Formaldehyde-Free Resin Market Innovations, Technology Growth and Research by 2022-2032
The forecast period is expected to see a moderately paced CAGR of 6.9% for the global formaldehydefree 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 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 (CI) Insulation
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.
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