Paraformaldehyde Market size to reach $1.3 billion by 2027
Published Date: July 5, 2021 Authors: Kiran Pulidindi, Soumalya Chakraborty
According to a new research report by Global Market Insights Inc., the Paraformaldehyde Market size is likely to reach USD 1.3 billion by 2027 owing to rising thermosetting resin production.
The expanding utilization of the product as a fungicide, fumigant, and fixative will support market growth. Fumigant and fungicide utilization are generously expanding in the agribusiness sector due to the requirement for better yield and harvest. Paraformaldehyde is utilized in different fields, such as bright lights, cleaning items, individual consideration items, natural compound combination, individual consideration items, and buyer products, thus offering a solid development for its market.
Paraformaldehyde is used in manufacturing of oilfield chemicals. Apart from paraformaldehyde, other formaldehyde-containing mixtures are also used in these applications. Formaldehyde is preferred over paraformaldehyde; however, the logistical challenges faced by aqueous formaldehyde often demand the introduction of paraformaldehyde.
H2Scavengers are used widely used in oil drilling activities which are prepared with paraformaldehyde. In addition, the product is used as an additive to avoid starch fermentation on oil-well drilling muds. The shifting exploration activities towards deep sea reserves and adoption of horizontal drilling will augment oil & gas drilling industry growth which will support the paraformaldehyde market expansion.
Browse key industry insights spread across 110 pages with 87 market data tables & 30 figures & charts from the report, “Paraformaldehyde Market, By Application (Resins, Agrochemicals, Medical Application), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The increasing use of chemical fertilizers for effective crop growth will support paraformaldehyde market share by 2027. In addition, increasing usage of consumer products, personal care products, cleaning products, fluorescent lighting, photography & printing, medicine, fertilizers, and organic chemical synthesis will drive the revenue generation.
Favorable trends in the agricultural sector will support the paraformaldehyde market growth
Medical applications will witness over 6% CAGR through 2027. It is used as a hygienic disinfectant in medical applications. Additionally, it is used in arterial and cavity embalming processes. The increasing demand for paraformaldehyde as a laboratory fixative will fuel market growth in the future. According to recent studies, solutions freshly prepared from paraformaldehyde are more efficient than 4% formalin concentrations in immunofluorescence applications.
Europe holds around 25% revenue share in paraformaldehyde market. Favorable trends associated with European construction industry will propel the market growth as the product is used in manufacturing of various resins which are used as glues in furniture industry. Additionally, it is used in preparation of resins used as driers and glossing agents in paints. Increasing usages of paraformaldehyde in bonding resin formulations for brakes will benefit the industry expansion. Positive outlook of European automotive sector will support the industry growth in future. For instance, the turnover of the automotive industry accounts for 7% of the total EU GDP.
Mergers and acquisitions to increase market foothold
The key industry participants in the paraformaldehyde industry include Alpha Chemika, Thana Acid & Chemical Company, Caldic, PURE Chemistry Scientific, Inc., Changzhou Koye Chemical Co., Ltd., Nantong Jiangtian Chemical Co., Ltd., Inter Atlas Chemical, GFS Chemical, Parchem, and Alfa Aesar. These players primarily focus on partnership, joint venture, and merger & acquisition strategies to improve their capabilities and strengthen their market share.