LONDON--(BUSINESS WIRE)--The global formaldehyde market is expected to grow at a CAGR of close to 6% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global formaldehyde market by derivatives (urea formaldehyde, phenol formaldehyde, melamine formaldehyde, polyoxymethylene, and other derivatives) and by end-user (construction and furniture, automotive, and others). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growth in the construction industry
Formaldehyde is mainly used in the production of resins, which find use in the construction industry. Resins like urea formaldehyde, phenol formaldehyde, and melamine formaldehyde are used for manufacturing building materials. The construction industry is the major end-user of formaldehyde globally, with a share of more than 65%. Hence, the growth of the construction industry, which is driven by the emerging economies, growing population, and increasing disposable income, largely drives the global formaldehyde market.
According to a senior analyst at Technavio for specialty chemicals research, “Growing opportunities in the residential construction segment remain a major driver for the global construction industry. The increasing investment in construction activities will lead to greater demand for formaldehyde products. This makes the growth in the construction industry a key driver for the global formaldehyde market.”
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Market trend: advances in technology
Formaldehyde is produced from methanol, which is the primary raw material. However, the fluctuating prices of methanol pose difficulty for the manufacturers of both methanol and formaldehyde. With the increasing demand for formaldehyde, it is important to develop new production technologies for formaldehyde, which do not use methanol.
One of the key vendors of the global formaldehyde market, BASF, has planned a joint research project along with Heidelberg University, to develop catalyst systems that will allow the selective hydrogenation of carbon dioxide to formaldehyde. Another new technology in formaldehyde production is the turbocharger concept by Johnson Matthey. The advances in technologies pertaining to formaldehyde production methods are emerging trends in the global formaldehyde market.
Market challenge: fluctuating price of methanol
Methanol is the key raw material of formaldehyde. Hence, the price fluctuations of methanol directly impact the price of formaldehyde, which in turn, affects the profits margins of manufacturers as well.
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