Propelled by surging demand for vaccines during the COVID-19 pandemic, the formaldehyde market is slated to exhibit significant growth by 2027. Additionally, prevalent application across varied industry verticals is likely to support market growth through the forecast timeline.
Following the COVID-19 outbreak, there has been a surge in focus on vaccine development to combat the pandemic. Formaldehyde is diluted during the vaccine production process although residual quantities of the compound are still present in some vaccines. These quantities do not pose any safety concerns, which has fostered market outlook during the pandemic. Moreover, prominent product usage as a disinfectant and sterilant has fueled industry expansion in recent years.
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The formaldehyde market has been bifurcated on the basis of derivative, end-use application, and region. In terms of derivative, the market has further been segregated into polyoxymethylene/ polyacetal, PF resins, UF resins, MF resins, methylene diphenyl diisocyanate, pentaerythritol, 1,4 butanediol, hexamine, paraformaldehyde, and others.
The PF resins sub-segment and the MF resins sub-segment are estimated to grow at over 4.8% CAGR through the assessment timeframe. The polyoxymethylene/polyacetal sub-segment is anticipated to register substantial growth at a CAGR of around 4.5% over the analysis period.
The formaldehyde market from the methylene diphenyl diisocyanate sub-segment is projected to reach a sizable revenue by 2027, expanding at a CAGR of more than 5.2% through the study timeline. The 1,4 butanediol sub-segment is speculated to progress at a CAGR of nearly 4.5% over the forecast timespan. The others sub-segment is calculated to grow at over 4.1% CAGR through the review period to attain a considerable valuation by the end of 2027.
With respect to end-use application, the market has been categorized into plasticizers, resins (adhesives & coatings), synthetic lubricants, textile, paints, elastic fibers, polyurethane foams, household/ electronic appliances, vulcanization accelerators, pesticides, and others. The textile sub-segment is anticipated to progress at a CAGR of above 5.2% through the forecast period.
The plasticizers sub-segment is anticipated to see considerable growth by 2027, delivering a CAGR of over 4.7% through the study timeline. The elastic fibers sub-segment is foreseen to grow at a CAGR of approximately 5.0% over the analysis period. The formaldehyde market from the synthetic lubricants sub-segment is estimated to register nearly 4.5% CAGR through the stipulated timespan.
The vulcanization accelerators sub-segment is slated to observe substantial expansion, growing at a CAGR of over 4.8% through the assessment period. The pesticides sub-segment is expected to showcase notable gains at about 4.6% over the forecast timeframe. Under end-use applications, the others sub-segment is expected to witness steady growth at a CAGR of above 4.8% through the projected timeline.
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In the regional landscape, the Latin America formaldehyde market is set to progress at over 8.3% CAGR through the forecast period to garner a major share in the overall industry revenue by the end of 2027. The Middle East & Africa formaldehyde market is foreseen to amass profitable gains by 2027, recording a CAGR of more than 4.6% over the analysis timeline.