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.
A colorless solution of formaldehyde in water is called formalin. Formaldehyde is a naturally occurring organic compound with the formula CH₂O. It is a liquid sustaining several attributes, which includes explosiveness, flammable, toxic and colorless. Formalin is not only transported from stainless steel and aluminum rail tanks, barrels, and cars but can also transport through polyethylene barrels or cans. It is used as disinfectant and preservative for biological specimens. It can also be used as a preservative in some foods and in products, such as antiseptics, medicines, and cosmetics. Although formaldehyde is not used, chemicals that release formaldehyde are sometimes utilized. These have been found in cosmetics, soaps, shampoos, lotions, and sunscreens, and cleaning products. Formaldehyde and other chemicals that release formaldehyde are sometimes used in low concentrations in cosmetics and other drugs products like lotions, shampoo, conditioner, shower gel, and some fingernail polishes. Formalin vapor is attached with oxygen molecules in air to form an explosive compound. Hence, it requires high safety and attention while working with Formalin.
The formalin industry is benefiting from an increase in the use of adhesives due to the rising demand for wooden furniture, hardwood floors, and a range of other things that need adhesives. Formalin usage has increased as a result of the extensive use of adhesives to produce perfect furniture. The expansion of the fertilizer industry has also driven the demand for formalin as a result of rise in food consumption around the world, which needs the use of more fertilizers. However several nations, like India and Bangladesh, have enforced strict restrictions on the manufacture and use of formalin, hindering the global expansion of the formalin market.
The global formalin market is segmented into percentage, application, and region. On the basis of percentage, the global formalin 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 global formalin market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by LAME And Europe.
The major players operating in the global formalin industry include BASF SE, 3M, Balaji Formalin Private Limited, Bayer AG, Celanese Corporation, DuPont, Dynea AS, Georgia-Pacific Chemicals, Huntsman International LLC, and Merck KGaA.
A colorless solution of formaldehyde in water is called formalin. Formaldehyde is a naturally occurring organic compound with the formula CH₂O. It is a liquid sustaining several attributes, which includes explosiveness, flammable, toxic and colorless. Formalin is not only transported from stainless steel and aluminum rail tanks, barrels, and cars but can also transport through polyethylene barrels or cans. It is used as disinfectant and preservative for biological specimens. It can also be used as a preservative in some foods and in products, such as antiseptics, medicines, and cosmetics. Although formaldehyde is not used, chemicals that release formaldehyde are sometimes utilized. These have been found in cosmetics, soaps, shampoos, lotions, and sunscreens, and cleaning products. Formaldehyde and other chemicals that release formaldehyde are sometimes used in low concentrations in cosmetics and other drugs products like lotions, shampoo, conditioner, shower gel, and some fingernail polishes. Formalin vapor is attached with oxygen molecules in air to form an explosive compound. Hence, it requires high safety and attention while working with Formalin.
The formalin industry is benefiting from an increase in the use of adhesives due to the rising demand for wooden furniture, hardwood floors, and a range of other things that need adhesives. Formalin usage has increased as a result of the extensive use of adhesives to produce perfect furniture. The expansion of the fertilizer industry has also driven the demand for formalin as a result of rise in food consumption around the world, which needs the use of more fertilizers. However several nations, like India and Bangladesh, have enforced strict restrictions on the manufacture and use of formalin, hindering the global expansion of the formalin market.
The global formalin market is segmented into percentage, application, and region. On the basis of percentage, the global formalin 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 global formalin market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by LAME And Europe.
The major players operating in the global formalin industry include BASF SE, 3M, Balaji Formalin Private Limited, Bayer AG, Celanese Corporation, DuPont, Dynea AS, Georgia-Pacific Chemicals, Huntsman International LLC, and Merck KGaA.
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 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 industry for strategy building.
- A comprehensive market analysis covers factors that drive and restrain the global formalin market growth.
- The qualitative data about market dynamics, 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
KEY MARKET SEGMENTS
By Percentage
- 1.0%-20.0%
- 20.0%-40.0%
- 40.0%-60.0
By Application
- Automotive
- Drugs
- Dyes
- Fertilizer
- Antiseptic Perfume
- Rubber Chemicals
- Other
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Spain
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
KEY MARKET PLAYERS
- BASF SE
- 3M
- Balaji Formalin Private Limited
- Bayer AG
- Celanese Corporation
- DuPont
- Dynea AS
- Georgia-Pacific Chemicals
- Huntsman International LLC
- Merck KGaA
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: FORMALIN MARKET, BY PERCENTAGE
CHAPTER 5: FORMALIN MARKET, BY END-USE INDUSRY
CHAPTER 6: FORMALIN MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- BASF SE
- 3M
- Balaji Formalin Private Limited
- Bayer AG
- Celanese Corporation
- DuPont
- Dynea AS
- Georgia-Pacific Chemicals
- Huntsman International LLC
- Merck KGa
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 382 |
| Published | January 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 6.9 billion |
| Forecasted Market Value ( USD | $ 11.7 billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
