According to a new report, published by KBV research, 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).
The Fertilizer segment is leading the Global Formalin Market by Application in 2022; thereby, achieving a market value of $3.5 billion by 2030. Formalin has been used as a soil fumigant to control soil-borne pathogens, nematodes, and other harmful microorganisms. The demand for effective soil fumigation methods in agriculture could drive growth in the use of formalin in this segment. Formalin is included in soil amendment formulations to improve soil structure and fertility. Agricultural practices emphasizing soil health and sustainability could contribute to adopting formalin-containing formulations. As a result, there will be an increased demand in the segment.
The 20.0%-40.0% segment is registering a CAGR of 5.7% during (2023 - 2030). Formalin solutions within this concentration range are used in various biomedical research applications, including molecular biology and genetics. These solutions aid in preserving tissues and biological samples for subsequent analysis, contributing to diseases, drug development, and genetic research studies. In mortuaries and funeral homes, formalin solutions of 20.0%-40.0% concentration play a role in embalming. This process helps preserve the deceased for viewing during funeral services and extends the time available for funeral arrangements. Therefore, the segment will expand rapidly in the coming years.
The Asia Pacific region dominated the Global Formalin 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. The Europe region is anticipating a CAGR of 4.9% during (2023 - 2030). Additionally, The North America region would exhibit a CAGR of 5.3% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/formalin-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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)
Companies Profiled
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