Paraformaldehyde Market Regional Outlook, Competitive Landscape, Revenue Analysis & Forecast by Fact MR

Paraformaldehyde is a white, odorless solid polymer of formaldehyde, widely used in pharmaceuticals, in agriculture chemicals, and in plastics industries. This material serves as a disinfectant, fixative, and fumigant in the medical and laboratory industries. In addition, it is used as the raw material in the manufacture of various formaldehyde-based resins and chemicals. And being very versatile as to its use, the industry of paraformaldehyde had experienced stable growth for years. The global paraformaldehyde market size was close to US$ 957 Million in the year 2021. Global demand for paraformaldehyde through application increased across various industries. Market is likely to hit a worth of about US$ 1.8 Billion at end of 2032 with an estimated CAGR of 4.9% during 2022 – 2032.

Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=8078

Market Dynamics

Drivers

Application: Agricultural Sector- Use of Paraformaldehyde: It is also on high demand due to its widespread use in agriculture as a pesticide, herbicide, and fungicide. Paraformaldehyde is the central intermediate in the manufacturing process of two of the most potent herbicides - acetochlor and butachlor. An increasing agriculture sector and expanding requirement for crop yield increase production as the world population grows.

High Usage in Chemical Synthesis: The chemical synthesis industry also widely uses paraformaldehyde, mainly in the production of resins, which include phenol-formaldehyde, urea-formaldehyde, and melamine-formaldehyde. These resins are vital to the construction, automotive, and electrical sectors. As industries grow, especially in emerging regions, the use of paraformaldehyde by the resin manufacturing industry will also increase.

This is because the pharmaceutical sector applies paraformaldehyde in its synthesis of a variety of active pharmaceutical ingredients and disinfectants. Because health care is increasingly booming, especially after COVID-19, a higher demand for disinfectants and their by-products has acted positively on the market of paraformaldehyde.
Health and Environmental Issues: Paraformaldehyde decomposes into formaldehyde, which is a dangerous chemical substance. It belongs to the list of carcinogenics and is thereby subjected to stricter regulations in many countries. Such factors may slightly constrain the growth in the world market. Higher regulatory pressures might have negative effects on the growth in areas where environmental and health regulations are relatively stringent.

Price Fluctuation of Raw Materials: Raw materials used in paraformaldehyde are mostly composed of methanol. Thus, any price variation in its component often gets dominated by the volatility of methanol. Any interruption in its supply chain or political factors taking toll on its policy might directly influence the prices of methanol and thereby the prices of paraformaldehyde, thus affecting profitability in the market.

Future Prospect in the Market

The global paraformaldehyde market will grow in a gradual manner due to increased demand by crucial sectors like agriculture and chemicals. A growth in eco-friendly or green options such as bioplastics and bio-based resins also holds promising opportunities since these alternatives may require paraformaldehyde in the manufacturing process. The expansion of the pharmaceuticals industry in emerging economies will therefore increase the demand for disinfectants and APIs based on paraformaldehyde.

However, regulatory pressures and environmental issues will temper growth in the market. To address this threat, industry players would have to align their strategies with sustainability drivers, such as developing less harmful alternatives and better waste management practices.

Key Players

• Alpha Chemika
• Caldic
• CELANESE CORPORATION
• Chemanol
• Ekta International
• Ercros
• GFS Chemical
• Merck Group
• CCP
• Thana Acid & Chemical Company
• THERMO FISHER SCIENTIFIC
• Interatlas Chemical Inc.
• Hebei Yuhang Chemical Industry Co., Ltd.
• Nantong Jiangtian Chemical Co., Ltd.
• Shandong Tuobo
• LCY Chemical
• Yinhe Chemical
• Nantong Jiangtian
• Wanhua Chemical
• Stormmax ASSP Ltd.
• Shanghai Orgpharma Chemical Co., Ltd.
• Changzhou Koye Chemical Co., Ltd.
• INEOS Enterprises

Regional Trends:

Asia-Pacific is going to be the forerunner of the market globally, in light of the fast-paced pace of industrialization in China and India. The agricultural and chemical industries in the region grow, which is a huge demand driver for paraformaldehyde.

North America and Europe will grow at moderate levels, simply because regulatory provisions on the environmental impact and the safety of workers are considered stringent; however, these new technologies with bio-based resins will throw alternative opportunities in those markets.

Technological Developments: Formaldehyde-based resins, especially those that are eco-friendly could be a game changer for the market. Better controlled-release agrochemicals can also lead to a hike in the demand of paraformaldehyde in agriculture.

Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=8078

Competitive Landscape

Competition in the market is expected to be led by the variations in pricing strategies, quality of product, and the distribution network. Companies are now concentrating on boosting the production line in Asia-Pacific to exploit opportunities available in the growth-related section. Mergers and acquisition along with collaborations are also present in the market where players battle to strengthen their positions in the market. In addition, there is increased emphasis on sustainability that is being encouraged by the key players who are investing significantly in green technologies for production. In April 2019, INEOS Enterprises announced the sale of its Melamines & Paraform business to Prefere Resins Holding GmbH. The transaction covers sites in the USA, Germany and Indonesia. This transaction is an important milestone in the expansion of these well-established businesses and opens new opportunities for their employees who will continue with Prefere Resins. PJSC Metafrax and GEA Company signed an agreed contract on the project development and the supply of equipment for the paraform plant at the Metafrax manufacturing site in Gubakha, Perm Region, within the framework of the Russian Investment Forum. Capital investments amount to around 5.2 billion rubles. The new facility will make Metafrax the only producer of paraformaldehyde in Russia. Its annual capacity will be 30 000 tonnes. Ercros has successfully reclassified Paraformaldehyde as a nonflammable solid in line with the regulations outlining the international transport of dangerous goods, set in February 2018. Consequently, this new classification is going to bring about better services to Ercros' customers and optimize the logistical operations related to the product.

About Fact.MR :

We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.

Contact:

US Sales Office

11140 Rockville Pike

Suite 400 Rockville, MD 20852

United States Tel: +1 (628) 251-1583, +353-1-4434-232 (D)

Sales Team: sales@factmr.com