Formaldehyde is a major constituent for urea-alkyd resins production, having a wide range of end-users from industries including automobile, plywood, construction, buildings, furniture, paints & coatings, textiles, fertilizers & pesticides and packaging sectors. The global market is estimated to grow moderately over the forecast period.
U.S. EPA has issued strict recommendations for workforce safety to avoid potential disorders of nose, lungs, skins, cancer and even the reproductive system. Also, under Biocidal Products Directive, formaldehyde is banned for certain applications such as for use as preservatives for processing & liquid-cooling systems, and anti-fouling products. Application Insights: Major formaldehyde market applications include UF resins, MF resins, PF resins, pentaerythritol, 1, 4- butanediol, methylene is, and polyacetal resins. PF resins are fire and water resistant and extensively used in oil, automotive and construction industry such as binders, composites, and insulation foams. Hence, PF resins are anticipated to dominate the market owing to its high demand and consumption rates. Phenolic PF resins, fire resistant in nature, are used widely in construction and automobile industries. Water resistant variants are also used as durable binders and adhesives. Growing UF resins demand is anticipated to drive the global market owing to its chemical, flame & arc resistant, also color retention properties. Formaldehyde coatings are used to enhance durability and aesthetics of wooden material and furniture. It is majorly used in wood and coating industry owing to its outstanding properties such as heat & chemical resistance, hardness suitable to manufacture serving trays and wiring devices. Browse Full Research Report @ https://www.millioninsights.com/industry-reports/formaldehyde-market End User Insights: Construction industry dominated the market in 2015. Automotive, healthcare, aerospace, and clothing are another major end user segment. Construction industry includes the production of cabinet doors, medium density fibreboards, laminator countertops and insulation, which requires resin as their crucial raw material. These resins are also used for long-lasting furniture manufacturing and are cost effective as compared to wood. Formaldehyde market demand is anticipated to drive automobile market owing to its manufacturing of door panels, axles, brake shoes, electrical systems, engine blocks, and transmission. Regional Insights: North American market has shown moderate growth in various segments. Asia-Pacific countries such as India, China, and Japan are expected to grow significantly owing to its rapidly developing plastic, automotive and constructional market. Other regions of Europe and Latin America also been anticipated to witness steady growth rate. China was the largest formaldehyde market globally.
Competitive Insights: The global market players for formaldehyde market are BASF SE, Huntsman Corporation, Momentive Specialty Chemical Inc., Celanese Corporation, Georgia-Pacific Corporation, Perstorp Formox AB, Bayer AG and Dynea Oy. Market Segment: 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) Formaldehyde Regional Outlook (Volume, Kilo tons; Revenue, USD Million, 2012 - 2020) • North America • Europe • Asia Pacific • RoW See More Reports of this Category by Million Insights @ https://www.millioninsights.com/industry/chemicals