Get comprehensive insights into the Formaldehyde market, with a focused analysis of the Formaldehyde price trend across Asia, Europe, North America, Latin America, and the Middle East Africa.

In Q3 2025, North America, the Formaldehyde Price Index rose by 1.37% quarter-over-quarter, driven by higher methanol feedstock. Check detailed insights for Europe and APAC.

Get the latest insights on price movement and trend analysis of Urea Formaldehyde Resins in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Get the latest insights on price movement and trend analysis of Formalin in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

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Formaldehyde Market Size 2025-2029

The formaldehyde market size is forecast to increase by USD 2.59 billion at a CAGR of 5.7% between 2024 and 2029.

The market is driven by the expansion of the construction industry, which significantly utilizes formaldehyde as a building material in insulation, adhesives, and plywood production. Additionally, the market is witnessing a trend towards diversification into new end-user industries, such as automotive, textiles, and pharmaceuticals, broadening the application scope and potential growth opportunities. Manufacturing processes for UF resins involve injection molding and waste management to minimize environmental impact. However, the market faces challenges from stringent regulatory frameworks, particularly in developed regions, which impose strict controls on formaldehyde emissions and limit its use in certain applications due to health concerns.
Companies seeking to capitalize on market opportunities must navigate these regulatory hurdles and explore alternative production methods or low-emission technologies to meet evolving consumer demands and maintain market competitiveness. The market is evolving, with a strong focus on life cycle management, product design, and the implementation of control measures to minimize risks and promote a more sustainable future. Green building materials, such as formaldehyde detectors, are increasingly preferred due to their reduced environmental impact and improved health and safety.

What will be the Size of the Formaldehyde Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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In the market, sustainability initiatives are gaining momentum as manufacturers prioritize waste reduction and sustainable procurement. This shift is influencing the adoption of manufacturing processes that minimize formaldehyde emissions and promote the use of renewable resources in the circular economy. Industrial hygiene and health risks are also driving the market, with a focus on emergency response and exposure assessment. Sustainability-conscious businesses are integrating formaldehyde absorbers and scavengers into their supply chain sustainability efforts. Environmental science and risk management are key areas of research, with a growing emphasis on green chemistry and the development of bio-based materials and low-formaldehyde resins.
Chemical engineering and polymer chemistry are at the forefront of these advancements, as companies strive to reduce their environmental footprint and protect both workers and consumers. Quality control and exposure monitoring are essential components of formaldehyde mitigation strategies, with testing methods and prevention measures playing crucial roles in ensuring product stewardship and regulatory compliance.

How is this Formaldehyde Industry segmented?

The formaldehyde industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Urea formaldehyde
  Phenol formaldehyde
  Polyoxymethylene
  Paraformaldehyde
  Others


End-user

  Construction
  Automotive
  Agriculture
  Healthcare
  Others


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Russia


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Application Insights

The urea formaldehyde segment is estimated to witness significant growth during the forecast period. Urea formaldehyde (UF) resins, a thermosetting resin derived from the reaction of urea and formaldehyde, are widely utilized for their cost-effective and versatile properties in various industrial applications. Primarily, UF resins are employed as binding agents in the production of engineered wood products, such as particle board, medium-density fiberboard (MDF), and plywood, which are extensively used in construction, furniture manufacturing, and interior design. In addition to wood adhesives, UF resins are also used in molding compounds for electrical fittings, household items, and decorative laminates. The heat-resistant, rigid, and dimensionally stable properties of UF resins make them suitable for applications demanding durability and precision.

Ventilation systems and air filtration are crucial components in managing indoor air quality, mitigating potential health effects associated with formaldehyde exposure. Product labeling and carbon footprint assessments are essential for consumer transparency and brand loyalty. UF resins are also used in the production of phenol-formaldehyde resins, melamine-formaldehyde resins, and thermoplastic resins, which offer product differentiation an

The Formaldehyde Market Report is Segmented by Derivative (Urea Formaldehyde, Phenol Formaldehyde, Hexamine, and More), End-User Industry (Construction, Automotive, Agriculture, Healthcare, and More), Production Process (Silver Catalyst, Iron-Molybdenum Catalyst, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Volume (tons).

Formaldehyde market was valued at USD 7.52 Billion in 2024 and is expected to reach USD 9.86 Billion by 2030 with a CAGR of 4.62%.

The French formaldehyde market expanded slightly to $80M in 2024, with an increase of 4.8% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $88M in 2013; however, from 2014 to 2024, consumption remained at a lower figure.

