Paraformaldehyde Market Preparing for the Future of Market Size Trends and Forecasts for Business Success

Allied Market Research has recently published a report entitled "Paraformaldehyde Market by Application (Resins, Agrochemicals, Medical, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global paraformaldehyde industry was valued at $1.6 billion in 2020 and is projected to reach $2.8 billion by 2030, with a CAGR of 5.5% from 2021 to 2030.

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The key factors driving market growth are the increasing demand for paraformaldehyde to produce disinfectants, fixatives, fumigants, and fungicides, as well as the rise in interest in organic chemical synthesis, printing and photography, fertilizers, and fluorescent light products. However, concerns about the health effects of paraformaldehyde are inhibiting market growth. The market is expected to recover from the impact of COVID-19, which disrupted manufacturing due to a lack of skilled labor and raw materials.

In terms of application, the medical segment is expected to witness the highest CAGR of 6.2% during the forecast period due to increased demand for paraformaldehyde as a hygienic and medical disinfector in the pharmaceutical and medical sectors. The agrochemicals segment accounted for the largest share in 2020, contributing more than two-fifths of the global paraformaldehyde market, driven by population growth and increased demand for higher quality and more quantitative products.

Geographically, the Asia-Pacific region held the largest share of the global paraformaldehyde market in 2020, followed by North America, due to increased production of paraformaldehyde in China. However, the market in the LAMEA region is expected to witness the fastest CAGR of 6.6% during the forecast period, driven by increased production of laminates, pentaerythritol, MDI, and wood panels.

The major players in the market include Alpha Chemika, Merck, Caldic, Celanese, Alfa Aesar, Yinhe Chemical, Ekta International, Ercros, Chemanol, and Jinan Xiangrui Chemical Co., Ltd.

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