Formaldehyde Market Will Grow Rapidly In Coming Years
Formaldehyde Industry The global formaldehyde market size is expected to reach USD 12.3 billion by 2030, registering a CAGR of 5.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the increasing construction activities across the world. The product is also increasingly being used in the manufacturing of disinfectants, vaccines, and personal care products, including mouthwash and toothpaste, on account of its exceptional antibacterial attributes. Increasing demand for these products is likely to boost the demand for formaldehyde over the forecast period. A majority of these companies in the market have integrated their business operations across the value chain to incur maximum profit at the lowest investment. With the outbreak of the COVID-19 pandemic, major end-use industries such as automotive, construction, and wood were shut down at a global level, which has a severe impact on the demand for the product. Although,...