The Asia-Pacific Formaldehyde Market report segments the industry into Derivative (Urea Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde, Hexamine, Polyoxymethylene, and more), End-User Industry (Automotive, Construction, Agriculture, Healthcare, Chemical and Petrochemical, and more), and Geography (China, India, Japan, South Korea, Malaysia, and more).

In 2024, the U.S. formaldehyde market decreased by -2.6% to $618M, falling for the fifth consecutive year after eight years of growth. Over the period under review, consumption recorded a relatively flat trend pattern. Formaldehyde consumption peaked at $937M in 2019; however, from 2020 to 2024, consumption remained at a lower figure.

The Global Formaldehyde Resin market was valued at USD 3.59 billion in 2022 and is projected to reach USD 5.27 billion by 2030, registering a CAGR of 4.9% for the forecast period 2023-2030. Market Dynamics of the Formaldehyde Resin Market

A surge in the usage of the Formaldehyde Resin in building and construction industry:

The increased population, urbanization, and need for infrastructure all increase construction demand. According to the report, the sector would need to construct 13,000 structures each day between now and 2050 to serve a projected urban population of 7 billion people. This drives up the need for formaldehyde resin. For the production of wood-based composite panels such as plywood, particleboard, and fiberboard, formaldehyde resin is frequently employed. Similarly, Urea Formaldehyde resins are used in the Paints & Coatings industry for wood coatings. Formaldehyde-based resins are used to make composite and engineered wood products that are utilized in cabinetry, worktops, moldings, furniture, shelves, stair systems, flooring, wall sheathing, support beams and trusses, and many more home uses. These rising applications of formaldehyde resin in the building and construction industry drives the growth of the market.

Restraining Factor

Availability of formaldehyde-free resins:

Formaldehyde has been formally identified as a dangerous substance to health and the environment throughout the previous decade. As a result, the use of formaldehyde-free resins and other substances for safer work conditions and goods has increased. Wood and metal substrates gain a 50% decrease in formaldehyde emissions on a cure by substituting a formaldehyde-free resin with low or no formaldehyde crosslinking resin. This factor can hamper the adoption rate of formaldehyde resins.

Current Trends on Formaldehyde Resin

Rising research and development activities:

Formaldehyde resins are frequently utilized in laminates, textiles, paper, wrinkle-resistant fabrics, cotton blends, and foam fake snow. It's also used as a coating for electrical products like desk lights. This increases chemical researchers' enthusiasm for research efforts. For example, investments are being made in the development of composite materials based on phenol-formaldehyde resins and the study of their applications. The characteristics, application regions, and utilization of phenol-formaldehyde resins in composite materials were explored in this study. The applications of phenol-formaldehyde resins are becoming more extensive. By combining them with fibrous biomass sources, composite materials are being produced. Furthermore, industrial wastes or inorganic fillers are mixed with phenol formaldehyde resin. As a result, new generation composites are being created. This research activity will provide growth opportunities for the formaldehyde resin market. Formaldehyde resin is a type of synthetic resin that contains formaldehyde as a base component. This substance is one of the earliest synthetic resins and is utilized in a wide range of settings and industries. Formaldehyde resin has been made from phenols, melamine, urea, and aniline, among other things. The chemicals react with one another to form the resin, which can have a variety of qualities depending on the substances utilized. Some resins are heat sensitive, requiring heat to activate the resin, whilst others react with chemicals. After the curing process is complete and the resin has been set, the resin may be clear or colored, exceedingly strong and rigid, waterproof, and other characteristics.

The price of phenol-formaldehyde resin in the United States for Q4 2023 reached 3085 USD/MT in December.

Explore IMARC’s newly published report, titled “Phenol-Formaldehyde Resin Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of phenol-formaldehyde resin pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

The Melamine Formaldehyde Market report segments the industry into Type (Iso-butylated Melamine Formaldehyde Resin, n-butylated Melamine Formaldehyde Resin, Other Types), Application (Laminates, Wood Adhesives, Molding Compounds, Paints and Coatings, Other Applications) and Geography (Asia-Pacific, North America, Europe, South America, Middle-East and Africa).

Formaldehyde Market Outlook

The global formaldehyde market size was valued at approximately USD 10.5 billion in 2023 and is expected to reach USD 15.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.2% during the forecast period. This growth is attributed to the increasing demand for formaldehyde in various industrial applications such as resins, chemicals, textiles, and fertilizers, coupled with its vital role in the construction and automotive industries.

One of the primary growth factors driving the formaldehyde market is its extensive use in the production of resins, particularly urea-formaldehyde, phenol-formaldehyde, and melamine-formaldehyde resins. These resins are essential components in the manufacturing of plywood, particleboard, and other wood products used in construction, furniture, and cabinetry. The booming construction industry, especially in emerging economies, is fueling the demand for these resins, thereby propelling the formaldehyde market. Additionally, the automotive industry's increasing reliance on lightweight and durable materials further drives the demand for formaldehyde-based products.

Another significant growth factor is the rising demand for formaldehyde in the chemicals sector. Formaldehyde is a key building block in the production of various chemicals, including polyoxymethylene, which is widely used in manufacturing engineering plastics with high mechanical strength and excellent dimensional stability. The growing adoption of these high-performance plastics in automotive, electronics, and consumer goods industries is expected to bolster the formaldehyde market over the forecast period. Furthermore, the use of formaldehyde in the production of fertilizers contributes to the agricultural sector, which is witnessing increasing demand due to the rising global population and food demand.

The textile industry's reliance on formaldehyde-based chemicals for fabric treatments, wrinkle resistance, and water repellency is another crucial growth driver. Formaldehyde's role in enhancing fabric durability and performance is indispensable, making it an essential component in the textile sector. Moreover, advancements in textile technologies and the growing demand for high-quality apparel and home textiles are anticipated to spur the formaldehyde market further. Additionally, the healthcare industry's use of formaldehyde in disinfectants and sterilizing agents underscores its importance in maintaining hygiene and safety standards.

Regionally, the Asia Pacific region is expected to dominate the formaldehyde market during the forecast period. This dominance is attributed to the rapid industrialization and urbanization in countries like China and India, which are major consumers of formaldehyde-based products. North America and Europe are also significant markets for formaldehyde, driven by the well-established automotive and construction industries. Meanwhile, Latin America and the Middle East & Africa are projected to witness moderate growth due to their developing industrial sectors and increasing investments in infrastructure development.

Derivative Analysis

The formaldehyde market is segmented by derivative into urea formaldehyde, phenol formaldehyde, melamine formaldehyde, polyoxymethylene, and others. Urea formaldehyde holds a significant share in the market due to its extensive use in the production of particleboard, plywood, and medium-density fiberboard (MDF). The construction industry's growth, particularly in emerging economies, drives the demand for these wood products, thereby boosting the urea formaldehyde segment. Furthermore, the low cost and excellent adhesive properties of urea formaldehyde make it a preferred choice in various industrial applications.

Phenol formaldehyde, another crucial derivative, is widely used in the production of molded products, adhesives, coatings, and insulation materials. The automotive and construction industries' increasing demand for high-strength and heat-resistant materials propels the phenol formaldehyde segment. Additionally, phenol formaldehyde resins' superior mechanical and thermal properties make them suitable for various industrial applications, contributing to their market growth.

Melamine formaldehyde is known for its excellent hardness, water resistance, and thermal stability, making it an ideal choice for laminates, surface coatings, and decorative laminates. The rising demand for high-quality furniture and interior decor products drives the melamine formaldehyde segment. Moreover, the g

In 2024, the global formaldehyde market decreased by -4.3% to $5.1B, falling for the second consecutive year after two years of growth. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $5.6B. From 2023 to 2024, the growth of the global market failed to regain momentum.

Formaldehyde Market Outlook

According to our latest research, the Global Formaldehyde market size was valued at $9.6 billion in 2024 and is projected to reach $14.2 billion by 2033, expanding at a CAGR of 4.5% during 2024–2033. The market’s robust growth is primarily driven by the surging demand for formaldehyde-based resins in construction and automotive industries, where it is essential for producing adhesives, insulation materials, and high-performance plastics. This growing adoption is further supported by ongoing urbanization and infrastructure development in emerging economies, which continues to bolster the consumption of formaldehyde derivatives across various end-use sectors.

Regional Outlook

Asia Pacific currently commands the largest share of the global formaldehyde market, accounting for over 48% of total revenues in 2024. This dominance is attributed to the region’s rapid industrialization, expanding construction sector, and robust growth in automotive manufacturing, especially in China, India, and Southeast Asia. Government incentives promoting infrastructure development and the widespread availability of raw materials have fostered a mature manufacturing ecosystem. Additionally, the presence of several leading formaldehyde producers and downstream industries has led to technological advancements and economies of scale, further solidifying Asia Pacific’s leadership in the global market. The region’s proactive policy frameworks and investments in research and development have also contributed to the steady demand for formaldehyde derivatives, particularly urea formaldehyde and phenol formaldehyde, which are widely used in plywood, particleboard, and automotive components.

