The global formaldehyde market was stood around USD 6 billion in 2020 and is expected to showcase a growth of over 5% during the forecast period (2021-2027). Demand of formaldehyde depends on the country’s economic performance since formaldehyde is used in myriad of applications therefore with increasing growth in industries like automotive, construction, consumer goods, to name a few, demand of formaldehyde increase and vice-versa. For instance, according to Methanol Institute, wide range of uses for formaldehyde make it essential for the operations of nearly 50,000 product manufacturing facilities in the U.S. alone.
Further, countries like U.S., China, India, Japan, Germany, and South Korea are among the largest construction, consumer goods, and automotive market, and these industries had showcased considerable growth in the last few years, except automobile, as a result demand of formaldehyde also witnessed considerable growth. Moreover, it is expected that developing countries like India would witness considerable growth during the forecast period owing to increasing foreign investment, new schemes launched by the governments like product link incentives scheme, which would encourage foreign companies to establish their manufacturing facilities in the country.
Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific held the significant share in the market owing to large manufacturing industry such as construction, automotive, and consumer goods to name a few. As a result, demand of several products like photographic film, paper towels, cosmetics, carpeting, furniture, cabinets, paints, automotive components, wood-based products is large compared to other regions. Eventually, demand of formaldehyde to produce aforementioned products is high in the region.
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