The global formaldehyde-free resin market is projected to have a moderate-paced CAGR of 6.9% during the forecast period. The current valuation of the market is US$ 8,346.7 million in 2022. The market value of the global formaldehyde-free resin market is anticipated to reach a high of US$ 16,257 million by the year 2032.
This growth is supported by:
Despite having a healthy advancement in the global marketplace, it is estimated that certain elements are likely to inhibit growth in the long run. The strict government restrictions and laws, coupled with the volatile prices of raw materials, are likely to exert a negative impact, thereby impeding the propulsion through 2032.
| Data Points | Key Statistics |
|---|---|
| Formaldehyde-Free Resin Market Size (2022) | US$ 8,346.7 Million |
| Formaldehyde-Free Resin Market Revenue Forecast (2032) | US$ 16,257 Million |
| Formaldehyde-Free Resin Market Growth Rate (2022 to 2032) | 6.9% CAGR |
| North America Market Share | 26.5% |
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The Asia Pacific is identified to be the dominant region in the global formaldehyde-free resin market, owing to budding urbanization and modern infrastructural developments, recording a CAGR of 6.9% from 2022-2032.
Besides the dominance of APAC, North America is observed to have a noteworthy growth, accounting for the demand for formaldehyde-free resins in various industries like plywood, paper, coatings, textiles, and more. The packaging industry of this region generates a significant demand and is likely to boost tremendous growth in the years ahead. Currently, the region accounts for a market share of 26.5% in 2022.
The market in Europe is also witnessed to go uphill, accounting for a market share of 22.3% in 2022. The phenomenal progress of this region is due to the deployment of formaldehyde-free resins in construction, automotive, and other industries. The manufacturers in this region are increasingly using this product owing to its efficiency, durability, low cost, and high standards.
The key players proliferating in the market are continually indulging in organic growth strategies like mergers & acquisitions, partnerships, collaborations, and product launches to strengthen their foothold in the global formaldehyde-free resin market.
For instance, Avalon Industries recently collaborated with the Institute for Materials and Wood Technology at Bern University of Applied Sciences to replace formaldehyde with non-toxic and bio-based 5-Hydroxymethylfurfural (5-HMF) in phenol-formaldehyde (PF) resins.
Some of the prominent players are investing in research and development activities, as well as focusing on the establishment of petrochemical manufacturing plants for ample production of formaldehyde-free resins. Recently, BASF SE invested in a similar establishment as a part of a coordinated partnership with Adani Group, India’s leading private thermal power plant. The venture was intended to increase the company’s footprint in the global forum.
Therefore, with all the advances being made, it is anticipated that the formaldehyde-free resin market is most likely to witness significant growth through the forecast period.
The adhesive that employs different urea-formaldehyde glass mat adhesives and phenol-formaldehyde insulation is formaldehyde-free resins. They are destined for mineral fiber and fiberglass applications in manufacturing applications, as well as non-woven residence insulation.
The global formaldehyde-free resin market is forecast to grow at a rapid speed, owing to the broadening adhesive industry across the globe. The market is especially likely to flourish across North America, holding a significant revenue portion, owing to the region's robust marketing and demand for furniture.
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The burgeoning furniture, construction, and adhesive industries are cruising the expansion of the formaldehyde-free resin market. The accelerated rate of urbanization, rising disposable income, and regulations governing the utilization of adhesive for furniture are the macroeconomic factors contributing to the expansion of the global formaldehyde-free resin sector.
The benefits of formaldehyde-free resin include being convenient to use and store, reducing hazardous formaldehyde emissions, and requiring no capital investment for retrofitting, all of which are inflaming the global formaldehyde-free resin market.
Because of the greater relevance for formaldehyde-free resin and growing preference for adhesive in the regions, vendors of formaldehyde-free resin have a vastly higher opportunity in regions such as North America, Europe, and Asia-Pacific.
The formaldehyde-free resin market has a big potential in Latin America, the Middle East, and Africa, as these are global markets with soaring consumer disposable income.
Over the forthcoming years, the high price of formaldehyde-free resin is expected to be one of the restraining factors preventing the expansion of the formaldehyde-free resin industry.
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In terms of volume, Asia Pacific dominates the formaldehyde-free resin market. This is mainly attributable to the region's emerging markets' rapid urbanization and technological infrastructure requirements.
