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The Formaldehyde Market was worth USD 13.58 billion in 2014 and is expected to reach approximately USD 26.28 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 7.61% during the forecast period.
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Formaldehyde Market- Analysis Including Size, Share, Market Key Trends & Industry Forecast 2014- 2023
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The recuperating North American market has hinted at consistent demand in different fragments. Asia Pacific is foreseen to add to formaldehyde market development with its rising development and automotive markets. Different locales, for example, Europe and Latin America are foreseen to witness unfaltering interest development.
Formaldehyde is a critical feedstock segment for creation urea-alkyd resins, which discover applications basically for the yield of restricting materials for medium thickness plywood and particle sheets. Formaldehyde is widely utilized as a part of different businesses, for example, construction, plywood, automobile, and so on. Key drivers for formaldehyde market incorporate the development of its application in different enterprises, for example, textile, and automobile and construction industry. Positive attitude toward growth and construction in foundation spending has prompted an upturn in formaldehyde market interest for different support and segment applications. Formaldehyde is composed close to the usage area, inferable from issues in transportation over long distances.
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