Revenues By 2025
Formaldehyde market size may grow owing to its usage in manufacturing glues and adhesives which finds application in carpentry and home furnishing owing to their superior binding properties. Product derivatives are used as binders in structural wood panels along with application in lamination of wooden floorings, thereby making it waterproof and economical options. Global wood-based panel market size is likely to reach USD 170 billion by 2025 and thereby driving up glues and adhesives market. These factors would positively influence the market size in forecast timeframe.
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Formaldehyde is an organic compound which is produced from catalytic oxidation of methanol in presence of molybdenum-iron or metallic silver catalyst. Condensed form of the product including paraformaldehyde and methanediol finds application in production of industrial resin and coatings which is anticipated to stimulate formaldehyde market size.
Formaldehyde market size is anticipated to witness gains owing to its usage in forming resins by synthesizing with phenol, urea and melamine, which can be molded into desired shape and find applications as insulation layers. Automotive components including transmission, engine block, door panels, electrical system, axles and brake shoes are manufactured from product derivatives. Automotive components market size is set to cross USD 2 trillion, which may propel the market size in forecast timeframe.
Formaldehyde based resins find application in textile industry owing to its property to improve fabric’s resistance to wrinkles and creases. The product is added to dyes and pigments pertaining to textile industry. This process helps in prevention of color fading owing to their binding property helping the fabric to retain the color. The global textiles dyes market likely to surpass USD 8.5 billion by 2025 and would drive product demand.
Solution of the product find application in preservation of human and animal specimens owing to its property to preserve tissues and cells by cross linking DNA or nitrogen in protein with primary amino groups. The product is extensively used as an embalming agent to preserve cadavers from decomposition. Global embalming agent market is projected to reach USD 14 billion by 2026 which may drive up formaldehyde market size.
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Pentaerythritol, a polyfunctional alcohol derived from the product finds application in preparation of explosives. Military grade explosives including Pentaerythritol tetranitrate (PETN) and RDX are derived from the product. Rising defense sector is likely to propel demand for military grade explosives and propellants which is poised to surpass USD 35 billion by 2025. These factors would drive the market size owing to its downstream application in military explosives.
North America led by Mexico, Canada and the U.S. formaldehyde market size may experience growth owing rising demand from office furniture industry. Growing construction of commercial building and office spaces may drive demand for wooden panels, thus propelling product demand.
Europe led by France, UK, Germany formaldehyde market size is projected grow significantly in the projected timeframe. Shifting trend towards healthy life style is likely to drive demand for antiseptic and disinfectant which may foster industry growth.
Asia Pacific led by Japan, India and China market size is projected to grow significantly in the estimated timeline owing to end-use application in automobile industry. Growing automobile industry in China and India are likely to boost market size owing to its downstream application in automobile industry.
Global formaldehyde market share is fragmented. Major players operating in this industry includes Huntsman Corporation, BASF SE, Dynea Oy, Momentive Specialty Chemical Inc., Bayer AG, Georgia Pacific Corporation, Perstorp Formox AB and Celanese Corporation.
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