The Asia-Pacific region, accounts for a large volume share of the global formaldehyde-free resin market, due largely to the region's significant growth in the furniture industry as a result of the rising population.
Because of the region's elevated share of the global furniture market, North America holds a significant portion of the global formaldehyde-free resin market. North America is accounting for a market share of 26.5% of the global formaldehyde-free resin market.
Stringent laws regulating the usage of formaldehyde resins have obligated makers and end consumers in the North American resin industry to opt for formaldehyde-free alternative solutions.
In June 2004, the World Health Organization's International Agency for Research on Cancer classified formaldehyde as a group l chemical, indicating that it is carcinogenic to humans. As a result, the Occupational Safety and Health Administration (OSHA) in the United States regulated acceptable exposure levels.
Europe is accounting for a market share of 22.3% of the global formaldehyde-free resin market. Due to the substantial advancement of the adhesive product industry during the forecast period, Eastern Europe is responsible for a considerable value share in the global formaldehyde-free resin market.
Wages compensated for 36% of the EU's household disposable income in 2020, and surging disposable income, as well as regulations governing the utilization of adhesive for furniture, are driving growth in the global formaldehyde-free resin market in Europe.
One of the key techniques employed by market players to keep their leadership in Europe will be research and development related to lowering the cost of formaldehyde-free resin in the near future. This will compel market growth in this region.
In recent years, there has been renewed interest in the development of soy-based wood adhesives. Several new methods for improving the strength and water resistance of wood composite panels bonded with soy-based adhesives have been investigated. As a result, wood adhesives will be in high demand.
Formaldehyde-Free Resin is a human toxin that has long been used in residential insulation. For the next seven decades, Formaldehyde-Free Resin was the industry standard binder. The residential insulation market is expected to expand rapidly.
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base.
For instance,
Some of the leading formaldehyde-free resin manufacturers include DSM Inc., Georgia-Pacific Chemicals LLC, The Dow Chemical Company, Fraunhofer-Gesellschaft, EGGER GROUP, and NineSigma, Inc.
These key formaldehyde-free resin providers are adopting various strategies such as new product launches and approvals, partnerships, collaborations, acquisitions, mergers, etc. to increase their sales and gain a competitive edge in the global formaldehyde-free resin market.
For instance,
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.9% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Market Value in 2022 | US$ 8,346.7 Million |
| Market Value in 2032 | US$ 16,257 Million |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in US$ Million, and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
FMI forecasts the formaldehyde-free resin market to reach US$ 8,346.7 Million by 2022
By 2032, a valuation of US$ 16,257 Million is projected for the formaldehyde-free resin industry
From 2022-2032, the formaldehyde-free resin landscape is forecast to surge at a CAGR of 6.9%
North America is expected to be the largest formaldehyde-free resin market, expected to contribute 26.5% of total revenue in 2022
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Formaldehyde-Free Resin Market Analysis 2016-2021 and Forecast, 2022-2032 4.1. Historical Market Size Value (US$ Mn) & Volume (Kg) Analysis, 2016-2021 4.2. Current and Future Market Size Value (US$ Mn) & Volume (Kg) Projections, 2022-2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Formaldehyde-Free Resin Market Analysis 2016-2021 and Forecast 2022-2032, By Product Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Mn) & Volume (Kg) Analysis By Product Type, 2016-2021 5.3. Current and Future Market Size Value (US$ Mn) & Volume (Kg) Analysis and Forecast By Product Type, 2022-2032 5.3.1. Wood