New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Formaldehyde Global Market Report 2022" - https://www.reportlinker.com/p06351379/?utm_source=GNW
The global formaldehyde market is expected to grow from $18.44 billion in 2021 to $19.64 billion in 2022 at a compound annual growth rate (CAGR) of 6.5%. The formaldehyde market is expected to grow to $25.14 billion in 2026 at a compound annual growth rate (CAGR) of 6.3%.
The formaldehyde market consists of sales of formaldehyde chemical products by entities (organizations, sole traders, and partnerships) that are used as preservatives in food, paints and cosmetics and also to make under-the-hood components and interior molded components that need to withstand high temperatures. Formaldehyde refers to a colorless pungent irritating gas CH2O is a solution made by oxidizing methanol.
The main types of formaldehyde are urea-formaldehyde, phenol-formaldehyde, melamine-formaldehyde, polyoxymethylene, and other types.Urea-formaldehyde refers to a synthetic resin that is made by the process of condensation between urea and formaldehyde that is used mainly for wood-bonding adhesives, colored molded articles, and others.
There are various applications for formaldehyde such as resins, fibers, solvents, plasticizers, drying agents, and other chemical intermediates. These are used by various end-users such as in construction furniture, automotive, healthcare, and other end-users.
Asia Pacific was the largest region in the formaldehyde market in 2021. The regions covered in the formaldehyde market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The formaldehyde market research report is one of a series of new reports that provides formaldehyde market statistics, including formaldehyde industry global market size, regional shares, competitors with a formaldehyde market share, detailed formaldehyde market segments, market trends, and opportunities, and any further data you may need to thrive in the formaldehyde industry. This formaldehyde market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Growing demand from the construction industry is expected to propel the growth of the formaldehyde market going forward.Construction refers to the process of building, altering, repairing, remodeling, improving, or demolishing any structures.
Formaldehyde helps the construction industry in the manufacturing of glues, resins, and other construction materials.For instance, according to Oxford Economics, a UK-based company that provides global economic forecasting, quantitative analysis, and thought leadership for business and government, published in a report Global Construction 2030, the volume of construction output is expected to grow by 85% by 2030.
Therefore, the growing demand from the construction industry is driving the growth of the formaldehyde market.
Advancements in paint technology have emerged as a key trend gaining popularity in the formaldehyde market.Major companies operating in the formaldehyde market are coming up with and using new paint technologies to sustain their position in the market.
For instance, in February 2021, Teknos, a Finland-based paint, and coating solution provider operating in the formaldehyde market launched two indoor air purifying paints named BIORA AIR, and BIORA AIR CEILING, which uses the unique technology of aldehyde-binding, in which the paint absorbs and neutralizes aldehydes from indoor air.
In May 2022, Bakelite Synthetics, a US-based formaldehyde network operator completed the acquisition of Georgia-Pacific Chemicals for an undisclosed amount.Through this acquisition, Bakelite Synthetics is expecting to give complementary resin and new formaldehyde technology to various end markets and can deliver greater service to their customers and expand their business to other geographic regions.
Georgia-Pacific Chemicals LLC is a US-based chemical manufacturer and marketer operating in the formaldehyde market.
The countries covered in the formaldehyde market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06351379/?utm_source=GNW
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