Formaldehyde (systematic name methanal) is a naturally occurring organic compound with the formula CH2O (H-CHO). It is the simplest of the aldehydes (R-CHO). The common name of this substance comes from its similarity and relation to formic acid. Formaldehyde is an important precursor to many other materials and chemical compounds. In 1996, the installed capacity for the production of formaldehyde was estimated to be 8.7 million tons per year. It is mainly used in the production of industrial resins, e.g., for particle board and coatings.
The demand for formaldehyde is continuously rising due to its increasing use in the production of various resins. These resins are being used in various industries for manufacturing purpose. Formaldehyde is also being used in producing home building products. Formaldehyde is also known for its preservative and anti-bacterial properties. Hence, medical laboratories and some consumer products are also using formaldehyde as a preservative. The global consumption of formaldehyde is increasing as it is being used on a large scale for construction and remodeling activity and furniture production. Due to the excellent thermal and chemical resistance, formaldehyde-based resins are being used in manufacturing airplane and automobile parts. Formaldehyde is also being used in manufacturing anti-infective drugs, hard-gel capsules, and vaccines.
The global formaldehyde market has been segmented into application, derivatives, end use, and region. On the basis of derivatives, Urea Formaldehyde (UF) resins and concentrates is likely to witness the highest growth in terms of volume throughout the forecast period from 2017 to 2026. Based on the application, the market is further segmented into resins, drying agents, plasticizers, solvents, fibers, and other chemical intermediaries. Formaldehyde is expected to find the largest application in resins during 2017-2026.