However, growing concerns regarding health and safety of health and environment are anticipated to hamper
the market. Apart from monitoring health and safety, fluctuation in raw material prices are also expected to
restrain the market.
U.S. EPA has issued strict recommendations for workforce safety to avoid potential disorders of nose, lungs,
skins, cancer and even the reproductive system. Also, under Biocidal Products Directive, formaldehyde is banned
for certain applications such as for use as preservatives for processing & liquid-cooling systems, and anti-fouling
products.
Application Insights:
Major formaldehyde market applications include UF resins, MF resins, PF resins, pentaerythritol, 1, 4-
butanediol, methylenebis, and polyacetal resins. PF resins are fire and water resistant and extensively used in
oil, automotive and construction industry such as binders, composites, and insulation foams. Hence, PF resins
are anticipated to dominate the market owing to its high demand and consumption rates.
Phenolic PF resins, fire resistant in nature, are used widely in construction and automobile industries. Water
resistant variants are also used as durable binders and adhesives. Growing UF resins demand is anticipated to
drive the global market owing to its chemical, flame & arc resistant, also color retention properties.
Formaldehyde coatings are used to enhance durability and aesthetics of wooden material and furniture. It is
majorly used in wood and coating industry owing to its outstanding properties such as heat & chemical
resistance, hardness suitable to manufacture serving trays and wiring devices.
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End User Insights:
Construction industry dominated the market in 2015. Automotive, healthcare, aerospace, and clothing are
another major end user segment. Construction industry includes the production of cabinet doors, medium
density fiberboards, laminator countertops and insulation, which requires resin as their crucial raw material.
These resins are also used for long-lasting furniture manufacturing and are cost effective as compared to wood.
Formaldehyde market demand is anticipated to drive automobile market owing to its manufacturing of door
panels, axles, brake shoes, electrical systems, engine blocks, and transmission.
Regional Insights: