Global Formalin Market Size, Share & Industry Trends Analysis Report By Application (Fertilizer, Automotive, Dyes, Drugs, Antiseptic Perfume, Rubber Chemicals and Others), By Percentage, By Regional Outlook and Forecast, 2023 - 2030

Global Formalin Market Size, Share & Industry Trends Analysis Report By Application (Fertilizer, Automotive, Dyes, Drugs, Antiseptic Perfume, Rubber Chemicals and Others), By Percentage, By Regional Outlook and Forecast, 2023 - 2030


The Global Formalin Market size is expected to reach $11.5 billion by 2030, rising at a market growth of 5.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 22,185.3 Kilo Tonnes, experiencing a growth of 4.3% (2019-2022).

Formalin is widely used in pharmaceutical research for tissue fixation, especially in histopathology and preclinical studies. Thus, the Drugs segment acquired $ 726.3 million in 2022. Preserving tissues with formalin allows for detailed examination, aiding researchers in understanding the effects of drugs on various organs and tissues. Its fixation is integral to toxicology studies in drug development. It allows researchers to study the impact of drugs on biological tissues over time. These aspects will pose lucrative growth prospects for the segment. Some of the factors impacting the market are increasing application in cosmetics and personal care products, rising agricultural productivity concerns, and stringent regulatory environment on formaldehyde-based products.

Formalin is employed in personal care items, such as shampoos, conditioners, lotions, and cosmetics due to its preservative properties. It helps prevent the growth of bacteria, fungi, and other microorganisms that can degrade the quality of the product over time. Personal care products, especially those containing water-based formulations, are susceptible to microbial contamination. It acts as a biocide, ensuring the microbial stability of these products throughout their shelf life. Additionally, one of the primary reasons for the increasing demand for formalin in agriculture is its effectiveness in controlling soil-borne pathogens. Soil-borne diseases caused by various fungi, bacteria, and nematodes significantly threaten crop health. These pathogens can adversely impact plant growth, reduce yields, and compromise the overall quality of agricultural produce. Formalin's properties as a potent soil fumigant make it instrumental in managing and mitigating the impact of these detrimental microorganisms.

However, Formaldehyde exposure has been linked to an increased risk of cancer, particularly nasopharyngeal cancer and leukemia. The International Agency for Research on Cancer, which is a part of the World Health Organization (WHO), classifies formaldehyde as a Group 1 carcinogen to humans. This classification has led to heightened concerns about the potential health risks associated with formalin, prompting regulatory bodies to enact stringent measures to mitigate these risks. Adherence to these regulations is key for organizations engaged in the manufacturing of formalin or other associated sectors. Non-compliance with these labeling requirements can result in legal consequences and damage a company's reputation. These aspects can restrain the growth of the market.

Application Outlook

On the basis of application, the market is divided into automotive, drugs, dyes, fertilizer, antiseptic perfume, rubber chemicals, and others. The automotive segment procured a substantial revenue share in the market in 2022. Formaldehyde-based resins, such as urea-formaldehyde and melamine-formaldehyde resins, manufacture composite materials and adhesives. These materials find application in producing various automotive components, including interior panels, door trims, and laminates. Formaldehyde-based adhesives are valued for their bonding strength and durability in automotive manufacturing. As a result, the segment will witness increased growth in the upcoming years.

Percentage Outlook

Based on percentage, the market is segmented into 1.0%-20.0%, 20.0%-40.0%, and 40.0% - 60.0%. The 1.0%-20.0% segment held the largest revenue share in the market in 2022. Lower concentrations are often used in certain industries, such as textiles or certain medical applications, where a milder solution is sufficient for the desired purpose. Its solution with a 1.0% to 10.0% concentration is typically employed for preserving biological specimens. This ensures optimal fixation of tissues, maintaining their structural integrity for diagnostic purposes. In industrial applications, such as the production of textiles or the manufacturing of resins and adhesives, formalin is used in lower concentrations. These factors will boost the demand in the segment.

