Also called by its systematic name of methanal, formaldehyde is a naturally occurring organic compound that derives its name from relationship to and similarity of composition with formic acid. Its primary application is as a precursor to numerous industrially and commercially produced materials and chemical compounds, and an estimated 8.7 million tons are produced every year. Formaldehyde has also been declared a known carcinogen and should be handled accordingly. It is naturally occurring in the upper atmosphere due to natural processes, though it is generally produced industrially via the catalytic oxidation of methanol using silver metal or a combination of iron, vanadium, and molybdenum. Industrially, formaldehyde is a precursor for urea formaldehyde resin, phenol formaldehyde resin, melamine resin, methylene diphenyl diisocyanate, polyoxymethylene plastics, and 1,4-butanediol. The textile industry also implements formaldehyde for resins and finishers in crease-resistant fabrics, and it also used to manufacture components for transmissions, engine blocks, electrical systems, door panels, axles, and brake shoes in automobiles.