Formalin Market Statistics – 2030
The global formalin market size was valued at $6.9 billion in 2020, and is projected to reach $11.7 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030.
As formalin is dissolved in water, it is used as an industrial disinfectant as well as a preservative in funeral homes and medical laboratories. It is also a preservative in certain foods and products like antiseptics, medications, and cosmetics. Formalin solution can be used as a disinfectant because it prevents the growth of most bacteria and fungi (including their spores). It is used in manufacturing vaccines to inactivate toxins and viruses. Formaldehyde releasers are utilized as biocides in personal care items such as cosmetics. It is used as a disinfectant, fungicide, fumigant, and preservative in agriculture and medicine. Furthermore, it is also used in broad range of products, especially building materials, contain formalin.
The rise in demand for wooden furniture, hardwood flooring, and a variety of other goods that use adhesives has resulted in an increase in the use of adhesives. This boosts the growth of the formalin market during the forecast period. Formalin use has increased as a result of the extensive use of adhesives to produce flawless furniture. As a result of rise in food consumption around the world, which mandates the use of additional fertilizers, the fertilizer industry's development has enhanced formalin demand.
The formalin market is segmented on the basis of percentage, application, and region. On the basis of percentage, the market is segmented into 1.0%-20.0%, 20.0%-40.0%, and 40.0% - 60.0%. The applications of formalin include automotive, drugs, dyes, fertilizer, antiseptic perfume, rubber chemicals and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by LAMEA and Europe.
Major players operating in the global formalin market include BASF SE, 3M, Balaji Formalin Private Limited, , Bayer AG, Celanese Corporation, DuPont, Dynea AS, Georgia-Pacific Chemicals, Huntsman International LLC, and Merck KGaA.
Formalin Market, by Percentage
The 1.0%-20.0% segment accounted for the largest share in 2020, while the 20.0%-40.0% segment is projected to grow at the highest CAGR of 6.1%. The demand for 1.0%-20.0% based formalin percentages is driven mainly by the drugs and fertilizers industry. It is majorly used, as it is cost-effective, and a well-tolerated solution for the drugs and fertilizers industry.
By Percentage
1.0%-20.0% is projected as the most lucrative segment.
Formalin Market, by Application
The fertilizer segment accounted for the largest share of the formalin market in 2020 while the antiseptic perfume segment is projected to grow at the highest CAGR of 6.8%. The fertilizer segment is projected to hold the dominant share due to increased food consumption around the world, which necessitates the use of more fertilizers.
By Application
Fertilizer is projected as the most lucrative segment.
Formalin Market, by Region
The Asia-Pacific region accounted for the largest share of the formalin market in 2020. Asia-Pacific is a large consumer of formalin, which is used in dyes, antiseptic, and drugs. This drives the demand for formalin.
By Region
Asia-Pacific is projected as the most lucrative market.
Key Benefits For Stakeholders
- The report provides in-depth analysis of the global formalin market along with the current trends and future estimations.
- This report highlights the key drivers, opportunities, and restraints of the formalin market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global formalin market for strategy building.
- A comprehensive market analysis covers the factors that drive and restrain the global formalin market growth.
- The qualitative data about market dynamics, formalin market trends, and developments is provided in the report.
Impact Of Covid-19 On The Global Formalin Market
- COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
- Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
- The COVID-19 pandemic has had an impact on formaldehyde market activity. Companies in the formaldehyde market are focusing on cleaning agents, disinfectants, and other critical items during the pandemic because formaldehyde and its derivatives are virtually present in almost all end-use applications.
- In many countries, the economy has dropped due to the halt of several industries, especially transport and supply chain. Demand for the product has been hindered as there is no development due to the lockdown.
- The companies are incorporating various techniques to increase production volume and are attempting to develop innovative solutions at an affordable price that can meet customer requirements at a lower cost and support the overall breakthrough required for increased fragrance product penetration sustainability.
- The rise in public awareness about health issues is one of the factors propelling the formalin market throughout the forecast period. Increase in use of sterilizing solutions as a result of the coronavirus epidemic is also driving the demand for the overall industry.
Formalin Market Report Highlights
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Analyst Review
The formalin market is driven as formalin is widely used in various applications such as chemical, agriculture, personal care & cosmetics, healthcare, and automotive Formalin is also used in the production of vaccines, disinfectants, and personal care products such as toothpastes and mouthwash due to its excellent antibacterial properties. Increase in demand of these products is projected to drive the demand for formalin. Furthermore, the Asia-Pacific region is projected to register a robust growth, significantly from the emerging economies such as China, and India as they have huge potential with regards to the adoption of formalin due to growth in population, expansion of the middle class, and increase in disposable income of consumers.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain intense competition in the industry.
The growing trend of antique furniture and wood based floors, walls, etc. is increasing the consumption of plywood, wood panel board products and particleboard. This, in turn, is leading to an increase in the consumption of adhesives and is thereby impacting the formalin market positively.
The global formalin market was valued at $ 11.7 Billion in 2030
BASF SE, 3M, Balaji Formalin Private Limited, Bayer AG, Celanese Corporation, DuPont, Dynea AS, Georgia-Pacific Chemicals, and Merck KGaA are the top players in formalin market.
The fertilizer industry is projected to increase the demand for formalin market
The global formalin market is segmented on the basis of percentage, application and region.
The growing demand for food is spurring growth of the agricultural industry, which in turn is expected to drive formalin production.
Due to COVID-19 pandemic, transport limitations were implemented, resulting in reduced industrial production and disrupted supply chains, which affected global economic growth by a substantial proportion, severely impacting market growth.
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