The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

According to The Business Research Company’s Formaldehyde Global Market Report 2023, the global formaldehyde market size grew from $19.66 billion in 2022 to $21.0 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The market size is expected to grow to $26.74 billion in 2027 at a CAGR of 6.2%.

Asia-Pacific held the largest market share, and was the fastest-growing region in 2022.

Formaldehyde Market Driver
Growing demand from the construction industry is projected to boost the market forward in the coming years. The process of constructing, changing, repairing, remodeling, enhancing, or demolishing any structure is referred to as construction. Formaldehyde is used in the construction industry to make glues, resins, and other building products.. For instance, according to Oxford Economics, a UK-based company that provides global economic forecasting, quantitative analysis, and thought leadership for business and government, published in a report Global Construction 2030, the volume of construction output is expected to grow by 85% by 2030. Therefore, the growing demand from the construction industry is driving the growth of the market.

View More On The Formaldehyde Market Report 2023 – https://www.thebusinessresearchcompany.com/report/formaldehyde-global-market-report

Key Formaldehyde Market Segments

1) By Type: Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Polyoxymethylene, Other Types

2) By Application: Resins, Fibers, Solvents, Plasticizers, Drying Agents, Other Chemical Intermediates

3) By End-User: Construction, Furniture, Automotive, Healthcare, Other End-Users

Formaldehyde Market Prominent Players
Major players in the market are Celanese Corporation, Perstorp Holding AB, BASF SE, Alder S.p.A, Dynea AS, Hexion Inc., Foremark Performance Chemicals, Johnson Matthey, Balaji Formalin Private Limited, Ercros, Capital Resin Corporation, LyondellBasell Industries, Momentive Specialty Chemical Inc and LRBG Chemicals Inc.

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Prominent Formaldehyde Market Trend
Advances in paint technology have emerged as a prominent trend gaining traction in the market. To maintain their market position, major firms in the market are developing and implementing innovative paint technologies. For instance, in February 2021, Teknos, a Finland-based paint, and coating solution provider operating in the market launched two indoor air purifying paints named BIORA AIR, and BIORA AIR CEILING, which uses the unique technology of aldehyde-binding, in which the paint absorbs and neutralizes aldehydes from indoor air.

The Formaldehyde Global Market Report 2023  provides comprehensive insights on the formaldehyde market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the formaldehyde market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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