Recent trends in the global formaldehyde market are being powered by an increase in the formulation of various capacity expansion strategies by leading industry players. Prominent companies are depicting a keen interest in the adoption of various initiatives such as acquisitions, mergers, and product developments for securing a robust competitive edge.
For instance, in December 2021, Bakelite Synthetics disclosed its plans to acquire Georgia-Pacific’s formaldehyde-based phenolic resins business. The enterprise makes resins for adhesives, coatings, wood products, and other applications. Some of the additional initiatives undertaken comprise research and development activities and growing participation in trade fairs and conferences.
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Balaji Formalin, Bayer AG, Foremark Performance Chemicals, Alder S.p.A., Pastor, Huntsman Corporation, Dynea Oy, Celanese Corporation, Hexion Inc., and others are some of the major participants in the formaldehyde market. According to the latest report published by Global Market Insights Inc., the industry size is anticipated to hit USD 6,160 million by 2027.
Enlisted below are some of the prominent trends that are poised to drive the business landscape across various regions:
Growing research initiatives in the textile sector
The rising competitiveness in the textile industry has led to the introduction of new technologies and solutions with low environment impact. The industry has recorded an increase in research activities that are centered on the development of superior solutions.
One such study examined the legal curtailments for formaldehyde in interior textiles and clothes and also discussed the amount of compound present in textiles in the Romanian industry. An upsurge in the number of such activities is expected to drive the formaldehyde market growth over 2021 to 2027.
Increasing export programs in the Asia Pacific
Several countries in the Asia Pacific region are participating in cross-border activities for expanding their trade relations. Considering an instance, in March 2022, the government of the Indian state of Assam announced plans for the export of formaldehyde and methanol to Bangladesh.
The project comprised 500 TPD methanol and 200 TPD formaldehyde. Such initiatives are slated to impel the product penetration in the APAC region. Considering other regions, the Europe formaldehyde market share is estimated to grow at a CAGR of 3% through 2027.
Rising inclination toward the development of sustainable solutions
The formaldehyde industry has registered an increase in the demand for sustainable solutions and associated initiatives.
One such instance is the Low Formaldehyde Commitment Statement. The pledge formed part of the Alliance for Action on Sustainable Spaces’ effort for the enhancement of public awareness. The effort was intended at creating opportunities for the suppliers of sustainable services and products and the adoption of low-emitting formaldehyde solutions for indoor spaces.
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An escalation in such steps is expected to incentivize formaldehyde manufacturers. This is further set to pave way for a pool of product innovations across various regions.
To sum up, the following years are expected to register an increase in formaldehyde demand across the automotive, construction, and furniture sectors. The product is normally manufactured near the point of utilization and cannot be shipped from one place to another on account of storage issue. These factors are expected to propel formaldehyde industry expansion to a considerable extent.
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