The global formaldehyde market to grow at a CAGR of 5.64% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global formaldehyde market for 2016-2020. To calculate the market size, the report considers revenue generated from several applications of formaldehyde across different end user segments. The report also includes a discussion of the key vendors operating in this market.
According to the report, a key growth driver is the growing use of plastics in the automotive industry. Auto ancillaries including dashboards, wheel covers, lights, and door handles are being made of molded plastics owing to their lightweight and high strength compared to their metal counterparts. The substitution of metals by molded plastics in vehicles is due to the increased emphasis on the manufacture of lightweight automotive for increased efficiency.
Formaldehyde is crucial material for producing various plastic products and is been extensively used to produce industrially significant raw materials for manufacturing plastics including phenol-formaldehyde, urea-formaldehyde, and melamine-formaldehyde resins.
Further, the report states that stringent government protocols will be a challenge against the market growth. Governments of many countries have implemented stringent regulations regarding the use and emission of formaldehyde owing to its toxicity. The compound is an allergen and a potent carcinogen. Its prolonged inhalation can cause various health problems including irritation of the eyes, headache, and breathing difficulties.
The use of formaldehyde in various forms is being stringently scrutinized by the agencies in the Americas and Europe. This factor has resulted in a shortage of demand for formaldehyde and its derivatives in developed countries, thereby hindering the market growth.
Other prominent vendors
- Johnson Matthey
- Momentive Specialty Chemicals
For more information visit http://www.researchandmarkets.com/research/pc85rr/global