Global Formaldehyde Resin
Market Report
2024
Formaldehyde Resin market was valued at USD 3.59 billion in 2022 and is projected to reach USD 5.27 billion by 2030, registering a CAGR of 4.9% for the forecast period 2023-2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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The Global Formaldehyde Resin market was valued at USD 3.59 billion in 2022 and is projected to reach USD 5.27 billion by 2030, registering a CAGR of 4.9% for the forecast period 2023-2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Formaldehyde Resin Market Sales Revenue 2022 | $ 3.59 Billion |
Global Formaldehyde Resin Market Sales Revenue 2030 | $ 5.27 Billion |
Global Formaldehyde Resin Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.9% |
Market Split by Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Formaldehyde Resin Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Formaldehyde resin is a type of synthetic resin that contains formaldehyde as a base component. This substance is one of the earliest synthetic resins and is utilized in a wide range of settings and industries. Formaldehyde resin has been made from phenols, melamine, urea, and aniline, among other things. The chemicals react with one another to form the resin, which can have a variety of qualities depending on the substances utilized. Some resins are heat sensitive, requiring heat to activate the resin, whilst others react with chemicals. After the curing process is complete and the resin has been set, the resin may be clear or colored, exceedingly strong and rigid, waterproof, and other characteristics.
Market Dynamics of the Formaldehyde Resin Market
The increased population, urbanization, and need for infrastructure all increase construction demand. According to the report, the sector would need to construct 13,000 structures each day between now and 2050 to serve a projected urban population of 7 billion people. This drives up the need for formaldehyde resin. For the production of wood-based composite panels such as plywood, particleboard, and fiberboard, formaldehyde resin is frequently employed. Similarly, Urea Formaldehyde resins are used in the Paints & Coatings industry for wood coatings. Formaldehyde-based resins are used to make composite and engineered wood products that are utilized in cabinetry, worktops, moldings, furniture, shelves, stair systems, flooring, wall sheathing, support beams and trusses, and many more home uses. These rising applications of formaldehyde resin in the building and construction industry drives the growth of the market.
Restraining Factor
Formaldehyde has been formally identified as a dangerous substance to health and the environment throughout the previous decade. As a result, the use of formaldehyde-free resins and other substances for safer work conditions and goods has increased. Wood and metal substrates gain a 50% decrease in formaldehyde emissions on a cure by substituting a formaldehyde-free resin with low or no formaldehyde crosslinking resin. This factor can hamper the adoption rate of formaldehyde resins.
Current Trends on Formaldehyde Resin
Formaldehyde resins are frequently utilized in laminates, textiles, paper, wrinkle-resistant fabrics, cotton blends, and foam fake snow. It's also used as a coating for electrical products like desk lights. This increases chemical researchers' enthusiasm for research efforts. For example, investments are being made in the development of composite materials based on phenol-formaldehyde resins and the study of their applications. The characteristics, application regions, and utilization of phenol-formaldehyde resins in composite materials were explored in this study. The applications of phenol-formaldehyde resins are becoming more extensive. By combining them with fibrous biomass sources, composite materials are being produced. Furthermore, industrial wastes or inorganic fillers are mixed with phenol formaldehyde resin. As a result, new generation composites are being created. This research activity will provide growth opportunities for the formaldehyde resin market.
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Recent Developments:
May 2022
Bakelite Synthetics has purchased Georgia-Pacific Chemicals ("Georgia-Pacific Chemicals"). Bakelite Synthetics adds to its strong portfolio of products, brand, and customers with this acquisition, and builds on its growth strategy of delivering innovative solutions to customers in a sustainable manner, after over 100 years of development through legacy companies as a global phenolics leader. Georgia-Pacific Chemicals delivers complementary resin and formaldehyde technologies, as well as end markets in building materials, transportation, industrial, chemical intermediate, and specialty resin. This transaction includes 11 chemical factories in the United States and South America that employ around 600 employees.
