ID: MRFR/CnM/2107-HCR | 135 Pages | Author: Anshula Mandaokar | June 2023
The paraformaldehyde market is projected to register a CAGR of over 4.50%, reaching a value of around USD 615 billion by 2030
$615 billion
4.50%
North America,
2022 - 2030
Paraformaldehyde Market OverviewThe paraformaldehyde market is projected to register a CAGR of over 4.50%, reaching a value of around USD 615 billion by 2030.Paraformaldehyde is a white solid with the pungent, characteristic formaldehyde odor. Paraformaldehyde is a polymer of formaldehyde, also known as polyoxymethylene. Paraformaldehyde itself is not a fixing agent and needs to be broken down into its basic building block, i.e., formaldehyde by heating it and by adding small amounts of sodium hydroxide. It is widely used by resin manufacturers seeking low water content or more favorable control of reaction rates as compared to aqueous formaldehyde solutions. This is because the paraformaldehyde does not need to be dissolved in water to take part in a chemical reaction. The global market is mainly driven by its widespread use in the production of many thermosetting resins such as phenol, urea, melamine, resorcinol, and others. These resins have applications in paper coatings, adhesives, molding compounds, electrical insulation, paints, lenses, fishing rods, and bearings, among others, which is fueling the demand for paraformaldehyde in production of resins. Additionally, it is also used as a fungicide, fixative, fumigant, and disinfectant in the agriculture sector. The growing agricultural industry, along with the limited presence of arable land is a major driver of the global paraformaldehyde market. Fast-paced industrialization and urbanization have resulted in an increased number of construction activities, thereby resulting in limited availability of cultivable land, which drives the demand for paraformaldehyde in the global market. Another driver of the paraformaldehyde market is its use in the preparation of formalin fixatives for tissues or cells when the samples are to be used in florescence studies during staining procedures. It is also used in the poultry industry as a disinfectant in hatcheries, cattle, and sheep for sanitizing the bedding in the sheds. Manufacturers in this market are focused on strategic growth initiatives such as agreements, acquisitions, and mergers. For instance, Prefere Resins Holding GmbH, a German-based polymer company, acquired INEOS’s melamines and paraform businesses, along with the production sites in the US, Germany, and Indonesia. However, the hazardous effects of paraformaldehyde, such as cancer and nasal and ocular irritation are expected to hamper the growth of the market during the forecast period.
Report Attribute/Metric | Details |
---|---|
Market Size | USD 615 billion |
CAGR | 4.50% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Application and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Celanese Corporation (US), Chemanol (Saudi Arabia), Ercros S.A (Spain), PT. Dover Chemical (Indonesia), Prefere Resins Holding GmbH (German), Alder S.p.A (Italy), Merck KGaA (Germany), Kothari Phytochemicals & Industries Ltd. (India), Simalin Chemical Industries Pvt Ltd (India), Synthite (UK), NANTONG JIANGTIAN CHEMICALS CO., LTD (China), Jinan xiangrui chemical co., ltd (China), and Ekta International (India). |
Key Market Opportunities | The growing agricultural industry, along with the limited presence of arable land is a major driver |
Key Market Drivers | Its widespread use in the production of many thermosetting resins such as phenol, urea, melamine, resorcinol, and others. |
The paraformaldehyde market is predicted to grow at a 4.50% CAGR between 2022-2030.
The global paraformaldehyde market is predicted to touch USD 615 billion by 2030.
Asia Pacific is predicted to have the largest share in the paraformaldehyde market.
Increasing use in different thermosetting resins production, booming agriculture industry, and increasing use in the poultry industry are boosting market growth.
Harmful impact on human health may restrict market growth.
Key Questions Answered
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