Demand for Formaldehyde Continues to Grow Despite Adverse Effects on Health
Ever since its discovery in 1859, formaldehyde has emerged as one of the most critical ingredients used to develop a broad range of household products, such as medicines, cosmetics, antiseptics, etc. Owing to consistent research and development, the adoption of formaldehyde across an array of end-use industries continues to grow at a rapid pace. At present, formaldehyde is increasingly being used to manufacture paper, resins, and fertilizers. Some of the most prominent end-use industries of formaldehyde include building & construction, automotive, agriculture, chemical, and cosmetics. Despite the growing demand for formaldehyde, mounting concerns over the catastrophic effects on health due to exposure to formaldehyde could impact the growth of the formaldehyde market during the forecast period (2019-2027).
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Stringent regulations coupled with a high focus toward improving workforce safety, particularly in the developing regions including the Asia Pacific are some of the other factors that are likely to influence the demand for formaldehyde in the near future. Despite these potential barriers, as formaldehyde is predominantly used as a building-block material, there are very few compounds that could potentially replace it as a raw material. Moreover, owing to the versatile and favorable chemical properties of formaldehyde, the demand for the same is set to move in an upward trajectory during the assessment period. Owing to these factors, the global formaldehyde market is projected to reach a market value of ~US$ 26.3 Bn by 2020.
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Improvements in Formaldehyde Chemistry to Propel Demand for Formaldehyde-based Resins
Formaldehyde chemistry has played an imperative role in the development and adoption of composite panel products. While focus toward the production and usage of sustainable products continues to grow at a blazing pace, recent progress in formaldehyde chemistry offers immense promise as far as the production of sustainable wood products is concerned. The adoption of formaldehyde-based resins and glues is projected to gain momentum during the assessment period, as they enable the combination of sawdust, wood chips, and recyclable wood to produce composite wood products, including fiberboards that are used in furniture, cabinets, and a host of other applications. The growing adoption of formaldehyde-based resins has significantly improved the rate of wood utilization and played an important role in minimizing wood waste.
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At present, due to the lack of alternative resins that offer the desired technical performance in terms of costs and versatility, the demand for formaldehyde-based resins is projected to grow at a steady pace in the coming years. Within the formaldehyde market, resins application segment is expected to hold the highest market share during the forecast period. Furthermore, it is projected that nearly 10,161-kilotons of formaldehyde resins worth ~US$ 3.3 Bn will be manufactured in 2020.
Urea and Phenol-formaldehyde Resins to Witness High Adoption
Urea-formaldehyde resins have garnered significant popularity in recent years, and are increasingly being used to produce paper, textiles, cotton blends, rayon, wrinkle-resistant fabrics, etc. Furthermore, the demand for urea-formaldehyde resins is expected to gain significant momentum, owing to its favorable properties such as high reactivity, economical pricing, and exceptional performance. Urea-formaldehyde resin derivative segment is expected to reach a market value of ~US$ 2.3 Bn and hold a market share of ~26% in 2020. While urea-formaldehyde resin segment is likely to be at the forefront in terms of market share and value, phenol formaldehyde resin segment is likely to gro significantly in the formaldehyde market.
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