The Asia Pacific Formalin Market would witness market growth of 5.7% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 7,090.8 kilo Tonnes, showcasing a growth of 4.5% (2019-2022).
Pathology laboratories are pivotal consumers of formalin, utilizing it to preserve tissue specimens for diagnostic purposes. Its fixation is an essential step in preparing tissue samples for pathological examination. It ensures that tissues maintain structural integrity, allowing pathologists to analyze and diagnose diseases accurately. The efficiency and reliability of formalin fixation make it indispensable in pathology laboratories, where a continuous flow of specimens necessitates a reliable preservation method.
Hospitals, encompassing a wide range of medical services, heavily rely on formalin for diagnostic and research purposes. Formalin-preserved specimens play a crucial role in histopathology, aiding in the diagnosis of diseases, monitoring treatment outcomes, and contributing to medical research. The increasing demand for diagnostic services, coupled with advancements in medical technology, has led to a higher throughput in hospitals, subsequently amplifying the consumption of formalin.
As per the data from the State Council of China in 2022, China will maintain its status as the leading producer goods as the proportion of manufacturing output attributable to the nation's activities rises from 22.5 percent in 2012 to nearly 30 percent in 2021. Specifically, between 2012 and 2021, the nation's manufacturing output increased from 16.98 trillion yuan to 31.4 trillion yuan ($4.65 trillion). Thus, the rising pharmaceutical sector in the Asia Pacific will help increase research and development initiatives, which will also help in the growing demand for formalin in the region. Likewise, an increase in industrial manufacturing in the region will also contribute to increased demand for formalin.
The China market dominated the Asia Pacific Formalin Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,173.7 million by 2030. The Japan market is exhibiting a CAGR of 5% during (2023 - 2030). Additionally, The India market would experience a CAGR of 6.3% during (2023 - 2030).
Based on Application, the market is segmented into Fertilizer, Automotive, Dyes, Drugs, Antiseptic Perfume, Rubber Chemicals and Others. Based on Percentage, the market is segmented into 1.0%-20.0%, 20.0%-40.0%, and 40.0% - 60.0%. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Formalin Market is Predict to reach $11.5 Billion by 2030, at a CAGR of 5.5%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include BASF SE, 3M Company, Bayer AG, Celanese Corporation, DuPont de Nemours, Inc., Georgia-Pacific LLC (Koch Industries, Inc), Huntsman Corporation, Merck KGaA, Sumitomo Chemical Co., Ltd., and Thermo Fisher Scientific, Inc.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Percentage
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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