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.
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.
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.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 7.5 Billion |
| Market size forecast in 2030 | USD 11.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.5% from 2023 to 2030 |
| Number of Pages | 281 |
| Number of Tables | 500 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Percentage, Application, Region |
| Country scope |
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| Companies Included | 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. |
| Growth Drivers |
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| Restraints |
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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.
Free Valuable Insights: Global Formalin Market size to reach USD 11.5 Billion by 2030
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.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Percentage
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $11.5 billion by 2030.
Increasing application in cosmetics and personal care products are driving the Market in coming years, however, Stringent regulatory environment on formaldehyde-based products restraints the growth of the Market.
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.
In the year 2022, the market attained a volume of 22,185.3 Kilo Tonnes, experiencing a growth of 4.3% (2019-2022).
The Fertilizer segment is leading the Market by Application in 2022; thereby, achieving a market value of $3.5 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4.6 billion by 2030.
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