Rebound in the construction activity across the world is expected to drive demand for different kinds of formaldehyde resins in the next six years. This in turn is expected to propel the demand for formaldehyde in the years to come. Asia Pacific has been witnessing strong growth across key end-use industries of formaldehyde including construction, automobile and textiles.
Volatile raw material prices are expected to be a key concern for formaldehyde manufacturers over the next five years. Growing health awareness and increasing environmental regulations are expected to restrict demand for formaldehyde derivatives and thus limiting the growth of formaldehyde market. In July 2010, the U.S. government imposed new formaldehyde emission regulation "Formaldehyde Standards for Composite Wood Products Act" for various products such as plywood, Medium Density Fiberboard (MDF), and others. Moreover, in Europe, REACH has already imposed stringent emission standards for formaldehyde emissions from wood products.
Urea formaldehyde resins (UF Resins) accounted for over 39% share of total formaldehyde volumes consumed in 2012. However, phenol formaldehyde (PF) resins are expected to exhibit fastest growth during the next six years. With over 13% share in total volume consumption, phenol formaldehyde resin was the second largest application market for the formaldehydes in 2011.
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Construction, automobile, aerospace and textile are among the key end-user industries for formaldehyde. Construction industry has remained the most predominant end-user of formaldehyde with over 65.0% in total volume consumed in 2012.
Asia Pacific accounted for 57.7% share of total formaldehyde volume consumed in 2012. Moreover, the demand for formaldehyde in Asia Pacific is expected to show robust growth in the years to come. In 2012, Europe was the second leading geographic market for formaldehyde followed by North America. Some of the leading industry participants include Bayer AG, BASF SE, Celanese Corporation, Huntsman Corporation, Dynea Oy, Momentive Specialty Chemical Inc., Georgia Pacific Corporation, and Perstorp Formox AB.
Some of the leading manufactures which are profiled in this report includes Bayer AG, BASF SE, Celanese Corporation, Huntsman Corporation, Dynea Oy, Momentive Specialty Chemical Inc., Georgia Pacific Corporation, and Perstorp Formox AB.
Formaldehyde Market: Application Analysis
· UF Resins
· PF Resins
· MF Resins
· Polyacetal Resins
· Methylenebis (4-phenyl isocyanate) (MDI)
Formaldehyde Market: End User Analysis
Formaldehyde Market: Regional Analysis
· North America
· Asia Pacific
· Rest of the world
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