New York, United States , March 08, 2023 (GLOBE NEWSWIRE) -- The Global Paraformaldehyde Market Size to grow from USD 950.50 billion in 2021 to USD 1525.87 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period. The growing demand for paraformaldehyde in the agricultural sector, its expanding use in fumigants, disinfectants, fertilisers, and pesticides, its expanding use in pharmaceutical products, and its expanding use in printing & photography, personal care and household cleaning products, as well as intermediate additives and compounds, are the main factors enhancing the global Paraformaldehyde market's revenue growth.
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Browse key industry insights spread across 240 pages with 128 market data tables and figures & charts from the report “Global Paraformaldehyde Market Size, Share, and COVID-19 Impact Analysis By Purity (91%-93% and 95%-97%), By Application (Resins, Agrochemicals, Medical, Photographic films, Papermaking, Paints & Coatings, Oil field chemicals, Lubricant additives and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.” View a detailed Table of Content here.
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The 95%-97% segment to account for the largest market size during the forecast period
Based on the Purity, the Paraformaldehyde Market is categorized into 91%-93% and 95%-97%. The 95%-97% segment to account for the largest market size during the forecast period. Throughout the forecast period, the 95%-97% segment is anticipated to maintain its leading position because of an important factor influencing this segment's revenue growth is the expanding use of paraformaldehyde with a purity level of 95%–97% in agrochemicals like fumigants, fertilisers, fungicides, and pesticides. This is due to its robust properties, including high solubility, homogeneity, low acid content, good stability, and chemical resistance. Revenue growth is also anticipated to be driven by rising demand for usage in pharmaceutical goods, personal care and home hygiene products, and printing & photography.
The Agrochemicals segment to hold a higher CAGR during the forecast period.
Based on the application, the Paraformaldehyde Market is categorized Resins, Agrochemicals, Medical, Photographic films, Papermaking, Paints & Coatings, Oil field chemicals, Lubricant additives and Others. The Agrochemicals segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Agrochemicals segment is anticipated to maintain its leading position while expanding at the fastest CAGR this is a result of growing demand for high-quality agrochemicals, rising use of paraformaldehyde in the production of pesticides and herbicides like glyphosate, butachlor, acetochlor, bismerthiazol, and machete, as well as expanding agricultural activities worldwide, are some of the main factors boosting this segment's revenue growth.
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North America is estimated to account for the highest market share in 2022.
The Global Paraformaldehyde Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. North America is estimated to account for the highest market share in 2022. The demand for Paraformaldehyde is being driven by the rising acceptance by the market. The market for Paraformaldehyde was dominated by the North America region this is explained by the Paraformaldehyde's increased usage in the manufacturing of agrochemicals, paints and coatings, disinfectants, thermosetting resins, lubricant and adhesive additives, and hardening and waterproofing agents are two major elements contributing to the rise of the North American market's revenue. The expansion of the regional market's revenue is also being supported by expanding construction activities in the industrial and residential sectors, as well as increased demand for premium agrochemicals, paints & coatings, lubricants, and adhesives. Asia Pacific to hold a higher CAGR during the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Paraformaldehyde Market include Ercros, CCP, Celanese, LCY Chemical, Nantong Jiangtian, Hebei Jintaida Chemical, Shangdong Aldehyde Chemical, Yinhe Chemical, Shouguang Xudong, LINYI TAIER, Merck, Mitsubishi Gas Chemical, Chemanol, Xiangrui Chemical, and Caldic.
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