Impact of the COVID-19 Pandemic on the Formaldehyde Resin Market:
The introduction of COVID-19 has had a negative influence on the formaldehyde resin industry. COVID-19 has banned travel ban and lockdowns. This caused the shutdown of the manufacturing facility of formaldehyde resins. Similarly, COVID-19 caused disruption in the supply chain which caused the challenge for the availability of the formaldehyde resin raw materials. The lockdown imposed by the government impacts the end-user industries which declines the demand for the formaldehyde resin industry during COVID-19 period.
Top Companies Market Share in Formaldehyde Resin Industry: (In no particular order of Rank)
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Asia Pacific holds a high market share in the formaldehyde resin market
Asia Pacific dominates the formaldehyde resin market due to the increase in the building and construction industry. According to the report, Asia-Pacific would account for $7.4 trillion/A$ 10.2 trillion of global building production by 2030. This increases the demand for formaldehyde resin throughout the region. Formaldehyde-based resins are good adhesives and competitive materials used in a variety of construction and furniture applications, including the manufacture of particleboard and wood panels. Some formaldehyde-based resins have exceptional heat and chemical resistance, making them indispensable in the manufacture of certain vehicles and airplane parts. Aside from that, the use of formaldehyde resin in cosmetics fuels market expansion. With a rising middle class and gradually increasing disposable income among customers across the Asia-Pacific region, consumption of beauty goods has risen, boosting the industry. Aside from that, the use of formaldehyde resin in cosmetics fuels market expansion. With a rising middle class and gradually increasing disposable income among Asian consumers, consumption of beauty goods has surged, driving the Asia-Pacific region to the top of the global cosmetics industry. This drives regional growth.
The current report Scope analyzes Formaldehyde Resin Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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Global Formaldehyde Resin Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Formaldehyde Resin Industry growth. Formaldehyde Resin market has been segmented with the help of its Type, Application , and others. Formaldehyde Resin market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Based on the type, the urea-formaldehyde (UF) segment dominated the market with a high revenue share. This is due to the increasing use of urea-formaldehyde in ornamental laminates, textiles, paper, foundry sand molds, wrinkle-resistant fabrics, cotton blends, rayon, corduroy, and other products. It is also employed as a wood glue. UF was frequently utilized in the manufacture of electrical appliance casing. This raises the demand for urea-formaldehyde.
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Based on the end user, the building & construction segment dominated the formaldehyde resin market owing to the growing application of formaldehyde resin in building and construction such as a binder in composite wood products (particleboard, plywood, and paneling), in carpet, as a binder in berglass batt insulation, in composite wood products, and many others.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Formaldehyde Resin market report 2024 Edition by contacting our team.
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Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Formaldehyde Resin Market is witnessing significant growth in the near future.
In 2023, the Melamine formaldehyde (MF) segment accounted for noticeable share of global Formaldehyde Resin Market and is projected to experience significant growth in the near future.
The Chemicals segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies BASF SE , Celanese Corporation and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Type | Melamine formaldehyde (MF), Urea-formaldehyde (UF), Phenol formaldehyde (PF) |
Application | Chemicals, Agriculture, Building & Construction, Personal Care & Cosmetics, Others |
List of Competitors | BASF SE, Georgia-Pacific Chemicals, Celanese Corporation, Hexion, Johnson Matthey, Alder SpA, Perstorp Orgnr, Acron Group, Metafrax, Huntsman International LLC, and others |
This chapter will help you gain GLOBAL Market Analysis of Formaldehyde Resin. Further deep in this chapter, you will be able to review Global Formaldehyde Resin Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Formaldehyde Resin Market Trends North America Formaldehyde Resin Technological Road Map North America Formaldehyde Resin Market Drivers North America Formaldehyde Resin Market Restraints North America Formaldehyde Resin Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Formaldehyde Resin market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Melamine formaldehyde (MF) have a significant impact on Formaldehyde Resin market? |
What are the key factors affecting the Melamine formaldehyde (MF) and Urea-formaldehyde (UF) of Formaldehyde Resin Market? |
What is the CAGR/Growth Rate of Chemicals during the forecast period? |
By type, which segment accounted for largest share of the global Formaldehyde Resin Market? |
Which region is expected to dominate the global Formaldehyde Resin Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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Report Format Alteration |
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