Paraformaldehyde Market Size & Share 2021 to 2027
Market Size by Application (Resins, Agrochemicals, Medical Application) & Forecast.
Report ID: GMI1207
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Published Date: July 2021
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Report Format: PDF
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Authors:
Kiran Pulidindi, Akshay Prakash
Paraformaldehyde Market Size
Paraformaldehyde Market size was USD 904.3 million in 2020 and will grow at a CAGR of 5.7% from 2021 to 2027. The market it anticipated to hit 5.2% CAGR in terms of volume to reach 1,121.2 Kilo tons through the forecast period. The growing use of chemical fertilizers for effective crop growth and increasing usage of consumer products, personal care products, cleaning products, fluorescent lighting, photography & printing, medicine, fertilizers, and organic chemical synthesis will drive the market growth.
Paraformaldehyde is used in the manufacturing of various agricultural chemicals such as herbicides, pesticides, bactericides, fertilizers, etc. Paraformaldehyde OH(CH2O)-nH is a white crystalline solid, which is formed during formaldehyde polymerization. It produces a white precipitate in an aqueous formaldehyde solution and a little amount of methanol is often added as a stabilizer to limit the degree of polymerization.
Polyoxymethylene, an alternative name for paraformaldehyde, is insoluble in water, ether, and alcohol but soluble in alkaline solutions. It has an odor similar to formaldehyde, i.e., it has a pungent smell. It is available in various purity forms and the higher the purity of the paraformaldehyde, the more expensive it will be. High molecular weight homopolymers are strong & tough and can retain heat, solvents &moisture well.
Paraformaldehyde is used to synthesize various resins based on phenol such as vinyl, diphenylmethane diisocyanate, polyacetal resin terephthalic acid, melamine resin, and acrylate. In addition, it has recently been used to synthesize pesticides such as acetochlor, butachlor, and glyphosate. It can also be used in the production of vitamin A and synthesis of paints & topcoats for high-quality automotive finishes.
The industry will be propelled by the growing demand for thermosetting resins such as urea, phenol, resorcinol, melamine, etc. These resins are used in multi-purpose industries such as wood, papermaking, plastics, paint and coatings, and others. In addition, due to the surging population and consumer preference for staple crops, the demand for higher quality and more quantitative products is expected to increase the demand for agrochemicals, which in turn, leads to significant growth in paraformaldehyde market.
The availability of different substitutes will also influence the paraformaldehyde market share. Paraformaldehyde is used in various end-use industries, such as agriculture, resin, and medical applications, among others, as an organic raw material to manufacture various products. Dialdehyde glyoxal can replace paraformaldehyde for immunostaining of cells. Dialdehyde glyoxal is also less toxic than paraformaldehyde, acts faster than PFA, crosslinks proteins more effectively, and improves the preservation of cellular morphology. Despite the availability of different types of substitutes, the market is growing owing to its unique properties such as high yield, better immunostaining, and lower cost.
Paraformaldehyde Market Analysis
Agrochemicals will generate over USD 450 million by 2027. These represent one of the main applications of paraformaldehyde. It is extensively used in the manufacture of herbicides such as glyphosate, acetochlor, butachlor, machete, and bismerthiazol. The demand for paraformaldehyde in the industry is anticipated to increase due to the rising demand for agrochemicals worldwide. Favorable trends associated with crop production and rising usage of agricultural chemicals will bolster the paraformaldehyde market growth by 2027.
The others application segment will witness around 5% CAGR by 2027. The others segment includes applications such as the development of photographic films, papermaking, oil field chemicals, lubricant additives, and to produce vitamin A. In photography, paraformaldehyde is used to speed up the development as it is a gelatin hardener. Paraformaldehyde is used as an additive in drilling mud to stop the fermentation of starch.
North America generates around USD 125 million in 2020 and will hold over 10% share in paraformaldehyde market by 2027. The increasing demand for agricultural chemicals including bactericides, herbicides, fungicides, and pesticides, mainly in the U.S., will stimulate industry growth in the future. Favorable trends associated with healthcare research coupled with rising investments in the medical sector will support industry growth. Moreover, increasing oil & gas exploration activities will further boost product sales over the forecast period.
The Latin America paraformaldehyde market will generate around USD 55 million by 2027. Rising product usage in the production of various thermosetting resins will pave the way for industry expansion in the next few years. Rising population, urbanization, and huge investments will propel construction activities in the future. Such trends will trigger product sales as it is used in various product formulations in the paints, coatings, and furniture industries.
Paraformaldehyde Market Share
The paraformaldehyde industry players are focusing on strategic collaborations, mergers, and acquisitions to attain a competitive edge in the industry. For instance, in January 2020, Caldic B.V acquired DCM Asia, a prominent distributor of specialty chemicals in Malaysia. The acquisition underlines Caldic’s ambition to become a leading specialty chemicals provider in Southeast Asia.
The key industry participants include :
The paraformaldehyde market report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in Kilo tons and revenue in USD Million from 2017 to 2027 for the following segments:
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By Application
The above information is provided on a regional and country basis for the following:
By Region
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