Paraformaldehyde Market Size by Application (Resins, Agrochemicals, and Medical Applications), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Mar 2017 | Report ID: GMI1207 | Authors: Kiran Pulidindi, Akshay Prakash
Paraformaldehyde Market size was USD 493.2 million in 2015 with gains at over 6% between 2016 and 2024.
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Paraformaldehyde market shall grow substantially in the near future due to its growing demand as fungicide, fixative, fumigant, and disinfectant. Boosting agricultural sector due to increasing global population is a preliminary driving factor for paraformaldehyde market. Additionally, increasing adoption of personal care products, cleaning products, consumer goods, fluorescent lights, photography & printing, pharmaceuticals, fertilizers, and organic chemical synthesis will boost the product market in the coming years.
Paraformaldehyde needs to comply with Occupational Safety and Health Administration (OSHA) regulations due to the possibility of health hazards caused by it. Paraformaldehyde from consumer goods and industrial activity can cause ocular & nasal irritation. In some cases, it has been reported to lead to cancer, which can slow down the product market.
|Base Year:||2015||Historical Data for:||2013 to 2015|
|Market Size in 2015:||493.2 Million (USD)||Forecast Period:||2016 to 2024|
|Forecast Period 2016 to 2024 CAGR:||6%||No. of Pages:||113|
|2024 Value Projection:||800 Million (USD)||Tables, Charts & Figures:||96|
|Geographies covered (17):||U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC|
|Segments covered:||Application and Region|
|Pitfalls & Challenges:|
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Paraformaldehyde Market, By Application
The production of resins accounted for a significant chunk of more than 40% of the product market in 2015. Resins are available in many forms such as phenols, amines, polyester, alkyds, polycarbonates, polyamides, aromatic polyamides, polyether, and polyurethanes. These various forms of resins possess specific chemical and physical properties such as high temperature resistant, rigidity, flexibility, good chemical resistant, and excellent corrosion resistance. Owing to multiple properties of resins, they are used in applications such as paper coatings, adhesives, molding compounds, electrical insulation, paints, lenses, fishing rods, and bearings.
Paraformaldehyde is also used to produce agrochemicals such as pesticides, fungicides, bactericides, and herbicides. Technological advancements in the agricultural sector have increased the adoption of agrochemicals globally. The need to improve crop yield and get better cultivation in smaller farmlands has boosted agrochemicals industry in the last decade. Farmers’ increasing awareness about the benefits of agrochemicals is making them switch to these products from synthetic chemicals. Agrochemicals contribute significantly to the product market and are likely to witness 6.5% gains between 2016 and 2024.
Nowadays, the product usage is increased in medical sector due to its disinfectant properties. Paraformaldehyde is used as a fixative for tissues and cells. Ever-expanding pharmaceutical and medical industry owing to the increasing population and consumer spending power shall augment the product market during the forecast period. Medical applications had a contribution of 26.19 kilo tons in 2015 in the product market and is anticipated to grow at a significant rate in the coming years.
Paraformaldehyde Market, By Region
Asia Pacific registered a substantial share of more than 55% in paraformaldehyde market in 2015. Construction spending in emerging economies is escalating in this region. China had accounted for a record-breaking construction spending of USD 1.75 trillion in 2015 and India’s contribution to the construction industry was USD 420 billion in the same year. Growing construction industry has led to increased resins consumption in this region, which augments the product market during the forecast period.
Europe has always been an established automobile market with major giants such as SKODA AUTO a.s. and Volkswagen AG. Resins are used in vehicle manufacturing in adhesives, bearing, and molding compounds. Paints & coatings industry has flourished widely in Germany, Spain, and Italy in the last couple of years. Resins are used extensively in paints and coatings industry owing to its chemical and corrosion resistant properties. Thus, rapid industrialization in Europe gives a positive outlook of the product market in this region.
North America has a recognized agricultural products market, specifically in the U.S. Agrochemicals are widely consumed in the agriculture sector of this region, which is a substantial paraformaldehyde application. Escalating living standards of people in this region have led to booming infrastructural development. Further, automobile manufacturers, such as General Motors, have given North America a global presence in the automobile industry. North America accounted for USD 85.4 million in paraformaldehyde market in 2015.
Competitive Market Share
Some of the significant manufacturers in paraformaldehyde market are Tianjin Yuanlong Chemical Industry Co, Ltd., Zibo Qingxin Chemicals Factory, Oswal Udhyog, Pure Chemistry Scientific, Inc., Asia Chemical Company, Stormmax ASSP Ltd, Caldic, Linyi Ruifeng Machinery Co., Ltd., Changzhou Koye Chemical Co Ltd., Nantong Jiangtian Chemical Co Ltd., and Inter Atlas Chemical.
Other considerable producers in paraformaldehyde market include Hebei Yuhang Chemical Industry Co, Ltd., Ekta International, Inter Atlas Chemical, GFS Chemicals, Jinan Haohua Industry Co, Ltd., Jinan Xiangrui Chemical Co., Ltd., Alpha Chemika, Shanghai Orgpharma Chemical Co., Ltd., Parchem, Thana Acid, and Alfa Aesar. Caldic formulates paraformaldehyde of 92%-94% purity and this product is used in chipboard, molding powder, adhesives, and rubber and coating applications. Parhcem’s paraformaldehyde is used as a binder in particleboard and plywood.
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