Global Formaldehyde Market – Trends, Drivers, and Challenges Through 2022 | Technavio

LONDON–(BUSINESS WIRE)–#Chemicals–The global
formaldehyde market is expected to grow at a CAGR of
close to 6% during the period 2018-2022, according to a new
market research study by Technavio.

The report presents a comprehensive research of the global formaldehyde
market by derivatives (urea formaldehyde, phenol formaldehyde, melamine
formaldehyde, polyoxymethylene, and other derivatives) and by end-user
(construction and furniture, automotive, and others). The report also
determines the geographic breakdown of the market in terms of detailed
analysis and impact, which includes key geographies such as APAC, the
Americas, and EMEA.

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Market driver: growth in the construction industry

Formaldehyde is mainly used in the production of resins, which find use
in the construction industry. Resins like urea formaldehyde, phenol
formaldehyde, and melamine formaldehyde are used for manufacturing
building materials. The construction industry is the major end-user of
formaldehyde globally, with a share of more than 65%. Hence, the growth
of the construction industry, which is driven by the emerging economies,
growing population, and increasing disposable income, largely drives the
global formaldehyde market.

According to a senior analyst at Technavio for specialty
chemicals research, “Growing opportunities in the
residential construction segment remain a major driver for the global
construction industry. The increasing investment in construction
activities will lead to greater demand for formaldehyde products. This
makes the growth in the construction industry a key driver for the
global formaldehyde market.”

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Market trend: advances in technology

Formaldehyde is produced from methanol, which is the primary raw
material. However, the fluctuating prices of methanol pose difficulty
for the manufacturers of both methanol and formaldehyde. With the
increasing demand for formaldehyde, it is important to develop new
production technologies for formaldehyde, which do not use methanol.

One of the key vendors of the global
formaldehyde market, BASF, has planned a joint research project
along with Heidelberg University, to develop catalyst systems that will
allow the selective hydrogenation of carbon dioxide to formaldehyde.
Another new technology in formaldehyde production is the turbocharger
concept by Johnson Matthey. The advances in technologies pertaining to
formaldehyde production methods are emerging trends in the global
formaldehyde market.

Market challenge: fluctuating price of methanol

Methanol is the key raw material of formaldehyde. Hence, the price
fluctuations of methanol directly impact the price of formaldehyde,
which in turn, affects the profits margins of manufacturers as well.

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