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Paraformaldehyde Market is predicted to grow significantly up to 2024, APAC to show steady growth

Author : Ravi Chawat | Published Date : 2020-09-23 

Asia Pacific constituted for over half of the global paraformaldehyde market size in 2016 and is estimated to show similar trend through 2024. This can be primarily attributed to rapid industrialization, demographic changes and urbanization resulting in strong growth of construction sector and associated requirement for resins.

For instance, India spent over USD 400 billion and China spend over USD 1.5 trillion to source resinss in 2016. Also, rapid expansion of industrial manufacturing base and supply chain in China and India will further bolster product demand.

Experts have noted that prolonged human contact with paraformaldehyde products unchecked has a possibility of causing cancer. Growing awareness pertaining to toxic and hazardous nature may impede paraformaldehyde consumption to some extent.

Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/1207

The paraformaldehyde market report is a deep-dive collection of important deliverables. An inherent sub-vertical of the global chemical’s domain, the paraformaldehyde market has carved out quite a remunerative growth path in the recent years. The report enlists substantial details about this market with respect to its overall foothold in the chemical industry and how the product would find applications across major end-user sectors.

The paraformaldehyde market, having registered a valuation of USD 493.2 million in 2015, is projected to depict a market size of USD 800 million, by the year 2024, with an anticipated CAGR of 6%. Added by Global Market Insights, Inc., the document consists of substantial information on the market scenario, industry strategies, evolving technologies, market competitors, growth opportunities, and market segmentation.

Paraformaldehyde market demand is likely to be driven by extensive application of thermosetting composites used in automotive, construction, electronics and marine, industry. Growing adoption of the compounds for manufacturing of various auto parts including gears, mirrors, door lock system, wind shield wipers, seating parts and others will contribute towards industry growth.

For instance, the global production of automobiles in 2019 was over 90 million and the production rate is set to grow notably in the coming years. This may subsequently foster paraformaldehyde market. Paraformaldehydes find extensive medical, resin and agrochemicals applications. Exploding global population, which is estimated reach over 9.9 billion by 2050, and associated increase in food demand will fuel the demand for agrochemicals to improve the overall crop production.

Also, rising addition of fixatives in personal care, homecare products will positively impact business growth. Moreover, widespread product application in shooting & lithography, pharmaceuticals, chemical synthesis and consumer goods will boost the material demand over the coming years. Estimates suggests that global paraformaldehyde market size will cross the USD 800 million mark by 2024.

Browse More News:

https://www.prnewswire.com/news-releases/leather-chemicals-market-to-reach-usd-11-42-billion-by-2026--says-global-market-insights-inc-300980524.html

https://www.globenewswire.com/news-release/2016/10/18/880265/0/en/Specialty-Chemicals-Market-size-worth-1-273-billion-by-2024-Global-Market-Insights-Inc.html

About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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