The global formaldehyde-free resin market was worth US$ 8.35 Billion in the year 2022 and is expected to reach US$ 16.26 Billion by the year 2032 at a CAGR of 6.9% between 2022 and 2032.
Formaldehyde-free resin is looked upon as a good replacement for traditional urea-formaldehyde and phenol-formaldehyde resins used for insulations in adhesive, furniture, and building & construction verticals. They find their place in the textile industry as well as they facilitate the retention of colors of jeans.
The characteristics of the formaldehyde-free resin include robust resistance to moisture with good adhesion properties. As such, formaldehyde-free resins are used to bind fiberglass filaments in fabricating industrial nonwoven inclusive of fiberglass webs used in the insulation of roofing, HVAC filters, and floorings.
Wood adhesives are used on an extensive note in the furniture vertical and offer advantages like appropriate adhesion to wood, the enhanced balance between flexibility and rigidity, and resistance to fatigue and water. There are fiberglass substrates used in automotive, infrastructure, and chemicals vertical; which are bound with adhesives providing resistance against corrosion with electrical insulation.
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Advantages of resin finishing in textile vertical include enhanced dimensional stability and shape retention, smoother and softer fabric surface, simpler to iron, enhanced wet fastness of prints and dyeing, better appearance, and greater wash resistance of the mechanically produced luster (of fiber blends and the stiffening embossed finished, oil-repellents, and water-repellents).
At the same time, the fact that the initial processing cost of formaldehyde-free resin is higher can’t be ignored. Plus, consuming carcinogenic formaldehyde could prove to be detrimental to human health. These factors could act as restraints to the formaldehyde-free resin market in the forecast period.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Formaldehyde-free Resin Market’. The team of analysts and consultants is there to execute through its 360-degree view across macros and micros.
“With formaldehyde-free resin being excessively used for insulation at residential, commercial, and industrial level, the global formaldehyde-free resin market is likely to grow well in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Formaldehyde-free Resin Market
- North America holds a significant market share due to the rising utilization of formaldehyde-free resins in several verticals like paper, plywood, textiles, coatings, and likewise.
- Europe is expected to witness a substantiation in the formaldehyde-free resin market going forward due to the deployment of these resins in automotive, construction, and other verticals.
- The Asia-Pacific is expected to grow at a rapid pace in the formaldehyde-free resin market due to the modernization of infrastructure and rising urbanization.
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Key Companies Profiled
- DSM Inc.
- Georgia Pacific Chemicals LLC
- The Dow Chemical Company
- Fraunhofer-Gesellschaft
- EGGER Group
- NineSigma Inc.
- BASF SE
- Allnex Group
- Lanxess AG
- Hexion
Competitive Analysis
- Bitrez Ltd. comes across as a manufacturer of chemicals and polymers. It, recently, did announce a partnership with Georgia-specific Chemicals to distribute the Curaphen brand; which is inclusive of formaldehyde-free phenolic polymer resins and low phenol in the US, Canada, and Mexico.
- Allnex did introduce CYMEL NF-3041 resin of late. It’s a partially n-butylated, formaldehyde-free crosslinking agent delivered in n-butanol.
- Ingevity, in November 2019, did come up with AltaPrint – a phenol- and formaldehyde-free modified resin to cater to the commercial packaging and printing market.
- The Dow Chemical Company, in September 2019, tabled MAINCOTETM AEH-10 Acrylic Epoxy Hybrid. It’s a formaldehyde-free resin designed for creating two-component, high-performance coatings useful in commercial, residential, and industrial coatings.
Key Segments Covered in the Formaldehyde-free Resin Market Report
Formaldehyde-free Resin Market by Product Type:
- Wood Adhesive Formaldehyde-free Resin
- Foil Bandaging Adhesive Formaldehyde-free Resin
- Fiberglass Adhesive Formaldehyde-free Resin
- Mineral Fiber Adhesive Formaldehyde-free Resin
Formaldehyde-free Resin Market by End Use:
- Formaldehyde-free Resin for Residential Insulation
- Formaldehyde-free Resin for Commercial Insulation
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What does the Report say?
- The research study is based on application (isocyanates and oxygenates, EDC/PVC, inorganic chemicals, chloromethanes, solvents and electrolysis, pharmaceuticals, and electronics), and by end-use (paper and pulp, water treatment, chemicals, plastics, pesticide, and durable pipes).
- With formaldehyde-free resin being deployed at a larger scale in developing long-lasting structures and high-rise skyscrapers (in the form of a concrete plasticizer), the global formaldehyde-free resin market is slated to witness grandeur in the upcoming period.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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