According to a recent market study published by Growth Market Reports, titled, “Global Formaldehyde Catalyst Market, By Type, By End Use, By Distribution Channel, and By Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 72.7 Million In 2022 and is expected to expand at a growth rate of 6.0% by 2031.

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According to the Growth Market Reports industry analyst, Riddhesh Dani, “The global formaldehyde catalyst market is anticipated to register significant growth during the forecast period, 2022-2031. Increasing demand from the construction industry to manufacture building materials and several household products is driving the market.

The rise in the automotive industry across the globe is supporting market growth as formaldehyde is used in the production of brake pads, highly durable exterior primers, tire-cord adhesives, clear coat paints, and fuel system components for automobiles. Formaldehyde catalysts are substances that facilitate the production of formaldehyde by catalyzing the oxidation of methanol.

Silver and iron molybdate are common catalysts that are used in the production of formaldehyde. Formaldehyde is a base chemical that is used to manufacture several consumer products. It is produced by partial oxidation of methanol in the presence of a catalyst. The process is energy-efficient and widely used in industries. Formaldehyde catalysts are essential in the production of industrial resins, such as particle board and coatings.

These resins are used in various applications in industries including construction and automotive sectors. Formaldehyde is a pungent, colorless gas that polymerizes spontaneously into paraformaldehyde. It is stored in the form of aqueous solutions (formalin), consisting mainly of the hydrate CH2(OH)2. 

Formaldehyde is classified as a human carcinogen by the International Agency for Research on Cancer (IARC). It causes respiratory problems and skin irritation. Long-term exposure to formaldehyde causes cancer. Formaldehyde catalysts are used to minimize the amount of formaldehyde released into the environment during the production process.

Formaldehyde catalysts are also used in the production of methanol, which is a precursor to many other materials and chemical compounds. Formaldehyde catalysts are an essential component of many industrial processes and are used to produce a wide range of consumer products. Primary and secondary research methodology is used for keen observation and study of the global formaldehyde catalyst market.

Primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information about the syndicated as well as consulting projects. Primary interviews are conducted with stakeholders across industry verticals at regular intervals in line with the ongoing studies and to be updated with the latest market trends & developments.

Validation of the estimated market size and current & future trends is done by the key opinion leaders (KOLs). These KOLs are the CXO level people from key companies in the industry and possess experience of around 10-20 years in the industry. The secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs.

Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned to understand the competitive scenario, details & developments, and the overall competitive landscape. Regional government and statistical databases are analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The COVID-19 pandemic has highlighted economic disparities in the global demand in the crisis of global interdependence and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. Strict measures are required for monitoring the pandemic, which affected businesses and caused unanticipated short and long-term effects.

Consequently, pandemics are problems for the individual market and an enhancement of existing dynamics and limitations. In the long-term, COVID-19 serves as an opportunity for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. In the present scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses.

Moreover, trade barriers are further reducing the demand and supply of various products and services. However, the reduction in outdoor activities and imposition of social distancing policy has created lucrative opportunities for the market growth.

Key Takeaways from the Study:

  • Key market players include Alder S.p.A, FeMoCat, Guangzhou Hongwu Material Technology Co., Ltd, Johnson Matthey, K.A. Rasmussen EN, Maruti Catalyst & Screen Pvt. Ltd., MEPCO, Stanford Advanced Materials, Topsoe, and WUXI HELIPONT CHEMICAL TECHNOLOGY CO., LTD.

  • The silver-based segment holds a significant market share, due to its unique chemical properties. Silver is a vital component in the production of formaldehyde, and it is not affected by the reaction, making it recoverable after use. This, in turn, increases the demand for the catalyst in formaldehyde production.

  • The building and construction segment held a major market share. The segment is driven by the rising use of formaldehyde in several construction materials, which helps improve the toughness and tensile strength of building materials. This use of formaldehyde in construction materials is driving the formaldehyde catalysts market.

  • The direct sales through manufacturers segment is dominating the market. Direct sales through manufacturers segment dominates the market, due to their access to a to rapidly developing technology and comparative prices. Additionally, catalyst manufacturers tend to provide customized catalyst to the formaldehyde manufacturers which offers significant cost benefit to the customers.

  • Based on region, the global formaldehyde catalyst market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

  • Asia Pacific and Europe regions are expected to hold a dominant market share of the formaldehyde catalysts market during the forecast period. This is attributed to the significant government investments in construction development, as well as the increasing need for renovation or repair in various buildings in these region. Moreover, the growing population in the area, along with the penetration of industrialization and urbanization, is expected to create a positive outlook for the market growth in the coming years.

Formaldehyde Catalyst Market Report Scope:

Report Metric

Details

Market Value in 2022

USD 72.2 Million

Market Growth Rate (from 2023 to 2030)

6.0%

Historical Data

2016 - 2021

Base Year

2022

Forecast Period

2023 – 2031

Units Considered

Value (USD Million)

Market Segments

By Type, By End Use, By Distribution Channel, and By Region

Key Companies Profiled

Alder S.p.A, FeMoCat, Guangzhou Hongwu Material Technology Co., Ltd, Johnson Matthey, K.A. Rasmussen EN, Maruti Catalyst & Screen Pvt. Ltd., MEPCO, Stanford Advanced Materials, Topsoe, and WUXI HELIPONT CHEMICAL TECHNOLOGY CO., LTD.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Raw material suppliers and Manufacturers

  • Demand Side: Industrial sectors

  • Regulatory Side: Concerned government authorities and other regulatory bodies