NEW YORK, March 08, 2023 (GLOBE NEWSWIRE) -- IndexBox, a leading market research firm, has published a new report on the global methanal (formaldehyde) market, providing an in-depth analysis of the industry's current state and future growth prospects. The report is available for purchase on the IndexBox website, where trial access to market data is also available here
The report forecasts the global methanal market to grow steadily at a CAGR of 4.1% during the period from 2023 to 2030. The growth is attributed to the increasing demand for methanal in various applications such as construction, automotive, and textiles, among others. The report also highlights the factors driving market growth, including the rising demand for methanal-based resins and adhesives, as well as the growth in the construction industry.
However, the report also identifies some challenges that the market is facing, such as the adverse health effects of methanal exposure and the availability of cheaper alternatives in some applications. The report provides an overview of the major factors affecting demand for methanal, including environmental regulations and consumer preferences for eco-friendly materials.
The report also provides insights into the major consuming industries, including construction, automotive, and textiles, and how they are accepting the market. The construction industry is the largest consumer of methanal, accounting for more than 40% of global demand. The automotive industry is also a significant consumer, with increasing demand for lightweight and durable materials. The textile industry is another significant consumer, using methanal in the production of textiles and clothing.
The largest market for methanal is Asia-Pacific, with China being the largest consumer and producer. The report provides an overview of the market's growth prospects in this region, as well as in North America, Europe, South America, and the Middle East.
The report also includes key statistics on the market, such as production, consumption, trade, and prices. The top five manufacturers in the industry, as identified by the report, are BASF SE, Celanese Corporation, Huntsman Corporation, Dynea AS, and Momentive Specialty Chemicals Inc.
According to Aleksandr Romanenko, CEO of IndexBox, "The global methanal market is expected to grow steadily in the coming years, driven by the growth in the construction, automotive, and textile industries. However, the market also faces some challenges, such as the health effects of methanal exposure and the availability of cheaper alternatives. Our report provides a comprehensive analysis of the market, including the key drivers and challenges, major consuming industries, and growth prospects by region."
For more information on the report, visit https://www.indexbox.io/store/world-methanal-formaldehyde-market-analysis-forecast-size-trends-and-insights/
Keywords: IndexBox, BASF SE, Celanese Corporation, Huntsman Corporation, Dynea AS