Adhesive 5.3.2. Foil Bonding Adhesive 5.3.3. Fiberglass Adhesive 5.3.4. Mineral Fiber Adhesive 5.4. Y-o-Y Growth Trend Analysis By Product Type, 2016-2021 5.5. Absolute $ Opportunity Analysis By Product Type, 2022-2032 6. Global Formaldehyde-Free Resin Market Analysis 2016-2021 and Forecast 2022-2032, By End-Use 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Mn) & Volume (Kg) Analysis By End-Use, 2016-2021 6.3. Current and Future Market Size Value (US$ Mn) & Volume (Kg) Analysis and Forecast By End-Use, 2022-2032 6.3.1. Residential Insulation 6.3.2. Commercial and Industrial Insulation 6.4. Y-o-Y Growth Trend Analysis By End-Use, 2016-2021 6.5. Absolute $ Opportunity Analysis By End-Use, 2022-2032 7. Global Formaldehyde-Free Resin Market Analysis 2016-2021 and Forecast 2022-2032, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Mn) & Volume (Kg) Analysis By Region, 2016-2021 7.3. Current Market Size Value (US$ Mn) & Volume (Kg) Analysis and Forecast By Region, 2022-2032 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. Asia Pacific 7.3.5. MEA 7.4. Market Attractiveness Analysis By Region 8. North America Formaldehyde-Free Resin Market Analysis 2016-2021 and Forecast 2022-2032, By Country 8.1. Historical Market Size Value (US$ Mn) & Volume (Kg) Trend Analysis By Market Taxonomy, 2016-2021 8.2. Market Size Value (US$ Mn) & Volume (Kg) Forecast By Market Taxonomy, 2022-2032 8.2.1. By Country 8.2.1.1. U.S. 8.2.1.2. Canada 8.2.2. By Product Type 8.2.3. By End-Use 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Product Type 8.3.3. By End-Use 8.4. Key Takeaways 9. Latin America Formaldehyde-Free Resin Market Analysis 2016-2021 and Forecast 2022-2032, By Country 9.1. Historical Market Size Value (US$ Mn) & Volume (Kg) Trend Analysis By Market Taxonomy, 2016-2021 9.2. Market Size Value (US$ Mn) & Volume (Kg) Forecast By Market Taxonomy, 2022-2032 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Product Type 9.2.3. By End-Use 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Product Type 9.3.3. By End-Use 9.4. Key Takeaways 10. Europe Formaldehyde-Free Resin Market Analysis 2016-2021 and Forecast 2022-2032, By Country 10.1. Historical Market Size Value (US$ Mn) & Volume (Kg) Trend Analysis By Market Taxonomy, 2016-2021 10.2. Market Size Value (US$ Mn) & Volume (Kg) Forecast By Market Taxonomy, 2022-2032 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. U.K. 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Europe 10.2.2. By Product Type 10.2.3. By End-Use 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Product Type 10.3.3. By End-Use 10.4. Key Takeaways 11. Asia Pacific Formaldehyde-Free Resin Market Analysis 2016-2021 and Forecast 2022-2032, By Country 11.1. Historical Market Size Value (US$ Mn) & Volume (Kg) Trend Analysis By Market Taxonomy, 2016-2021 11.2. Market Size Value (US$ Mn) & Volume (Kg) Forecast By Market Taxonomy, 2022-2032 11.2.1. By Country 11.2.1.1. China 11.2.1.2. Japan 11.2.1.3. South Korea 11.2.1.4. Malaysia 11.2.1.5. Singapore 11.2.1.6. Australia 11.2.1.7. New Zealand 11.2.1.8. Rest of APAC 11.2.2. By Product Type 11.2.3. By End-Use 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Product Type 11.3.3. By End-Use 11.4. Key Takeaways 12. MEA Formaldehyde-Free Resin Market Analysis 2016-2021 and Forecast 2022-2032, By Country 12.1. Historical Market Size Value (US$ Mn) & Volume (Kg) Trend Analysis By Market Taxonomy, 2016-2021 12.2. Market Size Value (US$ Mn) & Volume (Kg) Forecast By Market Taxonomy, 2022-2032 12.2.1. By Country 12.2.1.1. GCC Countries 12.2.1.2. South Africa 12.2.1.3. Israel 12.2.1.4. Rest of MEA 12.2.2. By Product Type 12.2.3. By End-Use 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Product Type 12.3.3. By End-Use 12.4. Key Takeaways 13. Key Countries Formaldehyde-Free Resin Market Analysis 13.1. U.S. 13.1.1. Pricing Analysis 13.1.2. Market Share Analysis, 2021 13.1.2.1. By Product Type 13.1.2.2. By End-Use 13.2. Canada 13.2.1. Pricing Analysis 13.2.2. Market Share Analysis, 2021 13.2.2.1. By Product Type 13.2.2.2. By End-Use 13.3. Brazil 13.3.1. Pricing Analysis 13.3.2. Market Share Analysis, 2021 13.3.2.1. By Product Type 13.3.2.2. By End-Use 13.4. Mexico 13.4.1. Pricing Analysis 13.4.2. Market Share Analysis, 