Formalin Market Research Report By Form (Liquid, Solid), By Grade (Technical Grade, Pharmaceutical Grade, Industrial Grade), By Application (Textile Industry, Plywood Manufacturing, Chemical Manufacturing, Preservatives, Other Applications), By End-Use Industry (Automotive, Construction, Packaging, Healthcare, Furniture, Other End-Use Industries) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Formalin Market Overview

The Formalin Market Size was estimated at 14.1 (USD Billion) in 2022. The Formalin Industry is expected to grow from 14.7 (USD Billion) in 2023 to 21.25 (USD Billion) by 2032. The Formalin Market CAGR (growth rate) is expected to be around 4.19% during the forecast period (2024 - 2032).

Key Formalin Market Trends Highlighted

The demand from building and automotive sector industries and the increasing application of Formalin in the production of textiles and paper are some of the key market factors driving the growth of the Formalin market. There are opportunities for the creation of new uses for Formalin, particularly in the medical and pharmaceutical industries. Environmental concerns are also changing the trends in Formalin usage, which is leading to the use of greener production methods and the introduction of technologies that aim at lowering emissions. The market is also being propelled by rising government policies and restrictions on the application and management of Formalin. In addition, key market participants are concentrating on increasing regional and footprints and increasing spending in research and development for novel marketable and application technologies for Formalin. There are several other strategies geared toward the expansion of market share and improving competitive edge including symmetric and asymmetric merger and acquisition.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Formalin Market Drivers

Increasing Demand from the Healthcare Sector

Formalin is widely used in the healthcare sector for a variety of applications, including tissue preservation, disinfection, and sterilization. The growing demand for healthcare services, particularly in emerging markets, is expected to drive the demand for formalin in the coming years. The increasing prevalence of chronic diseases and the rising number of surgeries are also contributing to the growth of the formalin market in the healthcare sector.Formalin is used as a preservative in vaccines, biological specimens, and anatomical preparations. It is also used as a disinfectant and sterilizing agent in hospitals and clinics. As the healthcare industry continues to expand, the demand for formalin is expected to rise. The growth of the healthcare sector is being driven by several factors, including the increasing population, the rising incidence of chronic diseases, and the growing demand for medical services in developing countries.As the healthcare sector continues to grow, the demand for formalin is expected to increase accordingly.

Expansion of the Chemical Industry

Formalin is one of the main raw materials used in the manufacturing of different chemicals, such as plastics, resins, and adhesives. The growth of the chemical industry, especially in emerging markets, is expected to fuel the demand for this material in the future. Different chemicals, such as phenol, urea-formaldehyde resins, and polyvinyl chloride, are produced with the help of formalin. The increasing demand for these chemicals results in the growing demand for formalin in the chemical industry.The growth of the chemical industry is triggered by several factors, such as the rising demand for plastics and other chemicals in various end-use industry applications. These industries include automotive, packaging, and construction. As the chemical industry continues to grow, the demand for formalin is likely to increase as well.

Growing Use in the Automotive Industry

Formalin is widely used in the automotive segment to manufacture tires, brake linings, and a number of other parts. The increasing demand for cars, particularly in emerging markets, is expected to stimulate the demand for formalin in the coming years. In the production of tires, it is used as a vulcanizing agent which contributes to the better strength and durability of the tires. As a binder in brake linings, formalin improves their friction and wear resistance.As the driving force of the industry’s ongoing expansion, the demand for formalin in the automotive sector is expected to keep rising.

Formalin Market Segment Insights

Formalin Market Form Insights  

The formalin market is segmented by form into liquid and solid. The liquid segment had the highest market share in 2023 and is expected to have the same trend in the forecast period. This segment grew the fastest due to the rising demand for formalin in making resins, adhesives, and disinfectants, among other applications. The solid segment is expected to grow at a slow rate across the forecast period. The growth of this segment is attributed to the rising demand for formalin in making plastics and polymers. The solid segment is expected to be worth USD 3.5 billion by the year 2032, growing at a CAGR of 4.05%.The growth of the formalin market is propelled by several factors, such as the rising demand for formalin in the making of resins, adhesives, and disinfectants. The increased demand for this chemical in the automotive and construction industries is also boosting its market. The formalin market is very competitive because there are several major companies producing and selling the same in the market. Some of the firms include BASF SE, Celanese Corporation, and Formosa Plastics Corporation. These companies are investing heavily in research and development to invent new products.They are also expanding their production to meet the rising demand for formalin.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Formalin Market Grade Insights 

The Formalin Market can be segmented by Grade into Technical Grade, Pharmaceutical Grade, and Industrial Grade. The Technical Grade segment held the largest market share in 2023, accounting for over 55% of the Formalin Market revenue. This segment is expected to continue to dominate the market over the forecast period, driven by the increasing demand for Formalin in the production of resins, adhesives, and other industrial applications. The Pharmaceutical Grade segment is expected to witness significant growth over the forecast period, owing to the rising demand for Formalin in the manufacturing of pharmaceuticals and personal care products.The Industrial Grade segment is also expected to grow steadily over the forecast period, driven by the increasing use of Formalin in the production of textiles, leather, and paper.

