Formaldehyde-Free Resin Market to receive overwhelming hike US$ 16.25 billion in Revenues by 2032

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