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.

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.

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
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
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