Global Formalin Market is valued at approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028. 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.
The increase in the usage of adhesives and growing wood industry has led to the adoption of Formalin across the forecast period. For Instance: as per the IBEF, The wood industry prototype and its improvement cost a total of INR 300,000 (US$ 6,725) and funding from the National Innovation Foundation (NIF) and the National Bamboo Mission (NBM). Also, with the surge in demand for formalin from agricultural industry, the adoption & demand for Formalin is likely to increase the market growth during the forecast period. However, government regulations impede the growth of the market over the forecast period of 2022-2028.
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The key regions considered for the global Formalin market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading region across the world in terms of market share owing to the rise in demand for wooden furniture, hardwood flooring, and a variety of other goods. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. Factors such as extensive use of adhesives to produce flawless furniture and increasing usage in dyes, antiseptics and drugs would create lucrative growth prospects for the Formalin market across Asia-Pacific region.
Major market players included in this report are:
Merck KGaA
BASF SE
3M
Balaji Formalin Private Limited
Bayer AG
Celanese Corporation
DuPont
Dynea AS
Georgia-Pacific Chemicals
Huntsman International LLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Application:
Automotive
Drugs
Dyes
Fertilizer
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Antiseptic perfume
Rubber chemicals
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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