North America is forecasted to be the fastest-growing region in the formaldehyde market, with a projected CAGR of 5.2% from 2024 to 2033. The region’s growth is underpinned by strong investments in technological innovation, rising demand for lightweight and durable materials in the automotive and construction sectors, and a shift towards formaldehyde-based advanced composites. Regulatory reforms aimed at enhancing energy efficiency and reducing emissions in building materials have also spurred the adoption of formaldehyde derivatives in green construction projects. Moreover, the United States is experiencing significant investment inflows into R&D for formaldehyde alternatives and eco-friendly resins, which is expected to drive market expansion while ensuring compliance with stringent safety standards. Strategic collaborations between manufacturers and research institutes are further accelerating the commercialization of innovative formaldehyde-based solutions in North America.

In contrast, emerging economies in Latin America and the Middle East & Africa are witnessing gradual adoption of formaldehyde products, primarily due to infrastructure modernization and the growth of local manufacturing sectors. However, these regions face challenges such as limited access to advanced production technologies, variability in raw material supply, and evolving regulatory landscapes. While demand for formaldehyde in agriculture, textiles, and healthcare is on the rise, market penetration remains moderate compared to more developed regions. Policy reforms aimed at promoting industrialization and environmental protection are beginning to influence market dynamics, with localized demand patterns shaping the adoption of formaldehyde derivatives. As governments in these regions intensify efforts to attract foreign investment and develop value-added chemical industries, the formaldehyde market is expected to gradually gain momentum, albeit at a slower pace than in Asia Pacific and North America.

Report Scope

The Formaldehyde Market size was valued at USD 8.3 billion in 2023 and is projected to reach USD 12.23 billion by 2032, exhibiting a CAGR of 5.7 % during the forecasts period. Recent developments include: In July 2022, Hexion Inc. announced that it had started employing bio-based methanol in formaldehyde production at its manufacturing facility in Baytown, Texas, to provide a more sustainable product , In May 2023, Foremark Performance Chemicals announced the completion of its acquisition of NexGen Chemical Technologies. The acquisition would allow Foremark to enable safe and sustainable natural gas production, thereby helping in the transition to clean energy , In May 2022, Bakelite Synthetics announced the acquisition of Georgia-Pacific Chemicals. Georgia-Pacific Chemicals contributes complementary resin and formaldehyde technologies, as well as end-use markets in building materials, industrial, transportation, chemical intermediates, and specialty resins , In December 2022, Johnson Matthey plc announced the expansion of the company’s manufacturing site in Perstorp, Sweden to address the rising demand for formaldehyde. The expansion is expected to increase the site’s capacity by around 50% .

Modified Urea Formaldehyde Resin Market Outlook

The global modified urea formaldehyde resin market size was valued at approximately USD 8.3 billion in 2023 and is projected to reach around USD 12.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period. The market's expansion can be attributed to the rising demand for durable and cost-effective adhesives and coatings across various industries, including automotive, furniture, and construction.

One of the primary growth factors driving the modified urea formaldehyde resin market is the increasing need for high-performance adhesives in the furniture and woodworking industries. Modified urea formaldehyde resins are preferred for their excellent bonding properties, cost-effectiveness, and ease of application. As the demand for aesthetically pleasing and durable furniture continues to grow, especially in emerging markets, the consumption of these resins is likely to increase significantly. Furthermore, the furniture industry is benefiting from urbanization and increasing disposable incomes, particularly in Asia-Pacific and Latin America, which is further propelling market growth.

Another significant growth factor is the expanding application of modified urea formaldehyde resins in the automotive industry. These resins are used for manufacturing various automotive components due to their superior thermal stability, mechanical strength, and resistance to environmental conditions. The global automotive industry is experiencing a surge in production and sales, driven by technological advancements and increasing consumer demand for vehicles. As automakers strive to enhance vehicle performance and reduce weight, the adoption of high-performance materials like modified urea formaldehyde resins is becoming increasingly prevalent, thereby contributing to market expansion.

The construction industry also plays a crucial role in driving the growth of the modified urea formaldehyde resin market. These resins are extensively used in the production of construction materials such as plywood, particleboards, and laminates. The ongoing infrastructure development projects, coupled with the rising emphasis on sustainable and energy-efficient building materials, are fueling the demand for modified urea formaldehyde resins. Governments across the globe are investing heavily in infrastructure development to support economic growth, which, in turn, is boosting the consumption of these resins in the construction sector.

In terms of regional outlook, the Asia-Pacific region is expected to dominate the modified urea formaldehyde resin market during the forecast period. The region's robust economic growth, rapid industrialization, and increasing demand for consumer goods are some of the key factors driving market expansion. Countries such as China, India, and Japan are witnessing substantial investments in various industries, including automotive, construction, and furniture, which is positively impacting the demand for modified urea formaldehyde resins. Additionally, favorable government policies and initiatives aimed at promoting industrial growth and infrastructure development are further contributing to the market's growth in the Asia-Pacific region.

