The North America Formalin Market would witness market growth of 5.3% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 4,331.1 Kilo Tonnes, showcasing a growth of 4.1% (2019-2022).
Formalin has emerged as a pivotal chemical compound with diverse applications across several industries. Its significance lies in its preservative properties and role as a crucial intermediate in synthesizing various chemicals. The market has witnessed substantial growth in recent years, driven by its adoption in the healthcare and manufacturing sectors. Its ubiquity in the healthcare sector is perhaps its most recognized application. As a potent disinfectant and preservative, it is pivotal in preserving biological specimens for pathological studies. Histopathology laboratories extensively use formalin to fix tissues, allowing for detailed examination under microscopes. This not only aids in diagnostics but also contributes to advancements in medical research.
Moreover, it is a key component in embalming processes, preserving cadavers for anatomical studies and medical education. Formalin in these applications underscores its indispensable role in healthcare, where precision and preservation are paramount. Its fixation is a widely employed method for preserving human and animal tissues, ensuring that anatomical structures maintain their integrity over an extended period. This precision is paramount in anatomical studies where the accurate examination of organs, tissues, and structures is fundamental for medical professionals, surgeons, and researchers.
North America has numerous research institutions, universities, and biotechnology companies. As the healthcare sector expands, so does the demand for formalin in preserving specimens for biomedical research. In accordance with the Centers for Medicare & Medicaid Services of the Government of the United States, spending on healthcare in the United States increased by 2.7 percent in 2021 to $4.3 trillion, or $12,914 per person. Spending on healthcare accounted for 18.3 percent of the country's GDP. Likewise, as per the data from Research America, United States (U.S.) medical and health research and development (R&D) investment reached $245.1 billion in 2020, an 11.1% increase from 2019. Therefore, growing healthcare investments and healthcare R&D spending in North America will boost the demand for formalin in the region.
The US market dominated the North America Formalin Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,718 million by 2030. Canada market is experiencing a CAGR of 7.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.2% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The 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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