Growing production levels in the automotive industry globally has continued to pose significant challenges in terms of innovation and developments for the leading manufacturers. As the automotive production level is shifting back to high gear, the leading manufacturers are focusing on integrating leading technological features. In addition, growing need to manufacture various components in the aviation and construction industry is expected to contribute towards the growth of the global formaldehyde market significantly.
According to Transparency Market Research (TMR), the global formaldehyde market is expected to represent 36.6 million tons by 2026 end.
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Demand to Remain High in Automotive and Aviation Industry
As growing demand for automotive products equipped with leading technology continues to remain high, leading manufacturers are increasingly opting for specialty chemicals in order to develop cutting-edge technological solutions. Demand for formaldehyde is expected to gain significant momentum with the growing need for integrating specialty chemicals during the production process in the automotive industry. In addition, increasing demand for resins during the production of various components in the automotive industry is further expected to fuel demand for formaldehyde significantly. In order to integrate innovative technological solutions during the production process, manufacturers are increasingly witnessing demand for specialty chemicals such as formaldehyde.
Manufacturers are focusing on incorporating strategies to boost sales and gain a competitive edge over the other market players. In order to equip the automotive and aviation products with better mileage, performance and efficiency, manufacturers are increasingly concentrating on integrating various advanced features such as water-proof and weather-proof components. Increasing application of specialty chemical products such as formaldehyde is expected to improve the manufacturing quality.
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Leading market players operating in the global formaldehyde market include Foremark Performance Chemicals, Johnson Matthey Process Technologies, Momentive Specialty Chemical Inc., Huntsman International LLC, Alder S.p.A, Dynea AS, Perstorp Orgnr, Georgia-Pacific Chemicals LLC, BASF SE, and Celanese AG.