2021 13.4.2.1. By Product Type 13.4.2.2. By End-Use 13.5. Germany 13.5.1. Pricing Analysis 13.5.2. Market Share Analysis, 2021 13.5.2.1. By Product Type 13.5.2.2. By End-Use 13.6. U.K. 13.6.1. Pricing Analysis 13.6.2. Market Share Analysis, 2021 13.6.2.1. By Product Type 13.6.2.2. By End-Use 13.7. France 13.7.1. Pricing Analysis 13.7.2. Market Share Analysis, 2021 13.7.2.1. By Product Type 13.7.2.2. By End-Use 13.8. Spain 13.8.1. Pricing Analysis 13.8.2. Market Share Analysis, 2021 13.8.2.1. By Product Type 13.8.2.2. By End-Use 13.9. Italy 13.9.1. Pricing Analysis 13.9.2. Market Share Analysis, 2021 13.9.2.1. By Product Type 13.9.2.2. By End-Use 13.10. China 13.10.1. Pricing Analysis 13.10.2. Market Share Analysis, 2021 13.10.2.1. By Product Type 13.10.2.2. By End-Use 13.11. Japan 13.11.1. Pricing Analysis 13.11.2. Market Share Analysis, 2021 13.11.2.1. By Product Type 13.11.2.2. By End-Use 13.12. South Korea 13.12.1. Pricing Analysis 13.12.2. Market Share Analysis, 2021 13.12.2.1. By Product Type 13.12.2.2. By End-Use 13.13. Malaysia 13.13.1. Pricing Analysis 13.13.2. Market Share Analysis, 2021 13.13.2.1. By Product Type 13.13.2.2. By End-Use 13.14. Singapore 13.14.1. Pricing Analysis 13.14.2. Market Share Analysis, 2021 13.14.2.1. By Product Type 13.14.2.2. By End-Use 13.15. Australia 13.15.1. Pricing Analysis 13.15.2. Market Share Analysis, 2021 13.15.2.1. By Product Type 13.15.2.2. By End-Use 13.16. New Zealand 13.16.1. Pricing Analysis 13.16.2. Market Share Analysis, 2021 13.16.2.1. By Product Type 13.16.2.2. By End-Use 13.17. GCC Countries 13.17.1. Pricing Analysis 13.17.2. Market Share Analysis, 2021 13.17.2.1. By Product Type 13.17.2.2. By End-Use 13.18. South Africa 13.18.1. Pricing Analysis 13.18.2. Market Share Analysis, 2021 13.18.2.1. By Product Type 13.18.2.2. By End-Use 13.19. Israel 13.19.1. Pricing Analysis 13.19.2. Market Share Analysis, 2021 13.19.2.1. By Product Type 13.19.2.2. By End-Use 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By Product Type 14.3.3. By End-Use 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. DSM Inc. 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segments 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.1.5.2. Product Strategy 15.1.1.5.3. Channel Strategy 15.1.2. Georgia-Pacific Chemicals LLC 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segments 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.2.5.2. Product Strategy 15.1.2.5.3. Channel Strategy 15.1.3. The Dow Chemical Company 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segments 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.3.5.2. Product Strategy 15.1.3.5.3. Channel Strategy 15.1.4. Fraunhofer-Gesellschaft 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segments 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.4.5.2. Product Strategy 15.1.4.5.3. Channel Strategy 15.1.5. EGGER GROUP 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segments 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.5.5.2. Product Strategy 15.1.5.5.3. Channel Strategy 15.1.6. NineSigma, Inc. 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segments 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.6.5.2. Product Strategy 15.1.6.5.3. Channel Strategy 15.1.7. BASF SE 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segments 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.7.5.2. Product Strategy 15.1.7.5.3. Channel Strategy 15.1.8. Allnex group 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segments 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.8.5.2. Product Strategy 15.1.8.5.3. Channel Strategy 15.1.9. LANXESS 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segments 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.9.5.2. Product Strategy 15.1.9.5.3. Channel Strategy 15.1.10. Hexion 15.1.10.1. Overview 15.1.10.2. Product Portfolio 15.1.10.3. Profitability by Market Segments 15.1.10.4. Sales Footprint 15.1.10.5. Strategy Overview 15.1.10.5.1. Marketing Strategy 15.1.10.5.2. Product Strategy 15.1.10.5.3. Channel Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
Chemicals & Materials
October 2022
REP-GB-154
250 pages
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Formaldehyde-Free Resin Market
