Stringent laws restricting the use of formaldehyde resins have forced the manufacturers and end users to opt for formaldehyde-free alternatives in the resin market. The World Health Organization’s International Agency for Research on Cancer, in June 2004 categorized formaldehyde as a group l chemical, which indicates it is carcinogenic to humans. As a result, the Occupational Safety and Health Administration (OSHA) in the U.S. regulated the acceptable exposure level of formaldehyde as 1 ppm. This has propelled consumption of formaldehyde-free resins in construction, adhesive and furniture industries, which has augmented growth of formaldehyde-free resin market. Asia Pacific has a major share in volume in the formaldehyde-free resin market. This is mainly attributed to budding urbanization and modern infrastructural needs in the emerging economies of the region.
High price of the formaldehyde-free resin is expected to be one of the restraining factors for the growth of formaldehyde-free resin industry over the forecast period. Research and development related to lowering the cost of the formaldehyde resin in the near future is one of the key strategies implemented by the market players to maintain their position. Some of the companies operating in the global formaldehyde-free resin market are Georgia-Pacific Chemicals LLC., The Dow Chemical Company, DSM, ARCL Organics Ltd., allnex group, Emerald Performance Materials, BASF SE, and Hexion.
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Formaldehyde-free resin offer enhanced moisture resistance, excellent adhesion and cure performance when used in wood adhesives for industrial as well as residential applications. This has led to increase in the use of formaldehyde-free resin in the adhesive industry, which has amplified the growth of formaldehyde-free resin market. Formaldehyde-free resins are also used for binding fiberglass filaments in the fabrication of industrial nonwovens, including fiberglass webs used in roofing insulation, flooring, and HVAC filters.
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Formaldehyde-free Resin Market Taxonomy
On the basis of product type global market is classified into:Wood Adhesive,Fiberglass Adhesive,Foil Bonding Adhesive,Mineral Fiber Adhesive
On the basis of end use industry, the global market is segmented into:Automobile,Textile,Chemicals,Furniture,Construction,Adhesive
On the basis of application, the global market is segmented into:Commercial and Industrial insulation,Resid