Regional Outlook

By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. Ongoing research and development activities in the Asia Pacific region, especially in countries with strong biotechnology and pharmaceutical sectors, contribute to the demand for formalin in laboratories and research institutions. The region's substantial population growth and rapid urbanization have increased construction activities, boosting the demand for formalin-based products in producing construction materials. These factors will help in the expansion of the Asia Pacific segment.

The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include BASF SE, 3M Company, Bayer AG, Celanese Corporation, DuPont de Nemours, Inc., Georgia-Pacific LLC (Koch Industries, Inc), Huntsman Corporation, Merck KGaA, Sumitomo Chemical Co., Ltd., and Thermo Fisher Scientific, Inc.

Scope of the Study

Market Segments covered in the Report:

By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
  • Fertilizer
  • Automotive
  • Dyes
  • Drugs
  • Antiseptic Perfume
  • Rubber Chemicals
  • Others
By Percentage
  • 1.0%-20.0%
  • 20.0%-40.0%
  • 40.0% - 60.0%
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA
Companies Profiled
  • BASF SE
  • 3M Company
  • Bayer AG
  • Celanese Corporation
  • DuPont de Nemours, Inc.
  • Georgia-Pacific LLC (Koch Industries, Inc)
  • Huntsman Corporation
  • Merck KGaA
  • Sumitomo Chemical Co., Ltd.
  • Thermo Fisher Scientific, Inc.
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Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Formalin Market, by Application
1.4.2 Global Formalin Market, by Percentage
1.4.3 Global Formalin Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.3 Porter Five Forces Analysis
Chapter 4. Global Formalin Market by Application
4.1 Global Fertilizer Market by Region
4.2 Global Automotive Market by Region
4.3 Global Dyes Market by Region
4.4 Global Drugs Market by Region
4.5 Global Antiseptic Perfume Market by Region
4.6 Global Rubber Chemicals Market by Region
4.7 Global Others Market by Region
Chapter 5. Global Formalin Market by Percentage
5.1 Global 1.0%-20.0% Market by Region
5.2 Global 20.0%-40.0% Market by Region
5.3 Global 40.0% - 60.0% Market by Region
Chapter 6. Global Formalin Market by Region
6.1 North America Formalin Market
6.1.1 North America Formalin Market by Application
6.1.1.1 North America Fertilizer Market by Country
6.1.1.2 North America Automotive Market by Country
6.1.1.3 North America Dyes Market by Country
6.1.1.4 North America Drugs Market by Country
6.1.1.5 North America Antiseptic Perfume Market by Country
6.1.1.6 North America Rubber Chemicals Market by Country
6.1.1.7 North America Others Market by Country
6.1.2 North America Formalin Market by Percentage
6.1.2.1 North America 1.0%-20.0% Market by Country
6.1.2.2 North America 20.0%-40.0% Market by Country
6.1.2.3 North America 40.0% - 60.0% Market by Country
6.1.3 North America Formalin Market by Country
6.1.3.1 US Formalin Market
6.1.3.1.1 US Formalin Market by Application
6.1.3.1.2 US Formalin Market by Percentage
6.1.3.2 Canada Formalin Market
6.1.3.2.1 Canada Formalin Market by Application
6.1.3.2.2 Canada Formalin Market by Percentage