Formalin Market Application Insights 

The application segment is crucial in understanding the Formalin Market's dynamics. In 2023, the Textile Industry held the largest market share due to the extensive use of Formalin in fabric processing and finishing. Formalin acts as a crosslinking agent, enhancing fabric strength, wrinkle resistance, and dimensional stability. The Plywood Manufacturing segment is another significant application, utilizing Formalin as an adhesive to bond wood veneers together, creating durable and moisture-resistant plywood. Chemical Manufacturing also holds a substantial share, using Formalin as an intermediate in the production of various chemicals, including resins, plastics, and pharmaceuticals.Preservatives are another key application, with Formalin serving as an effective antimicrobial agent in wood preservation and embalming fluids. Other Applications include its use in leather tanning, paper production, and as a disinfectant. The Formalin Market revenue is projected to reach 16.33 USD Billion by 2024, driven by the growing demand from these diverse application segments.

Formalin Market End-Use Industry Insights 

The formalin market is segmented into various end-use industries, including automotive, construction, packaging, healthcare, furniture, and other end-use industries. The automotive industry is a major consumer of formalin, as it is used in the production of automotive parts, such as tires, dashboards, and seats. The construction industry also uses formalin in the production of building materials, such as plywood, particleboard, and insulation. The packaging industry uses formalin in the production of paper and cardboard products, such as boxes, bags, and containers.The healthcare industry uses formalin in the production of medical devices, such as surgical instruments and catheters. The furniture industry uses formalin in the production of furniture, such as tables, chairs, and cabinets. Other end-use industries that use formalin include the textile industry, the chemical industry, and the agriculture industry.

Formalin Market Regional Insights 

The geographical segmentation of the Formalin Market showcases diverse market dynamics across key regions, including North America, Europe, Asia-Pacific (APAC), South America, and the Middle East Africa (MEA). North America currently dominates the market, capturing a significant market share due to the presence of well-established chemical industries and stringent regulations driving demand for Formalin in various applications. Europe follows closely, with a robust market driven by mature economies and advanced manufacturing sectors. APAC is expected to witness substantial growth in the coming years, owing to the rapidly expanding construction and automotive industries in countries like China and India.South America and MEA represent emerging markets with growing potential, driven by increasing infrastructure development and industrialization. The Formalin Market revenue is projected to reach USD 22.5 billion by 2024, exhibiting a steady market growth over the forecast period.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Formalin Market Key Players And Competitive Insights

Major players in the Formalin Market industry are constantly striving for Formalin Market development and innovation to gain a competitive edge. Leading Formalin Market players are investing heavily in research and development to introduce new and improved products that cater to the evolving needs of customers. The Formalin Market Competitive Landscape is characterized by intense competition, with major players vying for market share through strategic partnerships, acquisitions, and mergers. These companies are also focusing on expanding their presence through strategic partnerships and joint ventures.One of the leading companies in the Formalin Market is BASF, which has a strong presence and a diverse portfolio of products. BASF is known for its commitment to sustainability and innovation and has invested heavily in research and development to develop environmentally friendly and cost-effective Formalin solutions. BASF's extensive distribution network and strong customer relationships have enabled it to maintain a leading position in the Formalin Market.A key competitor in the Formalin Market is Celanese Corporation, which is renowned for its high-quality products and customer-centric approach. Celanese Corporation has a strong focus on innovation and has developed a range of specialty Formalin products that cater to specific industry requirements. The company's commitment to sustainability and operational excellence has earned it a strong reputation in the Formalin Market. Celanese Corporation's presence and strong distribution network have enabled it to compete effectively with other major players in the Formalin Market.

Key Companies in the Formalin Market Include

• BASF


• Saudi Basic Industries Corporation (SABIC)


• Celanese Corporation


• OCI N.V.


• Mitsubishi Chemical Corporation


• TotalEnergies S.E.


• Reliance Industries Limited


• Sinopec Corporation


• Eastman Chemical Company


• LyondellBasell Industries Holdings B.V.


• SABIC


• Formosa Plastics Corporation


• Wanhua Chemical Group Co., Ltd.


• Huntsman International LLC


• Dow Inc.

Formalin Market Industry Developments

The Formalin market is projected to reach USD 21.25 billion by 2032, exhibiting a CAGR of 4.19% during the forecast period (2024-2032). This growth can be attributed to the increasing demand for formalin in various industries, including the production of resins, adhesives, and disinfectants. The construction industry is a major consumer of formalin, as it is used in the production of plywood, particleboard, and other wood-based panels. The growing construction activities in emerging economies are expected to drive the demand for formalin in the coming years. Additionally, the increasing demand for formalin in the healthcare industry for the production of disinfectants and sterilizing agents is expected to contribute to market growth. Key recent developments in the Formalin market include the launch of new products by major manufacturers and the expansion of production capacities in emerging economies.

Formalin Market Segmentation Insights 

Formalin Market Form Outlook

• Liquid


• Solid

Formalin Market Grade Outlook

• Technical Grade


• Pharmaceutical Grade


• Industrial Grade

Formalin Market Application Outlook

• Textile Industry


• Plywood Manufacturing


• Chemical Manufacturing


• Preservatives


• Other Applications

Formalin Market End-Use Industry Outlook

• Automotive


• Construction


• Packaging


• Healthcare


• Furniture


• Other End-Use Industries

Formalin Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa