The growth of the paraformaldehyde market is primarily driven by the increasing demand for resins and plastics in various industries, says a research report by RationalStat
Market Overview and Dynamics: Global Paraformaldehyde Market
The global paraformaldehyde market is expected to grow at a moderate growth rate of around 5.3% during the forecast period 2022-2028. The major factors driving the growth of the global paraformaldehyde market are industrialization and urbanization, government regulations, production of resins, rapid demand for agrochemicals, and synthesis of paints and topcoats. However, the paraformaldehyde market expansion is likely to be hampered by the harmful consequences of paraformaldehyde, such as cancer and nasal and ocular irritation, transportation of paraformaldehyde, and the availability of cheaper substitutes (like dialdehyde glyoxal) over the forecast period.
Market Drivers and Trends of the Global Paraformaldehyde Market
The growth of the paraformaldehyde market is primarily driven by the increasing demand for resins and plastics in various industries, such as automotive, construction, and packaging. The growing demand for paraformaldehyde in the production of agrochemicals and pharmaceuticals is also expected to drive market growth during the forecast period.
Moreover, the increasing demand for agrochemicals, particularly fertilizers, is also driving the market growth. Paraformaldehyde is used in the production of herbicides, insecticides, and fungicides, and its demand is expected to increase with the growing need for high-yield crop production.
The pharmaceutical industry is also a significant driver of the paraformaldehyde market growth. Paraformaldehyde is used in the production of various pharmaceutical intermediates, such as vitamin B1, and is also used in the synthesis of several active pharmaceutical ingredients.
Regional Overview of the Global Paraformaldehyde Market
The Asia Pacific region is expected to dominate the paraformaldehyde market due to increasing investment and technological advancements in the agriculture, construction, and automotive sector. China is the leading export country of resin followed by Germany.
In North America, Brazil is dominating the paraformaldehyde market owing to its large industrial base and growth in the agriculture sector. Brazil was the main importer of agricultural pesticides in 2019 followed by France and Germany. Due to the increased manufacturing of laminates, pentaerythritol, MDI, and wood panels, the paraformaldehyde market in the Middle East and Africa is expected to grow significantly.
Segmental Analysis: Global Paraformaldehyde Market
• On the basis of end users, the agriculture segment is gaining significant growth as paraformaldehyde is primarily used as a soil fumigant and preservative.
• Based on application, the agrochemicals sector followed by resins is the dominating segment in the paraformaldehyde market. The agricultural sector's rapid expansion is likely to boost the demand for paraformaldehyde, propelling the global paraformaldehyde market forward.
Competition Analysis: Top 10 players account for a significant market share of the paraformaldehyde market
The global paraformaldehyde market is fragmented in nature with presence of various producers and suppliers operating in the market. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Expansion in R&D and production increments are some of the strategies followed by industry players. Some of the key developments in the global paraformaldehyde market include,
• In April 2022, Thermo Fisher Scientific announced that it has expanded its R&D and engineering facility in Hyderabad.
• In October 2018, PT. Dover Chemical celebrated its first 10,000 tons of production in October 2018 from the state-of-the-art chemical facility that was finished at the end of 2017. The chemical facility produces two types of paraformaldehyde: 92% and 96%. Since the start of this business division, demand for PT Dover Chemical paraformaldehyde has been significant.
Some of the prominent players that contribute significantly to the global paraformaldehyde market include Merck KGaA Group, Celanese Corporation, Jinan Xiangrui Chemical Co., Thermo Fisher Scientific, Kothari Phytochemicals & Industries Ltd., PT. Dover Chemical, Ekta International, Simalin Chemical Industries Pvt Ltd., Alder S.p.A., Ercros S.A, Nantong Jiangtian Chemicals Co. Ltd., and Thana Acid & Chemical Company, among others.
RationalStat has segmented the global paraformaldehyde market on the basis of application, end user, and region.
• Global Paraformaldehyde Market Value (US$ Million), Volume ('000 tons), and Market Share (2019-2028) Analysis by Application
o Hardening agent
o Fluorescent Lights
o Waterproof agent
o Reagent for Organic Reactions
• Global Paraformaldehyde Market Value (US$ Million), Volume ('000 tons), and Market Share (2019-2028) Analysis by End User
o Paper Industry
o Plastic Industry
o Rubber Industry
o Leather Industry
o Electrical Industry
o Petroleum Industry
o Paints & Coatings Industry
o Oil & Gas Industry
o Personal Care
• Global Paraformaldehyde Market Value (US$ Million), Volume ('000 tons), and Market Share (2019-2028) Analysis by Region
o North America Paraformaldehyde Market
o Latin America Paraformaldehyde Market
Rest of Latin America
o Western Europe Paraformaldehyde Market
Rest of Western Europe
o Eastern Europe Paraformaldehyde Market
Rest of Eastern Europe
o Asia Pacific Paraformaldehyde Market
ASEAN (Indonesia, Vietnam, Malaysia, Thailand, etc.)
Rest of Asia Pacific
o Middle East & Africa Paraformaldehyde Market
Rest of the Middle East & Africa
For more information about this report https://store.rationalstat.com/store/global-paraformaldehyde-market/
Kimberly Shaw, Content and Press Manager
Phone: +1 302 803 5429
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client's needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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