Formaldehyde Market Expected to Reach USD 12.88 Billion by 2032 | Growing at a CAGR of 6.20%

Market Research Future (MRFR) has published a cooked research report on the “Formaldehyde Market” that contains information from 2018 to 2032. The Formaldehyde Market is estimated to register a CAGR of 6.20% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Formaldehyde Market— Foremark Performance Chemicals; Hexion; Georgia-Pacific Chemicals; Celanese Corporation; BASF SE; Capital Resin Corporation; Evonik Industries AG; DuPont; Alfa Aesar; Ashland; Perstorp; LRBG Chemicals Inc.

Formaldehyde Market Highlights

The global Formaldehyde Market is accounted to register a CAGR of 6.20% during the forecast period and is estimated to reach USD 12.88 billion by 2032.

The growing utilization of formaldehyde in the production of disinfectants, vaccines, and various personal care items, such as mouthwash and toothpaste, is primarily driven by its remarkable antibacterial properties. As the demand for these products continues to rise, it is expected to drive market expansion for formaldehyde in the foreseeable future.

Segment Analysis

The global Formaldehyde Market has been segmented based on Derivatives, and End-use.

Based on Derivatives, the market is segmented into Urea Formaldehyde (UF), Phenol Formaldehyde (PF), Melamine formaldehyde (MF), Polyacetal Resins, Pentaerythritol, 1,4 Butanediol, Methylenebis, Hexamethylenetetramine (HMTA), and Others. The Urea Formaldehyde (UF) segment was attributed to holding the largest market share in 2022.  This growth is a result of the product's increasing adoption across various end-use applications such as textiles, foundry sand, paper, electrical appliances, agriculture, and wood glue. The product's strong demand can be attributed to its exceptional properties, including high tensile strength, flexural modulus, low water absorption, elongation at break, high heat distortion temperature, high surface hardness, mold shrinkage, and volume resistance.

Based on End-use, the Formaldehyde Market has been segmented into Building and construction, Automotive, Furniture, Textile, Healthcare, Oil and gas, Agriculture, Water Treatment, Cleaning Products, HVAC, and Others. The Building and construction segment was expected to hold the largest market share in 2022. This can be credited to the expanding application of formaldehyde in various construction materials, where it contributes to enhancing the tensile strength and durability of these building products. Notably, the U.S. is experiencing an uptick in demand due to the presence of several global industry leaders in the construction sector and the growing residential development in key states like Arizona, Florida, Georgia, Nevada, Texas, and Washington.

Regional Analysis

The global Formaldehyde Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Formaldehyde Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Formaldehyde Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Formaldehyde Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Formaldehyde Market was maintained by the North American regional sector. Formaldehyde plays a crucial role in the construction industry, where it is used in the production of composite wood products such as particleboard, plywood, and medium-density fiberboard. These materials are widely utilized in residential and commercial construction for applications like flooring, cabinetry, furniture, and structural components. The United States commands a massive construction industry, influencing various sectors such as commercial, industrial, institutional, residential, infrastructure, energy, and utilities. Notably, in January 2022, construction spending reached an estimated annual rate of USD 1,677.2 billion, reflecting the sector's substantial scale. Moreover, this trend continued with a 1.3% increase in construction spending in February, where it reached a seasonally adjusted annual rate of USD 1.677 trillion, underlining the industry's ongoing growth and economic significance. With the construction sector experiencing growth in North America, there is a concurrent rise in the demand for formaldehyde-based products.

Moreover, the Europe market has been persistently growing over the forecast period. The rising need for formaldehyde within the furniture industry in countries like Russia, Italy, and Germany is poised to be a driving force behind market growth in the region during the projected period. Notably, the European Commission data highlights the furniture sector's significance, employing approximately 1 million workers in 130,000 companies and generating an annual turnover of about €96 billion. European Union furniture manufacturers hold a global influence, with around 12% of registered designs in the European Union Intellectual Property Office originating from this sector. Moreover, Germany stands out as a major consumer of formaldehyde in Europe due to its growing demand, particularly in fiberglass mats for building and construction applications. These dynamics underscore the market's strategic opportunities and trends in the business landscape.

The Asia-Pacific region holds a commanding position in the automotive and construction industries. Market growth is anticipated due to the favorable properties of formaldehyde-based resins, such as strong adhesion and moisture resistance, along with sustained demand from the furniture sector. China, in particular, plays a pivotal role in the energy sector. It is among the world's largest crude oil importers, with an average of over 10 million barrels per day in 2020. Chinese refineries also saw a significant increase in crude oil throughput, with a 7.3% year-on-year rise in 2021, as reported by the National Bureau of Statistics. Moreover, the China National Petroleum Corporation (CNPC) projects substantial growth in natural gas demand during the 14th Five-Year Plan (2021-2025), with an estimated annual increase of over 20 billion cubic meters, reaching 430 billion cubic meters by 2025. These developments in the energy sector have strategic implications for businesses operating in the region.

Furthermore, the rest of the world's Formaldehyde Market is divided into the Middle East, Africa, and Latin America. These regions anticipate substantial formaldehyde demand across diverse industries, including cosmetics, healthcare, photography, paint, and food. In cosmetics, it serves as a preservative. Regulatory authorities, like the Brazilian Health Regulatory Agency (ANVISA), permit its use in oral hygiene products at 0.1% concentration and as a hardening agent at 5% concentration in nail products.Browse In-depth Details [Table of Contents, List of Figures, List of Tables] of Formaldehyde Market

Key Findings of the Study

• The global Formaldehyde Market is expected to reach USD 12.88 billion by 2032, at a CAGR of 6.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because of the continuous expansion of the automotive and building and construction sectors as well as the increasing population, growing middle class, and rising disposable income of consumers within this particular region.


• Based on Derivatives, the Urea Formaldehyde (UF) segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.


• Foremark Performance Chemicals; Hexion; Georgia-Pacific Chemicals; Celanese Corporation; BASF SE; Capital Resin Corporation; Evonik Industries AG; DuPont; Alfa Aesar; Ashland; Perstorp; LRBG Chemicals Inc.