Global Formaldehyde Market 2016-2020 - Growing Use of Plastics in Automotive Industry with BASF, Bayer, Celanese, Dynea & Perstorp Dominating - Research and Markets

DUBLIN--()--Research and Markets has announced the addition of the "Global Formaldehyde Market 2016-2020" report to their offering.

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.

Key vendors

- BASF

- Bayer

- Celanese

- Dynea

- Perstorp

Other prominent vendors

- AkzoNobel

- Georgia-Pacific

- Johnson Matthey

- Momentive Specialty Chemicals

- Synthite

For more information visit http://www.researchandmarkets.com/research/pc85rr/global

Contacts

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Laura Wood, Senior Manager
press@researchandmarkets.com
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Sector: Agrochemicals and Fertilizers, Disinfectants, Food Additive Chemicals

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Agrochemicals and Fertilizers, Disinfectants, Food Additive Chemicals