formalin market size was valued at $6.9 billion in 2020, and is projected to reach $11.7 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030
OREGON, PORTLAND, UNITED STATES, November 13, 2023 /EINPresswire.com/ — Allied Market Research published a report, titled, ”Formalin Market by Percentage (1.0%-20.0%, 20.0%-40.0%, and 40.0% – 60.0) and Application (Automotive, Drugs, Dyes, Fertilizer, Antiseptic Perfume, Rubber chemicals and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” The global formalin industry was estimated at $6.9 billion in 2020, and is anticipated to hit $11.7 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in the usage of adhesives and increase in application of formalin drive the growth of the global formalin market. On the other hand, government regulations on usage and manufacturing of formalin impede the growth to some extent. However, surge in demand for formalin from the agricultural industry is expected to create lucrative opportunities in the industry.
Download Sample Report@https://www.alliedmarketresearch.com/request-sample/14024
Key players in the industry-
Formalin Private Limited
Huntsman International LLC
Rise in use of sterilizing solutions as a result of the pandemic has increased the demand for the product significantly.
On the other hand, the supply-demand gap posed several challenges on the market, especially during the initial period, thereby providing a mixed impact to the global formalin market altogether.
The 1.0%-20.0% segment to dominate by 2030-
Based on percentage, the 1.0%-20.0%segment accounted for around more than two-fifths of the global formalin market share in 2020, and is anticipated to rule the roost by 2030. The demand for 1.0%-20.0% based formalin percentages is driven by the factor that it is cost-effective and a well-tolerated solution for the drugs in the fertilizer industry. The 20.0%-40.0% segment, however, would cite the fastest CAGR of 6.1% throughout the forecast period.
Have Any Query? Ask Our Expert : https://www.alliedmarketresearch.com/purchase-enquiry/14024
The fertilizer segment to maintain the dominant share-
Based on application, the fertilizer segment held more than two-fifths of the global formalin market revenue in 2020, and is expected to lead the trail by 2030. This is due to increased food consumption around the world, which necessitates the use of more fertilizers. The antiseptic perfume segment, on the other hand, would manifest the fastest CAGR of 6.8% from 2020 to 2030. The demand for formalin in Asia-pacific is mainly driven by China, India, and the ASEAN countries, which are experiencing substantial rise in incorporating several applications that call for formalin in their composition.
Asia-Pacific, followed by Europe and North America, garnered the major share in 2020-
Based on region, Asia-Pacific, followed by Europe and North America, held the major share in 2020, generating more than half of the global formalin market. The same region would also grow at the fastest CAGR of 5.9% by 2030. Rise in demand for formalin in dyes, antiseptic, and drugs drives the market growth in the region.
Buy Latest Version of Report@ https://www.alliedmarketresearch.com/formalin-market/purchase-options
More Related Reports:
Sulfur Fertilizers Market : https://www.alliedmarketresearch.com/sulfur-fertilizers-market
South East Asia Organic Fertilizers Market : https://www.alliedmarketresearch.com/south-east-asia-organic-fertilizers-market-A07496
Automotive Oem Coatings Market : https://www.alliedmarketresearch.com/automotive-oem-coatings-market
Automotive Aftermarket Fuel Additives Market : https://www.alliedmarketresearch.com/automotive-aftermarket-fuel-additives-market-A12632
The content is by EIN Presswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.