Paraformaldehyde Market set for massive growth
Date: 2018-09-04   Author: Ronak Bora  Category: #market

Paraformaldehyde Market set for massive growth

The Paraformaldehyde Market is set to grow from its current market value of more than $493 million to over $800 million by 2024; according to a new research report by Global Market Insights, Inc.

Robust product demand is primarily attributed to increasing consumption of thermosetting composites which are extensively used in marine, automotive, construction and electronics industry. Increasing demand for power boats, speed boats, sail boats and cruise ship will effectively contribute towards paraformaldehyde market by 2024. In addition, extensive product application for manufacturing various autoparts including mirrors, gears, door lock system, seating parts, wind shield wipers, etc. will drive paraformaldehyde market by 2024. For instance, the global production of cars was over 70 million units in 2016 which is anticipated to grow at a CAGR of over 4% over the projected timespan. This will subsequently drive paraformaldehyde market by 2024.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1207

Global population is consistently increasing and is expected to reach over 9.9 billion by 2050. Increasing food demand which is attributed to growing population will ultimately propel agrochemicals demand to improve the overall production of crops. This will subsequently boost paraformaldehyde market by 2024. In addition, growing popularity of product based fixatives in personal care, homecare, etc. will have positive influence on the paraformaldehyde market over the projected timespan. Moreover, the product finds widespread application in pharmaceuticals, shooting & lithography, consumer goods, and chemical synthesis which will subsequently drive paraformaldehyde market by 2024.

Toxic and hazardous nature of product is likely to cause irritation in eye and nose which will impede paraformaldehyde market by 2024. Moreover, it is reported that prolonged human contact with the product has possibility of causing cancer which is expected to hamper paraformaldehyde market over the projected timespan.

The resins application segment contributed a major portion which accounted for over 45% of the total paraformaldehyde market in 2016. Wide variety of resins including amines, polycarbonates, polyether, polyurethanes, phenols, etc. and exhibit excellent characteristics such as elasticity, stiffness, resistance to high temperature, chemical and corrosion resistance These have widespread applications in paper coating, insulation, automotive, rubber, electrical & electronics, etc. which will stimulate paraformaldehyde Market for resin during the forecast period.

Growing pharmaceutical sector will propel paraformaldehyde Market for medical segment owing to its widespread application for fixating tissue & cells as it possesses brilliant disinfectant properties. Global medical industry contribution in product application was valued over 27 kilo tons in 2016 and is projected to boost at a prominent rate which will subsequently drive the paraformaldehyde market over the projected timeframe.

Browse Full Report @ https://www.gminsights.com/industry-analysis/paraformaldehyde-market

Asia Pacific constituted for more than half of the total paraformaldehyde market share in 2016. This is primarily attributed to rapid industrialization and urbanization which has resulted in strong growth in the construction sector. For instance, China spend over 1.5 trillion and India contributed over USD 400 billion in 2016 which has resulted in growing resin consumption in the region which will drive paraformaldehyde market by 2024. Presence of key automobile players in the Europe will lead to increasing paraformaldehyde application as resin in manufacturing variety of auto parts which will subsequently boost paraformaldehyde market in the region by 2024.

Key industry share contributors of paraformaldehyde are Tianjin Yuanlong Industry, Oswal Udhyog, Asia Chemical, Stormmax ASSP, Linyi Ruifeng, Nantong Jiangtian, Zibo Qingxin Chemicals and Inter Atlas.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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