The forecast period is expected to see a moderately paced CAGR of 6.9% for the global formaldehyde-free resin market. In 2022, the market is expected to be worth US$8,346.7 million. By the year 2032, it is predicted that the market for formaldehyde-free resin will reach a high of US$ 16,257 million.
The global formaldehyde-free resin is expected to have substantially high growth rate, attributed to growing adhesive industry across the globe. North America accounts for significantly high revenue share in the global formaldehyde-free resin market, attributed to robust marketing and demand for furniture in the region.
Formaldehyde-free resins are the adhesive which replaces traditional urea-formaldehyde glass mat resins and phenol-formaldehyde insulation. They are designed for mineral fiber and fiberglass applications in commercial & industrial and non-woven residential insulation.
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Global Formaldehyde-Free Resin Market Dynamics
The growth of global formaldehyde-free resin market is driven by growing furniture, construction, and adhesive industry. The macroeconomic factor responsible for the growth of global formaldehyde-free resin market is the rapid rate of urbanization, rising disposable income, and regulations over the use of adhesive for furniture.
The advantages of formaldehyde-free resin including be easy-to-use, easy-to-store, reduce emissions of hazardous formaldehyde, and requiring no capital investment for retrofitting also fueling the global formaldehyde-free resin market.
The company providing the formaldehyde-free resin have significantly high opportunity in regions such as North America, Europe, and Asia-Pacific, owing to the significant demand for formaldehyde-free resin with rising demand for the adhesive in the regions.
The formaldehyde-free resin market also has a significant opportunity in Latin America and the Middle East and Africa region as these are the emerging market, attributed to rising disposable income of consumers in these regions.
Global Formaldehyde-Free Resin Market Regional Outlook
Based on the geographies, the global formaldehyde-free resin market is fragmented into seven key regions — North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific except Japan, Japan, and the Middle East & Africa. Among the regions, North America accounts for a significant share of global formaldehyde-free resin market, owing to relatively high-value share of the region in the global furniture market.
Western Europe is followed by North America region in the global formaldehyde-free resin market. The Asia-Pacific except Japan region accounts for significantly high volume share in the global formaldehyde-free resin market, owing to the substantial growth in the furniture industry in the region as a result of growing population.
Eastern Europe and Japan also accounts for significant value share in the global formaldehyde-free resin market, owing to the significant growth of the adhesive product industry over the forecast period.
The developing economy such as Middle East Africa and Latin America have a moderate opportunity in the global formaldehyde-free resin market, owing to the rapid rate of urbanization.
Overall, the outlook for the global formaldehyde-free resin market will have a positive growth over the forecast period, owing to the increasing demand for the non-hazardous adhesive in end-use industries as an anti-counterfeiting measure.
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Global Formaldehyde-Free Resin Market Player
Few players in the global formaldehyde-free resin market include DSM Inc., Georgia-Pacific Chemicals LLC, The Dow Chemical Company, Fraunhofer-Gesellschaft, EGGER GROUP, and NineSigma, Inc.
Global Formaldehyde-Free Resin Market Segmentation
Basically, global formaldehyde-free resin market is segmented on the basis of product type, end-use, and region.
Based on product type, the global formaldehyde-free resin market is segmented into:
- Wood Adhesive
- Foil Bonding Adhesive
- Fiberglass Adhesive
- Mineral Fiber Adhesive
Based on end-use, the global formaldehyde-free resin market is segmented into:
- Residential Insulation
- Commercial and Industrial (C&I) Insulation