Formaldehyde Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The formaldehyde market is expected to record a CAGR greater than 5% globally during the forecast period.

Due to the COVID-19 outbreak, nationwide lockdowns around the globe, disruption in construction activities and supply chains, production halts, and labour unavailability negatively impacted the formaldehyde market. However, the healthcare segment is witnessing an improvement in the market, which aids the growth of the market studied.


Owing to the versatile and favorable chemical properties of formaldehyde, its application in the automotive and construction industry is growing exponentially, consequently propelling market growth.

However, the toxic and carcinogenic nature of formaldehyde and stringent regulations employed by several authorities regarding formaldehyde emissions are likely to hinder the growth of the studied market.

The research and technological development (RTD) related to the application of formaldehyde derivatives for the treatment of organic fraction of municipal solid waste (OFMSW) will likely provide opportunities for the formaldehyde market over the next five years.

The United States boasts a colossal construction sector that plays a prominent role in commercial, industrial, institutional, residential, infrastructure, energy, and utility construction. The construction spending during January 2022 was estimated at a seasonally adjusted annual rate of USD 1,677.2 billion. Further, construction spending in the United States rose 1.3% in February, as compared to a seasonally adjusted annual rate of USD 1.677 trillion in January of 2022.

Germany has the largest construction industry in Europe. The construction industry in the country has been growing at a slow pace, majorly driven by increasing new residential construction activities. The non-residential and commercial buildings in the country are expected to witness significant growth prospects during the forecast period. The growth is likely to be supported by lower interest rates, an increase in real disposable incomes, and numerous investments by the European Union and the German government.

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