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Paraformaldehyde Market - Resin and Agrochemical Manufacturers Stretch Demand, Research By 2023
Paraformaldehyde Market
The increasing level of competition in the worldwide paraformaldehyde market could create a significant awareness among consumers related to the application of the product across a wide range of industries. The advent of new products in the worldwide paraformaldehyde market has also been expected to be a result of the intensifying competition among players. A surging count of mergers and acquisitions could be witnessed in the worldwide paraformaldehyde market, considerably contributing toward growth during the forecast period. Few of the leading companies operating in the worldwide paraformaldehyde market have been foretold to be INEOS Group Limited, Feno Resinas S.A. de C.V., Shouguang Xudong Chemical Co., Ltd., Celanese Corporation, and Nantong Jiangtian Chemical Co., Ltd.
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The worldwide paraformaldehyde market could expand at an estimated CAGR of 6.0% from 2015 through 2023, as per the statistics obtained by TMR in its latest report. By the end of the forecast period, the worldwide paraformaldehyde market has been envisaged to earn around a US$0.79 bn. In the past, resins and agrochemicals had together accounted for a telling share in the worldwide paraformaldehyde market and might continue their dominance until the last forecast year. Owing to a colossal demand for agrochemicals, Asia Pacific could secure a larger share in the worldwide paraformaldehyde market by the concluding forecast year.
Resins, Agrochemicals, and Other Applications Pave Way for Tangible Growth
The demand in the world paraformaldehyde market has been envisioned to increase at an impressive rate due to a growing number of applications, resins, agrochemicals, lubricant additives, medical appliances, and papermaking to name a few. The magnifying adoption of genetically modified crops (GMCs) could result in an escalating demand for glyphosate. This has been foreseen to be another crucial factor positively impacting the advancement of the world paraformaldehyde market. In the near future, the development of the world paraformaldehyde market could gain acceleration on account of a mounting demand for resins.
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Increasing technological advancements and emphasis on the evolution of novel products have been projected to be tremendously vital for the advancement of the world paraformaldehyde market.
Restrictions on Application of Glyphosate Break Growth Consistency
During the forecast period, the international paraformaldehyde market could face restrictions in its progress due to numerous concerns regarding the limitations and sanctions of glyphosate. A number of countries in Europe and Latin America have been forecasted to scrutinize the agrochemicals market, thus raising eyebrows on the usage of glyphosate on agricultural produce.
However, in the foreseeable future, participants could take advantage of profit-making opportunities in the international paraformaldehyde market birthed from the engagement of paraformaldehyde as a lubricant additive and drilling fluid in the oil and gas sector. The application of paraformaldehyde in the production of bismerthiazol, machete, butachlor, and acetochlor has been prophesied to be a great opportunity to cash in on in the international paraformaldehyde market. Vendors could also find favorable prospects with benefits such as improved productivity and better reaction control that paraformaldehyde brings to the table.
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