6.1.3.3 Mexico Formalin Market
6.1.3.3.1 Mexico Formalin Market by Application
6.1.3.3.2 Mexico Formalin Market by Percentage
6.1.3.4 Rest of North America Formalin Market
6.1.3.4.1 Rest of North America Formalin Market by Application
6.1.3.4.2 Rest of North America Formalin Market by Percentage
6.2 Europe Formalin Market
6.2.1 Europe Formalin Market by Application
6.2.1.1 Europe Fertilizer Market by Country
6.2.1.2 Europe Automotive Market by Country
6.2.1.3 Europe Dyes Market by Country
6.2.1.4 Europe Drugs Market by Country
6.2.1.5 Europe Antiseptic Perfume Market by Country
6.2.1.6 Europe Rubber Chemicals Market by Country
6.2.1.7 Europe Others Market by Country
6.2.2 Europe Formalin Market by Percentage
6.2.2.1 Europe 1.0%-20.0% Market by Country
6.2.2.2 Europe 20.0%-40.0% Market by Country
6.2.2.3 Europe 40.0% - 60.0% Market by Country
6.2.3 Europe Formalin Market by Country
6.2.3.1 Germany Formalin Market
6.2.3.1.1 Germany Formalin Market by Application
6.2.3.1.2 Germany Formalin Market by Percentage
6.2.3.2 UK Formalin Market
6.2.3.2.1 UK Formalin Market by Application
6.2.3.2.2 UK Formalin Market by Percentage
6.2.3.3 France Formalin Market
6.2.3.3.1 France Formalin Market by Application
6.2.3.3.2 France Formalin Market by Percentage
6.2.3.4 Russia Formalin Market
6.2.3.4.1 Russia Formalin Market by Application
6.2.3.4.2 Russia Formalin Market by Percentage
6.2.3.5 Spain Formalin Market
6.2.3.5.1 Spain Formalin Market by Application
6.2.3.5.2 Spain Formalin Market by Percentage
6.2.3.6 Italy Formalin Market
6.2.3.6.1 Italy Formalin Market by Application
6.2.3.6.2 Italy Formalin Market by Percentage
6.2.3.7 Rest of Europe Formalin Market
6.2.3.7.1 Rest of Europe Formalin Market by Application
6.2.3.7.2 Rest of Europe Formalin Market by Percentage
6.3 Asia Pacific Formalin Market
6.3.1 Asia Pacific Formalin Market by Application
6.3.1.1 Asia Pacific Fertilizer Market by Country
6.3.1.2 Asia Pacific Automotive Market by Country
6.3.1.3 Asia Pacific Dyes Market by Country
6.3.1.4 Asia Pacific Drugs Market by Country
6.3.1.5 Asia Pacific Antiseptic Perfume Market by Country
6.3.1.6 Asia Pacific Rubber Chemicals Market by Country
6.3.1.7 Asia Pacific Others Market by Country
6.3.2 Asia Pacific Formalin Market by Percentage
6.3.2.1 Asia Pacific 1.0%-20.0% Market by Country
6.3.2.2 Asia Pacific 20.0%-40.0% Market by Country
6.3.2.3 Asia Pacific 40.0% - 60.0% Market by Country
6.3.3 Asia Pacific Formalin Market by Country
6.3.3.1 China Formalin Market
6.3.3.1.1 China Formalin Market by Application
6.3.3.1.2 China Formalin Market by Percentage
6.3.3.2 Japan Formalin Market
6.3.3.2.1 Japan Formalin Market by Application
6.3.3.2.2 Japan Formalin Market by Percentage
6.3.3.3 India Formalin Market
6.3.3.3.1 India Formalin Market by Application
6.3.3.3.2 India Formalin Market by Percentage
6.3.3.4 South Korea Formalin Market
6.3.3.4.1 South Korea Formalin Market by Application
6.3.3.4.2 South Korea Formalin Market by Percentage
6.3.3.5 Singapore Formalin Market
6.3.3.5.1 Singapore Formalin Market by Application
6.3.3.5.2 Singapore Formalin Market by Percentage
6.3.3.6 Malaysia Formalin Market
6.3.3.6.1 Malaysia Formalin Market by Application
6.3.3.6.2 Malaysia Formalin Market by Percentage
