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Global Formalin Market InsightJune 2, 2022 Comments
Global formalin is forecast to 5.61% over the next five years. According to the WK-chem Research, “Global Formalin Professional Survey Report 2022, Forecast to 2027”, the rise in public awareness about health issues is one of the factors propelling the formalin market throughout the forecast period. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 5.61% base on WK-chem Research regression analysis model.
“The growing demand for food is spurring growth of the agricultural industry, which in turn is expected to drive formalin production. The increasing interest of people towards maintenance of houses and buildings is surging the consumption and application of paints & coatings, varnishes, enamels, etc. This is expected to lead formalin consumption and propel growth of the formalin market during the forecast period”, said Manny Patel, Senior analyst, in WK-chem Research.
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.
On the other hand, government regulations on usage and manufacturing of formalin impede the growth to some extent.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading formalin companies that include: BASF SE, 3M, Balaji Formalin Private Limited, Bayer AG, Celanese Corporation, DuPont, Dynea AS, Georgia-Pacific Chemicals, Huntsman International LLC, and Merck KGaA.
Segmentation of Formalin Market:
According to the type, the market for formalin is divided into: 1.0%-20.0%, 20.0%-40.0%, and 40.0% – 60.0. 1.0%-20.0% has the largest market share. 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.
According to the application, the market for formalin is divided into: Automotive, Drugs, Dyes, Fertilizer, Antiseptic Perfume, Rubber chemicals and Others. Fertilizer has the largest market share. 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.
Formalin Market: Regional Analysis
In terms of geography, the global formalin market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Asia Pacific, especially emerging economies, such as India and China, are expected to witness growth in the formalin market. This can be attributed to the growing population in these countries. The increase in population is necessitating increased food production and, in turn, putting pressure on farmers, who are consuming higher amounts of fertilizers and thus, fueling the market.
Largest share area：Asia Pacific
Largest share country：China
Product Type：1.0%-20.0%, 20.0%-40.0%, and 40.0% – 60.0
Application：Automotive, Drugs, Dyes, Fertilizer, Antiseptic Perfume, Rubber chemicals and Others
Leading Company：BASF SE, 3M, Balaji Formalin Private Limited, Bayer AG, Celanese Corporation