Paraformaldehyde market is expected to witness a significant growth of ~802.85 million by 2023 with CAGR of ~6.2% between 2016 and 2023.
— Market Highlights:
Paraformaldehyde is a white crystalline, low molecular polycondensation compound of methylene glycol with the nature of formaldehyde formed by polymerization of methanol by heating.
Paraformaldehyde used in various industries such as plastic industry, pharmaceutical, agrochemical, and others. Paraformaldehyde is used in the agrochemicals industry in production of herbicides, acetochlor, machete, butachlor, and bismerthiazol, pesticides, glyphosate and others. Paraformaldehyde in pharmaceutical is used for hygienic disinfection. Furthermore, paraformaldehyde is used for antisepsis support. Other applications of paraformaldehyde include manufacturing of rubber, photographic films, leather, paint & coatings and plastics.
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Global Paraformaldehyde Key Players
Key players of the global Paraformaldehyde market: INEOS Group AG (Switzerland), Celanese Corp. (US), Alfa Aesar (US), Inter Atlas Chemica (UK), LCY Chemical Corp. (Taiwan), CHEMANOL (SA), Nantong Jiangtian Chemicals Co. Ltd. (China), Shouguang Xudong Chemical Co Ltd (China), Alder S.p.A (Europe), Shandong Tuobo Plastics Products Co., Ltd. (China), and others.
The market is classified and analyzed on the basis of various geographic segmentation which involves APAC, Europe, Middle East and Africa. Out of all, Asia Pacific Paraformaldehyde market is largest market owing to robust industry growth of application industry in China, Japan, Korea, India and Southeast Asia. Increasing paraformaldehyde production for producing resin, agrochemical and in formation of various chemical compounds is expected to raise the market demand. Growing agrochemical and plastic industries due to the increasing population is expected to main driver for the market growth over the forecast period. In addition, accelerating fertilizers, pesticides, leather, pharmaceuticals, paint, consumer goods, health care products and chemical additives expected to drive market growth.
Paraformaldehyde is expected to serve as major market challenge over the upcoming years due to its human health hazards, In industrial activity and consumer products is expected to cause burning sensations in body, skin irritation and cancer which is expected to decline market growth of paraformaldehyde.
North America including the countries such as USA, Canada and Mexico stands on second position due to increasing demand in various end user industry such as synthesis of acetochlor, butachlor, and glyphosate, produce vitamin A, synthesis of high grade automobile paint.
Europe holds third position in global paraformaldehyde market
The third largest market of paraformaldehyde is Europe, witnessed in growth of paraformaldehyde market due to various application such automotive, construction and sporting goods countries like Germany, France, UK, Italy, Spain, Netherland, Poland, and rest of Europe. Latin America and Middle East also witnessed in growth of paraformaldehyde market due to various end user industry such as plastic industry, pharmaceutical, agrochemical, and others including the countries like UAE, South Africa, Saudi Arabia and rest of Middle East & Africa.
The global paraformaldehyde market is majorly segmented on the basis of end user and region. Based on end user market is segmented into plastic industry, pharmaceutical, agrochemical, and others, and based on region market is segmented into North America, Europe, APAC, Latin America, Middle East & Africa.
Plastic and agrochemicals industries including applications like resins, herbicides continued to be the highest end use of paraformaldehyde in the China and United States. Most paraformaldehyde consumed by the agrochemicals industry is for the herbicides such as bismerthiazol, butachlor, acetochlor, glyphosate, and machete. Global market paraformaldehyde is driven by demand from APAC, Europe, South America and Middle East.
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