DUBLIN–(BUSINESS WIRE)–The “Global Formaldehyde Market – Forecast from 2022 to 2027” report has been added to from ResearchAndMarkets.com offer.
The global formaldehyde market is expected to grow at a significant CAGR during the forecast period; the estimated value for 2020 was US$19.944 billion.
Growing construction industry with varied commercial and residential projects is fueling the market demand during the forecast period.
Formaldehyde is known to have excellent adhesive and binding properties; therefore, it is widely used to make resins. These resins are then used for the production of wood products used for making furniture.
Other applications of formaldehyde include the preservation of tissue samples in biology laboratories; they also help preserve the shape of the specimen; it is also used for the production of toilet paper products like paper towels and facial tissue, and it is also used in the development of photographic film, among other applications.
However, concerns over formaldehyde being hazardous to human health pose a threat by hampering the growth of the market during the forecast period.
The use of formaldehyde as a disinfectant in the agricultural industry is booming the market demand over the forecast period.
Formaldehyde, in the form of a disinfectant, is used in the poultry industry in hatcheries. Formaldehyde solutions as germicides are used to kill bacteria, viruses and molds to reduce contamination. Additionally, the chemical in different formulations is used in slow-release fertilizers. Companies such as Hexion offer formaldehyde formulations such as formaldehyde derivatives and urea-formaldehyde for these fertilizers.
According to European Union forecasts, total world population is expected to remain the main driver of global food demand. In addition, per capita consumption has also increased significantly. This is mainly attributed to facilitation through trade, where per capita consumption has grown faster than population growth. Income growth resulting from the consumption of high-quality food products is gaining popularity. Changing consumption patterns were observed over time, as well as changing consumer preferences resulting from societal habits, health issues, and concerns about environmental issues and climate change.
Concerns over the hazardous health effects of formaldehyde are expected to hamper the market growth over the forecast period.
Formaldehyde is known to have significant adverse health effects in humans. The chemical is a well-regulated substance. Still, health agencies continue to assess its safety. For example, the World Health Organization and the International Agency for Research on Cancer, as well as the National Toxicology Program under the US Department of Health and Human Services, have classified formaldehyde as a carcinogen.
The EPA, as part of its Integrated Hazard Information System (IRIS), unveiled a draft toxicological review of formaldehyde in 2010. This indicated that the chemical met criteria described as carcinogenic to ‘man. The IRIS toxicology review project was evaluated by the National Academy of Sciences and a report was published in April 2011. This criticized the IRIS review of formaldehyde toxicology, further stating that the methodologies and the science behind the project do not provide a clear conclusion on whether there is a causal link between exposure to formaldehyde and leukemia and would further require a risk assessment.
The European Chemicals Agency (ECHA) classified formaldehyde as a category 2 mutagen on January 1, 2016. It also rejected its reclassification as a category 1A carcinogen. Thus, it is quite possible that new regulatory requirements will be proposed on a large scale to limit exposure to formaldehyde in humans. Companies in the formaldehyde sector would incur high costs to meet these regulatory requirements, which would lead to reduced demand for formaldehyde-based products. Moreover, the additional costs and reduced demand would, in turn, have a negative effect on business operations and profitability. Hence, this has an impact on hampering the growth of the market over the forecast period.
According to the EPA, the highest levels of airborne formaldehyde have been detected in indoor air. This is known to be released by various consumer products like building materials and home furnishings. The source of the higher levels of formaldehyde is reported in new manufactured or mobile homes compared to traditional homes.
The main reported sources are power plants, manufacturing units, exhaust emissions from automobiles and incinerators. Additionally, smoking has been reported by the EPA to be a significant source of formaldehyde. Several acute and chronic effects of formaldehyde have been observed. These include toxic effects caused by the chemical through inhalation, including irritation of the eyes, nose, throat and nasal passages. The effects observed by inhalation are coughing, chest pain, wheezing and bronchitis.
By industry vertical
By distribution channel
Main topics covered:
2. Research methodology
3. Executive Summary
4. Market dynamics
5. Global Formaldehyde Market Analysis, By Vertical
6. Global Formaldehyde Market Analysis, By Distribution Channel
7. Global Formaldehyde Market Analysis, By Geography
8. Competitive environment and analysis
9. Company Profiles
Foremark Performance Chemicals
Perstorp Holding AB
Balaji Formol Private Limited
Mansoura for Resins &
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