The global formaldehyde market is expected to grow at a CAGR of 5.45%, reaching a market size of US$10.714 billion in 2030 from US$8.214 billion in 2025.
Formaldehyde is a chemical compound that exists in nature and is composed of elements, namely hydrogen, oxygen, and carbon. It is also called methanol, and its chemical formula is CH2O or HCHO. The chemical is significant as it is one of the most useful substances that can be used in the manufacture of different products, particularly in the construction and automobile industries. The growing construction industry with varied commercial and residential projects is fueling the demand during the forecast period.
Moreover, the company has formaldehyde as one of the key raw materials for producing chemicals and products such as methylene diphenyl diisocyanate and butanediol. Their formaldehyde products also find applications in the agriculture, energy, and automotive industries. Forest products and formaldehyde have a slow turnover; thus, the company's manufacturing facilities are located near the customers.
It has been found that formaldehyde has very severe impacts or effects on human health. Health agencies are also conducting their assessment of the product’s safety levels. For instance, the World Health Organization and the International Agency for Research on Cancer, jointly with the National Toxicology Program, which is in the United States Department of Health and Human Services, listed formaldehyde as carcinogenic. In addition to this, the EPA, under its Integrated Risk Information System (IRIS), posted a toxicological profile of formaldehyde for public comment. This stated that the chemical met the criterion described as a carcinogen to humans.
The National Academy of Sciences conducted the toxicological assessment using the draft IRIS toxicological review, and the report was released in April 2011. This criticized the IRIS review on formaldehyde toxicology. It added that the methodologies and science of the draft in question fail to conclude that there is a positive association between exposure to formaldehyde and leukemia, which would necessitate a risk assessment.
According to the EPA, toxins are released through various consumer products, especially those concerning construction and home appliances. The source of higher levels of formaldehyde is reported from novel manufactured or mobile homes compared to traditional homes. The major sources that have been reported include power plants, manufacturing units, emissions from automobile exhausts, and incinerators.
Formaldehyde solutions as germicides are used to kill bacteria, viruses, and mold to reduce contamination. The chemical in different formulations is used in slow-release fertilizers. For these fertilizers, there are formaldehyde offerings such as formaldehyde derivatives and urea-formaldehyde by Hexion. Products include formaldehyde 52% solution, formaldehyde 50% solution, and urea-formaldehyde concentrate.
Thus, with the manufacturing of slow-release fertilizers that provide a sustainable supply of nutrition to plants for an extended period, the market is projected to grow at a significant pace during the forecast period. The growing global population mainly supports the use of fertilizers, fueling the surging global food demand for enhancing crop yield.
Moreover, as per the European Union predictions, the world's total population is predicted to fuel the food demand in the region. In addition, the per capita consumption has also significantly increased. For instance, the food supply around the World in 2021 was 2,959.11 kcal.
Based on geography, the market is segmented into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific region.
The formaldehyde market is expected to increase significantly in the Asia Pacific region as a result of rising production costs, rapid industrialization, and population expansion.
Formaldehyde usage in the region is also being fueled by its growing use in various applications, including textile and construction, among others. In line with this, India's domestic clothing and textile sector accounted for 7% of industrial value and 2% of the nation's GDP.
Data released by the American Institute of Architects’ (AIA) Shanghai office indicate that China is expected to construct ten cities similar to New York by 2025. Further, a notice for the Implementation of Urban Renewal Actions in 2020 was released by the Ministry of Housing and Urban-Rural Development (MOHURD) following China's 14th Five-Year Plan. Thus, while China has been rapidly urbanizing, with its rate of urbanization standing at 64.7% in 2022, the government's goal is to enhance the cities' quality of life by implementing this urban transformation policy and developing eco-friendly cities.
Nevertheless, the European and North American regions are anticipated to follow the Asia Pacific in the formaldehyde market by holding a significant market share throughout the forecast period.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
|
Commodity Plastics Market Size in 2025 |
US$8.214 billion |
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Commodity Plastics Market Size in 2030 |
US$10.714 billion |
| Growth Rate | CAGR of 5.45% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2025 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Billion |
| Segmentation |
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| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
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List of Major Companies in the Global Formaldehyde Market |
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| Customization Scope | Free report customization with purchase |