Global Formaldehyde Market Size, Share, Opportunities, And Trends By Industry Vertical (Agriculture, Construction, Chemical, Automotive, Others), By Distribution Channel (Online, Offline), And By Geography- Forecasts From 2025 To 2030

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. 

What are the global formaldehyde market drivers?

• North America is one of the oldest regions that has benefitted from Hexion Inc.’s technological advancement in formaldehyde-based products, especially resins for the forest products industry. The company further stated that it has large stakes in the areas of Latin America, Australia, New Zealand, and Europe. One of the key chemicals the company deals with is formaldehyde-based resins, which are used as an adhesive and a binder that is used when manufacturing various engineered lumber products. They are medium-density fiberboard, particle board, oriented strand board, different forms of plywood, and laminated veneer lumber. Construction and furniture industries are some of the areas that have used the product in their construction and remodeling activities.

 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.

• Dynea is a specialty company that produces wood adhesives founded in Norway. It is a first-mover company with a significant production presence in the European market. The company offers formaldehyde in the specialty adhesive and polymer section. Comprehensively, the existence of companies engaged in developing formaldehyde production projects is supporting market growth throughout the projected period.

Major challenges in the global formaldehyde market

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.

Segment analysis of the global formaldehyde market:

• By industry vertical, agriculture is anticipated to be one of the fastest-growing segments in the formaldehyde market.

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.

• Asia Pacific’s formaldehyde market is anticipated to grow significantly.

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.

Key developments in the global formaldehyde market:

• In 2023, Havtil, which was formerly known as the PSA, and STAMI, the National Institute of Occupational Health in Norway, collaborated on formaldehyde releasers, or FAR chemicals, for the petroleum sector.

Global Formaldehyde Market Scope:

Report Metric	Details
Commodity Plastics Market Size in 2025	US$8.214 billion
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	Industry Vertical Application Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in the Global Formaldehyde Market	Dynea AS Johnson Matthey Foremark Performance Chemicals (CC Industries) Hexion Inc. Georgia-Pacific Chemicals
Customization Scope	Free report customization with purchase

 

The global formaldehyde market is analyzed into the following segments:

• By Industry Vertical
  • Agriculture
  • Construction
  • Chemical
  • Automotive
  • Others
• By Distribution Channel
  • Online
  • Offline
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Rest of the Middle East and Africa
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Growing Adoption in Various End-Use Industries

4.1.2. Rapid Economic Growth

4.2. Market Restraints

4.2.1. Health and Environmental Concerns

4.2.2. Competition from Alternatives

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL FORMALDEHYDE MARKET BY INDUSTRY VERTICAL

5.1. Introduction

5.2. Agriculture

5.3. Construction

5.4. Chemical

5.5. Automotive

5.6. Others

6. GLOBAL FORMALDEHYDE MARKET BY DISTRIBUTION CHANNEL

6.1. Introduction

6.2. Online

6.3. Offline

7. GLOBAL FORMALDEHYDE MARKET BY GEOGRAPHY

7.1. Global Overview

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Rest of South America

7.4. Europe

7.4.1. United Kingdom

7.4.2. Germany

7.4.3. France

7.4.4. Italy

7.4.5. Spain

7.4.6. Rest of Europe

7.5. Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. United Arab Emirates

7.5.3. Rest of the Middle East and Africa

7.6. Asia-Pacific

7.6.1. China

7.6.2. India

7.6.3. Japan

7.6.4. South Korea

7.6.5. Taiwan

7.6.6. Thailand

7.6.7. Indonesia

7.6.8. Rest of Asia-Pacific

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. Dynea AS

9.2. Johnson Matthey

9.3. Foremark Performance Chemicals (CC Industries)

9.4. Hexion Inc.

9.5. Georgia-Pacific Chemicals

9.6. Perstorp Holding AB (Petronas Chemicals Group Berhad)

9.7. Celanese Corporation

9.8. BASF SE

9.9. Sprea Misr

9.10. Balaji Formalin Private Limited

9.11. Mansoura for Resins & Chemical Industries Co. (MRI)

9.12. Oman Formaldehyde Chemical Company LLC (OFCC)

Dynea AS

Johnson Matthey

Foremark Performance Chemicals (CC Industries)

Hexion Inc.

Georgia-Pacific Chemicals

Perstorp Holding AB (Petronas Chemicals Group Berhad)

Celanese Corporation

BASF SE

Sprea Misr

Balaji Formalin Private Limited

Mansoura for Resins & Chemical Industries Co. (MRI)

Oman Formaldehyde Chemical Company LLC (OFCC)