Paraformaldehyde Market will observe an exponential growth rate over the years ahead, subject to the rising requirement of medication for the ever-rising population. This product has the ability to act as a fumigant, fixative, disinfectant, and fungicide. Additionally, paraformaldehyde based agrochemicals are extensively used in the agricultural sector to enhance crop yield, pertaining to the surging food requirement across the globe, which will stimulate paraformaldehyde industry size considerably. According to Global Market Insights, Inc., “Worldwide paraformaldehyde market was valued USD 493.2 million in 2015 and will exceed a revenue collection of USD 800 million by 2024 with an annual growth rate of more than 6% over the coming years of 2016 to 2024.”
Paraformaldehyde market from agrochemicals applications will record a CAGR of 6.5% over the coming years of 2016 to 2024. The growth can be attributed to increasing usage of the agrochemicals such as pesticides, herbicides, bactericides, and fungicides to improve crop yield. In addition, the agricultural sector has been witnessing a plethora of technological advancements, which will further influence paraformaldehyde industry share across various geographies. North America paraformaldehyde market collected a revenue of USD 85.4 million in 2015 and will register a noticeable growth rate over the coming timeframe. This product is extensively used to manufacture various agrochemicals, which are in high demand across the U.S. Furthermore, surging infrastructural development activities across the region will also impel paraformaldehyde market trends.
U.S. Paraformaldehyde Market Size, By Application, 2013-2024 (USD Million)
Paraformaldehyde market size from pharmaceutical and medical sectors is anticipated to grow significantly, subject to the disinfectant nature of the product. Medical application landscape accounted for 26.19 kilo tons toward paraformaldehyde market volume in 2015 and will grow considerably over the coming timeframe. As per a study, pharmaceutical sector will collect a revenue of more than USD 1.5 trillion by 2024 with a CAGR of more than 4% over the coming years of 2016 to 2024. The growing population across the globe coupled with increasing spending capacity of consumers will favor the growth of medical sector, which in turn, will boost paraformaldehyde market value considerably.
Europe paraformaldehyde industry is expected to grow remarkably over the coming years of 2016 to 2024, pertaining to the growing industrialization and the presence of a large automotive base across this region. Spain, Germany, and Italy will the prominent revenue contributors. Germany covered more than 15% of the total revenue share of Europe paraformaldehyde market size.
Paraformaldehyde is primarily used in resin production – it helps to manufacture urea resins, phenolic resins, and melamine resins, which are used in the paints and coatings sector pertaining to their corrosion resistant features. Resins covered more than 40% of the total revenue share in the application segment of paraformaldehyde market in 2015 and will exhibit an attractive annual growth rate over the period of 2016 to 2024. Different types of the resins such as amines, phenols, polycarbonates, polyester, polyamides, polyurethane, aromatic polyamides, alkyds, polyether, and polycarbonates are extensively used for various applications such as adhesives, electrical insulation, fishing rods, lenses, bearings, paper coatings, paints, and molding compounds, pertaining to the notable physical and chemical properties of the product such as rigidity, better chemical resistance, high temperature resistance, superior corrosion resistance, and flexibility.
Asia Pacific paraformaldehyde market accounted for over 55% of the global contribution in 2015 and will collect a considerable revenue over the years ahead. Escalating construction activities across the emerging economies will impel the industry growth.
The notable players in paraformaldehyde market are Zibo Qingxin Chemicals Factory, Tianjin Yuanlong Chemical, Pure Chemistry Scientific, Inc., Oswal Udhyog, Stormmax ASSP Ltd., Asia Chemical Company, Linyi Ruifeng Machinery Co., Ltd., Nantong Jiangtian Chemical, Caldic, InterAtlas Chemical Inc., Changzhou Koye Chemical Co Ltd., Alfa Aesar, Jinan Xiangrui Chemical Co., Ltd., Hebei Yuhang Chemical Industry Co, Ltd., Jinan Haohua Industry Co, Ltd., Shanghai Orgpharma Chemical Co., Ltd., GFS Chemicals, and Ekta International.