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. 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.
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.
Basically, global formaldehyde-free resin market is segmented on the basis of product type, end-use, and region. On the basis of product type global formaldehyde-free resin market is segmented as wood adhesive, foil bonding adhesive, fiberglass adhesive, and mineral fiber adhesive. Among the product type segment, chemicals contribute for the significant revenue share over the forecast period in global formaldehyde-free resin market, owing to increasing demand for formaldehyde-free resin in various segments of the chemical industry.
On the basis of end-use, the global formaldehyde-free resin market is segmented as residential insulation and commercial and industrial (C&I) insulation, wherein commercial and industrial (C&I) insulation segment is growing at a significant growth rate.Based on product type: Wood Adhesive, Foil Bonding Adhesive, Fiberglass Adhesive, Mineral Fiber Adhesive; Based on end-use: Residential Insulation, Commercial and Industrial (C&I) Insulation
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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