Formalin is a solution of formaldehyde in water, which generally contains 40% formaldehyde by volume or 37% formaldehyde by mass. In Formalin, a small amount of methanol, which acts a stabilizer, is added to suppress polymerization and oxidation. Generally, formalin contains 10% – 12% methanol depending on the grade.
Formalin is an explosive, flammable, toxic and colorless liquid. Formalin vapor combines with air to form an explosive compound. Therefore, high safety and attention is essential while working with Formalin. Formalin is transported in stainless steel and aluminium rail tanks, barrels, tank cars and polyethylene barrels or cans. It acts as a disinfectant and is used as a hardener in nail paints to strengthen and harden natural nails. It also acts a fixative (preservative), which prevents the autolytic decomposition of human tissue that has been removed by surgery. Formalin is used as a preservative for tissue worldwide. It is used in a number of industries, such as paper, paint, textile, construction and plastic. Formalin containing 15% methanol is applied on fish to inhibit the formation of paraformaldehyde. In India, the use of formalin in any kind of food products, expect milk product samples used for analytical purposes, is prohibited.
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Formalin Market: Dynamics
The growing trend of antique furniture and wood based floors, walls, etc. is increasing the consumption of plywood, wood panel board products and particleboard. This, in turn, is leading to an increase in the consumption of adhesives and is thereby impacting the formalin market positively.
The growing demand for food is spurring growth of the agricultural industry, which in turn is expected to drive formalin production. The increasing interest of people towards maintenance of houses and buildings is surging the consumption and application of paints & coatings, varnishes, enamels, etc. This is expected to lead formalin consumption and propel growth of the formalin market during the forecast period.
The use of formalin in food products for preservation is expected to pose a restraint in the growth of the formalin market. For instance, the Bangladesh Government has passed a bill for the hoarding, production and import of formalin without license. Formalin can be disposed through a proper chemical waste disposal system whereas Formalternate can be disposed normally.
Formalin Market: Segmentation
The formalin market can be segmented on the basis of the end use application:
- Antiseptic perfume
- Automotive exteriors and Interiors
- Rubber Chemicals
- Others (Milk products, Varnishes and enamels etc.)
The formalin market can be segmented on the basis on the percentage of formaldehyde in formalin:
- 20 %-40 %
- 40 % – 60 %
Formalin Market: Regional Outlook
Asia Pacific, especially emerging economies, such as India and China, are expected to witness growth in the formalin market. This can be attributed to the growing population in these countries. The increase in population is necessitating increased food production and, in turn, putting pressure on farmers, who are consuming higher amounts of fertilizers and thus, fueling the market. North America and Europe are expected to witness significant growth in the formalin market due to the presence of numerous drug and dye industries in the region, which are expected to accelerate the consumption of formalin during the forecast period.
The formalin markets in Middle East and Latin America are expected to witness growth during the forecast period due to anticipated growth in the Latin America agricultural industry and the increasing number of construction projects in the Middle East and Africa region is also reflecting positive growth in the use of wood products, which in turn is surging the consumption of formalin.
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Formalin Market: Market Participants
Examples of some of the market participants in the formalin market are:
- Balaji Formalin
- Georgia-Pacific Chemicals
- Sumitomo Chemicals
- Editas Medicine
- Fish Vet Forward
- Thermo Scientific
- Mirus Bio LLC
- Merck KGaA
- MarketLab, Inc.,
- Shiny Chemical Industrial Co.,
- Kronochem Sebes SR