Australia markets close in 2 hours 9 minutes

  • ALL ORDS

    7,328.30
    +39.50 (+0.54%)
     

  • ASX 200

    7,068.70
    +36.20 (+0.51%)
     

  • AUD/USD

    0.7106
    -0.0019 (-0.26%)
     

  • OIL

    91.30
    -0.79 (-0.86%)
     

  • GOLD

    1,810.70
    -4.80 (-0.26%)
     

  • BTC-AUD

    35,013.63
    +203.39 (+0.58%)
     

  • CMC Crypto 200

    593.15
    +21.87 (+3.83%)
     

  • AUD/EUR

    0.6928
    -0.0012 (-0.17%)
     

  • AUD/NZD

    1.1048
    +0.0038 (+0.35%)
     

  • NZX 50

    11,790.85
    +60.33 (+0.51%)
     

  • NASDAQ

    13,565.87
    +273.87 (+2.06%)
     

  • FTSE

    7,500.89
    +34.98 (+0.47%)
     

  • Dow Jones

    33,761.05
    +424.35 (+1.27%)
     

  • DAX

    13,795.85
    +101.35 (+0.74%)
     

  • Hang Seng

    20,115.57
    -60.05 (-0.30%)
     

  • NIKKEI 225

    28,875.02
    +328.04 (+1.15%)
     
📩 Sign up now:

News that makes you smarter and richer... For free.

Get Fully Briefed with Yahoo Finance, delivered straight to your inbox.

Global Formaldehyde Market Report 2021-2028: Focus on Urea Formaldehyde & Melamine Formaldehyde - ResearchAndMarkets.com

·3-min read

DUBLIN, December 02, 2021--(BUSINESS WIRE)--The "Formaldehyde Market Size, Share & Trends Analysis Report By Derivatives (Urea Formaldehyde, Melamine Formaldehyde), By End-use (Building & Construction, Furniture, Automotive), By Region, And Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global formaldehyde market size is expected to reach USD 12.21 billion by 2028 and is expected to expand at a CAGR of 5.7% from 2021 to 2028.

The growth can be attributed to the increasing construction activities across the world. The product is also increasingly being used in the manufacturing of disinfectants, vaccines, and personal care products, including mouthwash and toothpaste, on account of its exceptional antibacterial attributes. Increasing demand for these products is likely to boost the demand for formaldehyde over the forecast period.

A majority of these companies in the market have integrated their business operations across the value chain to incur maximum profit at the lowest investment. With the outbreak of the COVID-19 pandemic, major end-use industries such as automotive, construction, and wood were shut down at a global level, which has a severe impact on the demand for the product. Although, it is also used to produce hard-gel capsules, vaccines, and antibiotics, which positively affected the demand for formaldehyde.

Asia Pacific is expected to witness significant growth in the coming years owing to the rapid growth of the adhesives, automobile, furniture, and electrical and electronics manufacturing sectors in the region. The market in the Asia Pacific is growing on account of its low price, high reactivity, and high-quality performance.

In addition, significantly growing construction and automotive industries in Asia Pacific countries, especially in China and India, are likely to trigger the demand for formaldehyde.

Formaldehyde Market Report Highlights

  • In 2020, the urea formaldehyde (UF) derivatives segment held the largest revenue share of over 35.0% owing to its extensive usage in several end-use applications, including textiles, foundry sand, paper, electrical appliances, agriculture, and wood glue

  • Asia Pacific held the largest revenue share of over 50.0% in 2020 owing to the rapid growth of adhesives, automobile, furniture, and electrical and electronics manufacturing sectors in the region. China is one of the key players as it is one of the largest producers of furniture products

  • The melamine formaldehyde (MF) derivatives segment is anticipated to register the fastest revenue-based CAGR of 6.2% from 2021 to 2028 due to its exceptional properties such as moisture resistance, thermal stability, scratch resistance, flame retardant, strength, and hardness. Its characteristics such as gloss, hardness, and the ability to retain a dust-free surface make MF a better substitute in comparison to UF in the plastic food containers and plastic plates markets

  • The market is highly fragmented. Key players are more inclined towards product development and mergers

Market Dynamics

Market driver analysis

  • Increasing Application of Formaldehyde in the Construction Industry

  • Rising Demand in the Personal Care & Cosmetic Sector

Market restraint analysis

  • Fluctuating Raw Material Prices

  • Stringent regulations

Market Opportunity Analysis

Impact of COVID-19 Pandemic

Companies Mentioned

  • Pharmaceutical Specialties, Inc.

  • Celanese Corporation

  • Spectrum Chemical Manufacturing Corp.

  • United States Biological

  • Alfa Aesar

  • Ashland

  • DuPont

  • UPICHEM.COM

  • Parchem Fine & Specialty Chemicals

  • CJ Chemicals

For more information about this report visit https://www.researchandmarkets.com/r/jutl31

View source version on businesswire.com: https://www.businesswire.com/news/home/20211202005509/en/

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press 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

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting

Latest stories

  • Rate rise pain: 145,000 Aussies may need to sell their home

    Aussies are feeling the pain of consecutive interest rate hikes, with hundreds of thousands now fearing they may need to sell. This is what you need to know.

  • Thousands of workers to get $1,500 cash boost today

    Health workers in Victoria will receive the first half of a $3,000 cash payment from today. Here’s who is eligible.

  • Beach Energy cashed up for gas expansion

    Oil and gas company Beach Energy has reported increased earnings and cashflow on rising gas prices and high demand, giving it a war chest to expand.The company on Monday reported an underlying net profit after tax (NPAT) of $504 million, up 39 per cent, on higher prices and revenue, reduced depreciation from lower production, and "minimal" exploration expensed.

  • Nearmap in advanced $1b takeover talks

    Nearmap shares are up by more than a quarter this morning after the aerial imaging company disclosed that it is in advanced takeover talks with a US private equity firm that invests in software companies.Thoma Bravo is proposing to pay $2.

  • Australia Post hikes prices amid cost-of-living crisis

    It's about to cost more to send a letter or parcel. Here's how much you'll pay.

  • BlueScope posts record profit on hot steel

    BlueScope Steel has posted a record profit and tips a "supportive long-term outlook" for steel.The steelmaker on Monday reported a $2.

  • Jobs summit no silver bullet for fractured labour market

    Many factors are contributing to our overheating labour market. So, what can the new Government's jobs summit hope to achieve?

  • ASX to rise as petrol to cost $100 a week

    The local market is expected to rise this morning after Wall Street rallied over the weekend. This is your Monday morning wrap.

  • ASX up 0.4pct at noon on earnings reports

    The local share market has edged higher in early trade as investors digest a spate of earnings reports and a $1 billion takeover offer.At noon on Monday, the benchmark S&P;/ASX200 index was up 30.