Product Type Analysis

The modified urea formaldehyde resin market can be segmented by product type into powder, liquid, and granules. The powder segment is anticipated to hold a significant share of the market due to its widespread use in various applications. Powdered resins are known for their ease of handling, storage, and application, making them highly preferred in industries such as woodworking and construction. The demand for powdered resins is driven by their ability to provide strong adhesive properties and enhanced durability, which are essential for manufacturing high-quality furniture and construction materials.

The liquid segment is also expected to witness substantial growth during the forecast period. Liquid urea formaldehyde resins are extensively used in the production of adhesives, coatings, and sealants. These resins offer excellent penetration and bonding characteristics, making them ideal for applications that require strong adhesion and resistance to moisture and chemicals. The increasing demand for high-performance coatings and adhesives in the automotive and construction industries is driving the growth of the liquid segment. Additionally, liquid resins are preferred for their versatility and ease of application, further contributing to their market expansion.

The granules

Formaldehyde Market Outlook

The global formaldehyde market size was USD 8.214 billion in 2024, with a robust CAGR of 5.45% anticipated from 2025 to 2033. This growth is driven by the increasing demand for formaldehyde-based derivatives across various industrial applications, particularly in the construction and automotive sectors. By 2033, the market is forecasted to expand significantly, reflecting the compound's critical role as a versatile chemical intermediate in numerous manufacturing processes. The formaldehyde market's expansion is also attributed to advancements in product formulations and the rising need for more efficient and sustainable materials in various end-use industries.

One of the primary growth factors for the formaldehyde market is its widespread use in the production of resins, which are integral to the building and construction industry. Urea formaldehyde (UF) and phenol formaldehyde (PF) resins, in particular, are extensively used in the manufacturing of engineered wood products such as plywood, particleboard, and medium-density fiberboard (MDF). The construction industry's steady growth, driven by urbanization and infrastructure development, is creating a sustained demand for these resins. Additionally, the trend towards green building materials and sustainable construction practices is prompting manufacturers to innovate and develop low-emission formaldehyde resins, further boosting market growth.

Another significant driver of the formaldehyde market is its application in the automotive industry. Formaldehyde-based resins are used in the production of high-performance plastics and coatings, which are essential for vehicle manufacturing. The automotive industry's ongoing evolution, characterized by the increasing production of lightweight and fuel-efficient vehicles, is enhancing the demand for formaldehyde derivatives. These materials contribute to weight reduction and improved fuel efficiency, aligning with global sustainability goals. Furthermore, the automotive sector's recovery post-COVID-19 pandemic and the rising popularity of electric vehicles are expected to bolster the demand for formaldehyde-based products.

With the increasing focus on environmental sustainability, the demand for Low-VOC Urea Formaldehyde Resin is gaining traction in the construction industry. These resins are designed to release fewer volatile organic compounds, making them a preferred choice for green building projects. As regulations around emissions tighten, manufacturers are investing in the development of low-VOC alternatives to traditional urea formaldehyde resins. This shift not only supports environmental goals but also aligns with consumer preferences for healthier indoor environments. The adoption of Low-VOC Urea Formaldehyde Resin is expected to grow, driven by the dual benefits of compliance with environmental standards and the enhancement of indoor air quality.

The healthcare and pharmaceutical sectors also contribute to the formaldehyde market's growth. Formaldehyde is used in the production of various medical devices and as a disinfectant and preservative in vaccines and other pharmaceutical products. The increasing focus on healthcare infrastructure development and the rising demand for medical supplies and equipment are driving the need for formaldehyde in these applications. Additionally, the growing awareness of hygiene and sanitation, particularly in the wake of the COVID-19 pandemic, has led to increased use of formaldehyde-based disinfectants and cleaning products, further supporting market expansion.

Derivative Analysis

The formaldehyde market is segmented by derivatives, with urea formaldehyde (UF) resins, phenol formaldehyde (PF) resins, and melamine formaldehyde (MF) resins being the most prominent. Urea formaldehyde resins dominate the market due to their extensive application in the wood industry. These resins are favored for their high strength and cost-effectiveness, making them ideal for manufacturing particleboard and MDF. The

In 2024, the Chinese formaldehyde market decreased by -1.7% to $1.1B, falling for the second year in a row after two years of growth. Overall, the total consumption indicated moderate growth from 2012 to 2024: its value increased at an average annual rate of +3.5% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -5.7% against 2022 indices.