Report Ocean has released a market research report on the Formalin industry, covering 150+ countries and analyzing over 1,00000 published and forthcoming reports per year. The report, prepared by subject matter experts, researchers, and market research professionals, utilizes various methodologies and analytical approaches, including S.W.O.T. and P.E.S.T.E.L. analysis and regression analysis, to forecast market growth. It also examines the industry’s regulations and policies and potential future advancements.
The global formalin market size was US$ 7.2 billion in 2021. The global formalin market size is forecast to reach US$ 12 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.7% during the forecast period from 2022 to 2030.
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As formalin dissolves in water, it is used as an industrial disinfectant a preservative in funeral homes and medical laboratories. Additionally, used in foods, medications, and cosmetics as a preservative. Formalin solution is effective as a disinfectant since it inhibits the growth of most bacteria and fungi (including their spores). Its use is to inactivate viruses and toxins in vaccines. Personal care products such as cosmetics also contain formaldehyde releasers as biocides. Farming and medicine use it as a disinfectant, fungicide, fumigant, and preservative. A variety of other products, particularly building materials, contain formalin.
Factors Influencing Market Growth
- Increased demand for wooden furniture, hardwood flooring, and many other products that require adhesives has led to a rise in adhesive use. As a result, the formalin market is forecast to grow during the forecast period.
- Fertilizer usage increases worldwide as food consumption rises. Ultimately, the growth of the fertilizer industry has also led to an increase in the formalin market’s demand.
- Several governments, such as India and Bangladesh, impose stringent regulations on the production and use of formalin, preventing global market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic has affected the market for formalin. During the pandemic, formaldehyde and its derivatives are almost ubiquitous in almost all end-use applications, so companies in that market are focusing on cleaning agents, disinfectants, and other critical items. Due to the halt of several industries, particularly transport and supply chains, the economy has dropped in many countries. Due to the lockdown, there has been no development for the product, thereby hindering demand.
Regional Insights
The Asia-Pacific region accounted for the largest share of the formalin market in 2021. This is likely due to the increasing population in these countries. The increase in population necessitates increased food production, which, in turn, puts pressure on farmers who consume higher amounts of fertilizer and, as a result, fuel the market.
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Leading Competitors
The leading prominent companies profiled in the global formalin market are:
- BASF SE
- 3M
- Balaji Formalin Private Limited
- Bayer AG
- Celanese Corporation
- DuPont
- Dynea AS
- Georgia-Pacific Chemicals
- Huntsman International LLC
- Merck KGaA
- Other Prominent Players
Report Include:
- Market Behavior/ Level of Risk and Opportunity
- End Industry Behavior/ Opportunity Assessment
- Expected Industry Recovery Timeline
Scope of the Report
The global formalin market segmentation focuses on Percentage, Application, and Region.
Segmentation based on Percentage
- 1.0%-20.0%
- 20.0%-40.0%
- 40.0% – 60.0%
Segmentation based on Application
- Automotive
- Drugs
- Dyes
- Fertilizer
- Antiseptic perfume
- Rubber chemicals
- Others
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Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
What our reviews offer:
- Market share assessments for the regional and country-level segments
- Strategic hints for the new entrants
- Covers market facts for 2023, until 2031
- Market tendencies (drivers, opportunities, threats, challenges, funding opportunities, and recommendations)
- Strategic pointers in key enterprise segments based totally on the market estimations
- Competitive landscaping mapping the key frequent trends
- Company profiling with specified strategies, financials, and current developments
- Supply chain tendencies mapping the modern day technological advancements
Formalin Market Research Report Scenario includes:
>The report provides qualitative and quantitative trends of global Formalin Market across type, type of products, service, and geography.
>The report starts with the key takeaways, highlighting the key trends and outlook of the global Formalin Market.
>Provides the research methodology of the study.
>Further provides PEST analysis for each region.
>Highlights the key industry dynamics in the Formalin Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
>Discusses the global Formalin Market scenario, in terms of historical market revenues, and forecast till the year 2031.
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