Transparency Market Research, New York: Characteristics of formaldehyde such as heat-resistance, chemical resistance, durability, and rigidity will serve as vital growth accelerators for the formaldehyde market across the forecast period of 2019-2027. The booming construction industry may also prove to be a boon for the growth of the formaldehyde market. The use of formaldehyde in developing furniture may also bring good growth opportunities.
The global formaldehyde market was valued at ~US$ 8.6 bn in 2018 and is anticipated to expand at a CAGR of ~3 percent during the forecast period of 2019-2027 according to the Transparency Market Research (TMR) analysts.
The use of formaldehyde across diverse applications such as chemical, building and construction, health care, agriculture, and automotive may bring tremendous growth prospects for the formaldehyde market. The antibacterial properties of formaldehyde also invite extensive requirements in the production of vaccines and disinfectants, which have recently seen a rise in demand due to the COVID-19 outbreak.
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Formaldehyde Market: Transparency Expert Diagnosis
The analysts predict a massive rise in the adoption of urea-formaldehyde and phenol-formaldehyde resins across the forecast period despite the stringent regulations on the use of formaldehyde. As the properties of these products are in tandem with the customer requirements, they will incur great growth during the assessment period according to the analysts.
The analysts advise the players in the formaldehyde market to focus on extensive growth opportunities across the U.S., China, and Europe as the demand for wood-based panels is growing at a rapid rate.
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Formaldehyde Market: Vital Revelations
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Formaldehyde Market: Growth Prospects
Formaldehydes display good adhesive strength and moisture-resistant properties. This aspect may generate great demand from the construction industry and bring extensive growth opportunities for the formaldehyde market during the forecast period.
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Formaldehyde Market: Growth Restraints
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Global Formaldehyde Market: Segmentation
By End Use
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