Ocean View, DE -- (SBWIRE) -- 05/07/2020 -- Formaldehyde & its derivatives play a vital role in the manufacturing of various raw materials used in construction, coatings, agrochemicals and plasticizer applications owing to their economical nature and high-quality performance.

Stringent government regulations towards formaldehyde emissions is expected to hinder the market growth. Formaldehyde acts as a highly reactive organic compound, which is used in various industrial applications. The product may cause irritation in the eyes, mucous membranes, and consumption of the product can potentially lead to the burning throat. Several norms in Europe such as the REACH regulation restrict the use of formaldehyde and formaldehyde releasers which is expected to limit the industry expansion.

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Consumers are preferring superior quality raw materials in the manufacture of high-performance coatings to improve resistance from external factors and enhance longevity of the product which shows elevating market opportunities for product demand. Formaldehyde & its derivatives play a vital role in the manufacturing of various raw materials used in construction, coatings, agrochemicals and plasticizer applications owing to their economical nature and high-quality performance.

Leading Key Players are:

- Dynea Oy
- BASF SE
- Huntsman Corporation
- Balaji Formalin, Bayer AG
- Georgia-Pacific Chemicals
- Perstorp
- Chemique Adhesives
- Hexion, Celanese Corporation
- Foremark Performance Chemicals
- Ercros S.A.
- Chemanol
- LyondellBasell
- Alder S.p.A.

Some key findings of the formaldehyde market report include:

o Market share of high-performance resins is on rise across the globe due to their superior physical properties such as effective bonding strength and durability.
o Growing consumer inclination towards lightweight materials for use in housing construction & auto components manufacturing in Europe, Asia Pacific is expected to strengthen formaldehyde market growth.
o Increasing infrastructural development owing to rising population in Asia Pacific countries including China & India is expected to offer optimal opportunities for the market expansion.

o Key market participants operating in formaldehyde market are BASF SE, Huntsman Corporation, Foremark Performance Chemicals & Georgia-Pacific.
o Manufacturers are increasingly adopting silver catalyst technology to produce formaldehyde owing to its safety and ability to reduce operational cost.
o Formaldehyde resins provide a suitable replacement for traditional raw materials used in construction activities owing to their low cost and improved environmental performance.

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Demand for wood furniture products in North America has strengthened the need for efficient adhesives which are used in the production of wood panels and plywood. Revenue from office furniture market in the U.S. generated a revenue over USD 15 billion in 2018 which shows significant market opportunities. Manufacturers in the region are focusing towards the use of low cost, high performance, thermosetting adhesives which offer superior abrasion resistance. For instance, Georgia-Pacific Chemicals, a U.S. based manufacturer of building products & related chemicals offers formaldehyde-based moisture resistant wood adhesives which comply with the government standards.

Market players are focusing on extensive research & development to promote product innovations which offer high flexibility & durability. The industry is expected to witness significant demand for formaldehyde resins due to growing construction activities and increasing consumer preference for wood-based furniture.

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