Formalin market seen reaching $11.7 billion by 2030

Allied Market Research says the global formalin market was worth $6.9 billion in 2020 and is projected to hit $11.7 billion by 2030. Growth is tied to rising adhesive use, fertilizer demand and expanding applications in Asia-Pacific, even as regulation remains a headwind.

Why it matters: - Formalin demand is tied to adhesives, fertilizers, drugs, dyes and antiseptic products, so the market tracks several industrial and agricultural supply chains. - Allied Market Research projects the global market will rise from $6.9 billion in 2020 to $11.7 billion by 2030, signaling steady long-term expansion. - The forecast implies the market will keep growing despite regulatory pressure on formalin use and manufacturing.

What happened: - Allied Market Research released a report on the global formalin market on June 25, 2026. - The report projects a 5.6% CAGR from 2021 to 2030. - The report covers formalin by percentage range and by application. - The company made the report available through a sample report, a purchase inquiry page, a purchase options page and a full summary report.

The details: - The 1.0%-20.0% formalin segment held more than two-fifths of the global market in 2020. - Allied Market Research expects the 1.0%-20.0% segment to remain the largest through 2030. - Cost effectiveness and tolerance in fertilizer-related drug applications support demand for the 1.0%-20.0% segment. - The 20.0%-40.0% segment is projected to post the fastest CAGR at 6.1% during the forecast period. - The fertilizer segment held more than two-fifths of global revenue in 2020. - The fertilizer segment is expected to stay in front through 2030 as global food consumption drives fertilizer use. - The antiseptic perfume segment is forecast to grow the fastest in applications, with a 6.8% CAGR from 2020 to 2030. - Asia-Pacific, followed by Europe and North America, held more than half of global market share in 2020. - Asia-Pacific is projected to log the fastest regional CAGR at 5.9% by 2030. - China, India and ASEAN countries are major drivers of demand in Asia-Pacific. - The report also lists 3M, BASF SE, Bayer AG, Celanese Corporation, DuPont, Balaji Formalin Private Limited, Dynea AS, Huntsman International LLC, Merck KGaA and Georgia-Pacific Chemicals as key players.

Between the lines: - The strongest demand is concentrated in fertilizers and lower-percentage formulations, which suggests formalin remains a utility chemical rather than a niche specialty product. - Asia-Pacific's leadership points to industrial and agricultural growth in China, India and Southeast Asia as the main center of gravity for the market. - Regulation remains the main brake on upside, so future growth will likely depend on how producers balance compliance with expanding end-market demand.

What's next: - Formalin demand is expected to keep rising through 2030 if agricultural and industrial use cases continue to expand. - The fastest growth may come from higher-concentration formulations and antiseptic perfume applications. - Regional momentum should remain strongest in Asia-Pacific, where multiple end uses are growing at once.

The bottom line: - Formalin is on track for steady decade-long growth, led by fertilizer demand, broad industrial use and Asia-Pacific expansion.