6.3.3.7 Rest of Asia Pacific Formalin Market
6.3.3.7.1 Rest of Asia Pacific Formalin Market by Application
6.3.3.7.2 Rest of Asia Pacific Formalin Market by Percentage
6.4 LAMEA Formalin Market
6.4.1 LAMEA Formalin Market by Application
6.4.1.1 LAMEA Fertilizer Market by Country
6.4.1.2 LAMEA Automotive Market by Country
6.4.1.3 LAMEA Dyes Market by Country
6.4.1.4 LAMEA Drugs Market by Country
6.4.1.5 LAMEA Antiseptic Perfume Market by Country
6.4.1.6 LAMEA Rubber Chemicals Market by Country
6.4.1.7 LAMEA Others Market by Country
6.4.2 LAMEA Formalin Market by Percentage
6.4.2.1 LAMEA 1.0%-20.0% Market by Country
6.4.2.2 LAMEA 20.0%-40.0% Market by Country
6.4.2.3 LAMEA 40.0% - 60.0% Market by Country
6.4.3 LAMEA Formalin Market by Country
6.4.3.1 Brazil Formalin Market
6.4.3.1.1 Brazil Formalin Market by Application
6.4.3.1.2 Brazil Formalin Market by Percentage
6.4.3.2 Argentina Formalin Market
6.4.3.2.1 Argentina Formalin Market by Application
6.4.3.2.2 Argentina Formalin Market by Percentage
6.4.3.3 UAE Formalin Market
6.4.3.3.1 UAE Formalin Market by Application
6.4.3.3.2 UAE Formalin Market by Percentage
6.4.3.4 Saudi Arabia Formalin Market
6.4.3.4.1 Saudi Arabia Formalin Market by Application
6.4.3.4.2 Saudi Arabia Formalin Market by Percentage
6.4.3.5 South Africa Formalin Market
6.4.3.5.1 South Africa Formalin Market by Application
6.4.3.5.2 South Africa Formalin Market by Percentage
6.4.3.6 Nigeria Formalin Market
6.4.3.6.1 Nigeria Formalin Market by Application
6.4.3.6.2 Nigeria Formalin Market by Percentage
6.4.3.7 Rest of LAMEA Formalin Market
6.4.3.7.1 Rest of LAMEA Formalin Market by Application
6.4.3.7.2 Rest of LAMEA Formalin Market by Percentage
Chapter 7. Company Profiles
7.1 BASF SE
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expense
7.1.5 SWOT Analysis
7.2 3M Company
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expense
7.2.5 SWOT Analysis
7.3 Bayer AG
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expense
7.3.5 SWOT Analysis
7.4 Celanese Corporation
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Segmental and Regional Analysis
7.4.4 Research & Development Expenses
7.4.5 SWOT Analysis
7.5 DuPont de Nemours, Inc.
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental and Regional Analysis
7.5.4 Research & Development Expense
7.5.5 SWOT Analysis
7.6 Georgia-Pacific LLC (Koch Industries, Inc.)
7.6.1 Company Overview
7.6.2 SWOT Analysis
7.7 Huntsman Corporation
7.7.1 Company Overview
7.7.2 Financial Analysis
7.7.3 Segment and Regional Analysis
7.7.4 Research & Development Expense
7.7.5 SWOT Analysis
7.8 Merck KGaA
7.8.1 Company Overview
7.8.2 Financial Analysis
7.8.3 Segmental and Regional Analysis
7.8.4 Research & Development Expense
7.8.5 SWOT Analysis
7.9 Sumitomo Chemical Co., Ltd.
7.9.1 Company Overview
7.9.2 Financial Analysis
7.9.3 Segmental and Regional Analysis
7.9.4 Research & Development Expenses
7.9.5 SWOT Analysis
7.10. Thermo Fisher Scientific, Inc.
7.10.1 Company Overview
7.10.2 Financial Analysis
7.10.3 Segmental and Regional Analysis
7.10.4 Research & Development Expenses
7.10.5 SWOT Analysis
Chapter 8. Winning Imperative for Formalin Market

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