Formalin Market by Percentage (1.0%-20.0%, 20.0%-40.0%, and 40.0% - 60.0) and Application (Automotive, Drugs, Dyes, Fertilizer, Antiseptic Perfume, Rubber chemicals and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

Formalin Market by Percentage (1.0%-20.0%, 20.0%-40.0%, and 40.0% - 60.0) and Application (Automotive, Drugs, Dyes, Fertilizer, Antiseptic Perfume, Rubber chemicals and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

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.

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 LAMEA 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
Others

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

List of Company Profiles

BASF SE
3M
Balaji Formalin Private Limited
Bayer AG
Celanese Corporation
DuPont
Dynea AS
Georgia-Pacific Chemicals
Huntsman International LLC
Merck KGaA