At 6% CAGR, Paraformaldehyde Market to reach $800 mn by 2024
Date: 2019-01-28   Author: Ronak Bora  Category: #market

At 6% CAGR, Paraformaldehyde Market to reach $800 mn by 2024

Germany accounts for more than 15% share in its European Paraformaldehyde market. Spearheading developments in, electronics, automotive, aerospace and other engineering companies in the country makes it a substantial contributor of its region.

U.S. is an international hub for the pharmaceutical industry from past few decades. Paraformaldehyde consumption in the medical sector as a fixative and disinfectant will grow its market. Technological advancements in medical sector have given a boost to its industry.

Asia Pacific contributed to over 50% of the paraformaldehyde market revenue in 2024. For example, India is known as primarily an agricultural economy where minimizing crop losses and achieving food crops self-sufficiency, will pave the way for paraformaldehyde usage in future with increased agrochemical consumption. Construction projects across the developing economies of the region are gaining momentum and will uplift the demand for resins. Automotive sector is also registering a decent growth rate in ASEAN economies as OEM's are setting up manufacturing plants and expanding existing production capacities to cater to the increasing demand from the region. This will in turn increase resin consumption in the region.

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Paraformaldehyde market will grow at a moderate rate due to increasing consumption in thermosetting composites. These composites are widely used in marine, electronics, aerospace, automotive and construction industries. Paraformaldehyde in marine industry will grow owing to increased demand for sail boats, power boats, cruise ships and speed boats. Marine composites market is forecast to register reasonably high growth between 2017 and 2024.

Increasing usage of the product as a fumigant, fungicide, and fixative will boost product growth. Fumigant and fungicide consumption is substantially increasing in agriculture sector due to the need for better yield and quality of crops. Growing popularity of product-based fixatives in homecare, haircare and cosmetics are uplifting its demand. Paraformaldehyde is used in various fields such as cleaning products, fluorescent lights, organic chemical synthesis, personal care products, and consumer goods, this offers a healthy growth for its market.

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Paraformaldehyde is commonly used in the pharmaceutical industry as a general and specialty disinfectant. The global pharmaceutical industry size is growing annually at over 4% and is likely to cross USD 1.5 trillion by 2024. Product application base in this industry is likely to grow with growing number of healthcare programs and hospitals across all regions.

Paraformaldehyde must comply with the regulations of "Occupational Safety and Health Administration (OSHA)" to minimize its harmful effects on the human health. Prolonged exposure to it leads to nasal or ocular irritation. These factors will inhibit the growth of its market. Overcoming these challenges is one of the long-term objectives of research and development in the market. Many key companies have invested heavily into research programs to boost paraformaldehyde product quality and potential applications.

Agrochemical applications account for over 40% share in the application industry. Rising need for yield-enhancing agrochemical coupled with concerns over food security to feed the soaring population will support paraformaldehyde market growth. This application will register a CAGR of above 6% by 2024.

Paraformaldehyde resins application will exhibit a CAGR of nearly 5% till 2024 in the market. The compound is used to manufacture different resin forms such as polyester, polyamides, alkyds, amines, polyurethanes, aromatic polyamides, polycarbonates, and phenols. Favorable properties of these resins make them suitable for automotive, aerospace, paints & coatings, rubber, adhesives, electrical; & electronics, and paper industries.

Fungicide and fumigant products of the market will witness a substantial growth up till 2024. Shift in farming practices, mounting post-harvest crop losses, storage technologies in warehouses are some of the key factors propelling the growth of these products.

Prominent manufacturers in paraformaldehyde market are Parchem, Inter Atlas Chemical, GFS Chemicals, Alfa Aesar, Shanghai Orgpharma Chemical Co., Ltd., Ekta International, Thana Acid, Oswal Udhyog, Asia Chemical Company, Caldic, and Nantong Jiangtian Chemical Co., Ltd.

 

 

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About Author


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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