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Paraformaldehyde Market Size 2019 - Global Industry Growth, Analysis, Share, Trends And Forecast By 2024

Author : Ronak Bora | Published Date : 2019-06-06 

Paraformaldehyde Market size will grow exponentially over the next few years due to the varied uses of paraformaldehyde across the cosmetic, agricultural, and pharmaceutical sectors. Additionally, this chemical is used in the manufacture of fertilizers, fluorescent lights, and cleaning products, and also in the photography & printing sector, which will suitably impel the business expansion. As per the report by Global Market Insights, Inc., “Worldwide paraformaldehyde market was worth USD 493.2 million in 2015 and will generate a revenue of USD 800 million by 2024, with a CAGR projection of more than 6% over the coming years of 2016 to 2024.”

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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 industry 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 business in the region by 2024.

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 size 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 industry 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 industry by 2024.

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 industry over the projected timespan. Moreover, the product finds widespread application in pharmaceuticals, shooting & lithography, consumer goods, and chemical synthesis which will subsequently drive paraformaldehyde business by 2024.

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

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The resins application segment contributed a major portion which accounted for over 45% of the total paraformaldehyde market size 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 industry 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 industry over the projected timeframe.

The noteworthy players in paraformaldehyde market are Zibo Qingxin Chemicals Factory, Pure Chemistry Scientific, Inc., Tianjin Yuanlong Chemical Industry Co, Ltd., Asia Chemical Corporation, Oswal Udhyog, Linyi Ruifeng Machinery Co., Ltd, Stormmax ASSP Ltd., Changzhou Koye Chemical Co Ltd., Caldic, Interatlas Chemical Inc., Nantong Jiangtian Chemical Co Ltd., Ekta International, GFS Chemicals, Jinan Xiangrui Chemical Co., Ltd., Alfa Aesar, Hebei Yuhang Chemical Industry Co, Ltd., and Alpha Chemika.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org 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. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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