India Formaldehyde Market to Grow with a CAGR of 3.08% through 2029
Surge in research and development activities is
expected to drive the India Formaldehyde Market growth in the forecast period,
2025-2029.
According to TechSci Research report, “India Formaldehyde
Market- By Region, Competition, Forecast and Opportunities,
2019-2029”, the India Formaldehyde Market stood at 298.56 thousand tonnes in 2023 and
is anticipated to grow with a CAGR of 3.08% in the forecast period, 2024-2029. Initiatives
taken by government based on Formaldehyde has led to favorable market
conditions for the India Formaldehyde Market. Several factors contribute to the
growth of various Formaldehyde products. One of the significant initiatives undertaken by the
government is the introduction of formaldehyde emission standards for composite
wood products. These standards have been implemented to effectively limit the
amount of formaldehyde released into the environment, as it is known to have
adverse health effects. By enforcing these standards, the government aims to
protect both the environment and public health. The Ministry of Chemicals & Fertilizers has been
actively working towards eliminating or reducing the harmful effects of
chemicals, including formaldehyde. In addition to promoting safer alternatives
to formaldehyde-based products, the ministry has also implemented stricter
regulations to ensure compliance with safety standards. To further strengthen
these efforts, regular inspections are conducted to monitor and enforce compliance
across the board. These comprehensive measures reflect the government's
commitment to safeguarding the well-being of the population and the
environment.
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Research and development (R&D) activities have
become an integral and indispensable part of the formaldehyde market. This is
primarily because R&D has the potential to introduce innovative
applications and safer alternatives for formaldehyde, addressing the growing
concerns surrounding its usage. For instance, researchers are actively
exploring formaldehyde-free microencapsulation techniques, which have the
capacity to revolutionize the industry by offering more environmentally
friendly options. These advancements and innovations in R&D not only
have the potential to expand the market reach of formaldehyde and its
derivatives but also contribute to improving the production efficiency and
reducing the environmental footprint of the formaldehyde manufacturing
processes. Efforts are being made to minimize formaldehyde emissions and
develop methods to effectively recycle the waste generated during production,
further enhancing sustainability and reducing the overall impact on the environment. By investing in R&D, the formaldehyde industry is
striving to continuously evolve and adapt to the changing demands and
expectations of the market while addressing environmental and health concerns.
This commitment to research and innovation ensures that the formaldehyde market
remains at the forefront of technological advancements and sustainable
practices. The India Formaldehyde Market is segmented into derivative,
end user, regional distribution, and company. Based on its end user, the agriculture segment held
the largest market share in the forecast period. Urea-formaldehyde, a widely
utilized slow-release fertilizer in the agriculture industry, plays a crucial
role in delivering nitrogen to crops for their optimal growth. With its
efficient method of releasing nitrogen gradually over time, this type of
fertilizer ensures sustained nutrition and minimizes the risk of nitrogen loss
to the environment. These benefits make it an appealing choice for farmers
seeking to enhance crop yield while reducing their environmental footprint.
In India, where approximately 58% of the population
relies on agriculture for their livelihoods, the significance of
urea-formaldehyde in the agricultural sector cannot be overstated. The
country's diverse climatic conditions create favorable environments for
cultivating a wide range of crops, leading to a substantial demand for
fertilizers. As a result, the extensive usage of urea-formaldehyde
significantly contributes to the dominance of the formaldehyde market in India's
agricultural landscape.
Based on region, West India segment is expected to
grow during the forecast period. The presence of a well-developed industrial
infrastructure, including chemical manufacturing facilities and transportation
networks, can make a region more attractive to chemical producers. This
infrastructure not only provides the necessary physical resources for
production and distribution but also fosters collaboration and innovation
within the industry. Additionally, a robust transportation network ensures
efficient supply chain management and timely delivery of raw materials and
finished products. Furthermore, the availability of a skilled and
educated labor force in a region can greatly influence the decision of chemical
companies to establish their operations there. A well-trained workforce not
only possesses the technical expertise required for efficient and safe
production but also contributes to continuous improvement and technological
advancements within the industry. Moreover, a region with educational
institutions that offer specialized programs in chemistry and related fields
can provide a pipeline of highly qualified talent for the chemical sector.
Major companies operating in India Formaldehyde Market
are:
- Suvidhi Chemicals Pvt. Ltd.
- Choice Organochem Llp
- Aquapure & Perfect Chemicals
- Kanoria Chemicals & Industries Limited
- Balaji Formalin Private Limited
- Simalin Chemical Industries Limited
- Textan Chemicals Company Limited
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“Growing application of formaldehyde in various end
user industries are key drivers of the formaldehyde market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of formaldehyde with every
passing year are anticipated to register an impressive growth to India
Formaldehyde Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“India Formaldehyde Market By Derivative (Urea
Formaldehyde, Phenol Formaldehyde, Melamine Formaldehyde,
Hexamethylenetetramine (HMTA), Others), By End User (Building &
Construction, Automotive, Agriculture, Healthcare, Chemicals &
Petrochemicals, Others), By Region, By
Competition Forecast & Opportunities, 2019-2029”, has evaluated
the future growth potential of India Formaldehyde Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Formaldehyde Market.
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