Rockville, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Global Paraformaldehyde Market was valued at US$ 957 Mn in 2021 and is expected to reach US$ 1.8 Bn by 2032, find Fact.MR in a recent market survey. As per the findings of the report, its application in medical fields among other industries will garner significant demand in the market as the bulk of revenue will be generated through them.
Tablets containing paraformaldehyde are highly efficient against a variety of organisms. They may be used for certain disinfecting procedures in clinical settings. Revenue through paraformaldehyde grew at a CAGR of 5.5% during 2015 - 2021.
Increasing agricultural population worldwide propelling the Global Demand for Paraformaldehyde
With the increasing agricultural population worldwide, the use of paraformaldehyde in the manufacturing of agrochemicals used in pesticides and herbicides, including glyphosate, butachlor, acetochlor, bismerthiazol, and machete is also rising. The Agrochemical segment made up around 42% of the total Paraformaldehyde Market in 2021. In the next ten years, Agrochemicals is expected to generate a revenue of more than US$ 500 Mn for the market.
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China continues to dominate the market by being the largest revenue stream for Paraformaldehyde Market
The Paraformaldehyde market in China is expected to reach a valuation of US$ 125.5 Mn by 2032. From 2015 to 2021, the market revenue through China grew at a CAGR of 6.3%, while between 2022 and 2032, it is predicted to witness a CAGR of 5.4%. In China, the consumption volume of Paraformaldehyde in Agrochemicals increased by 3.16% in a year, to ~219,000 tonnes, in a year by 2017. Similarly, the demand for resin increased by 6%, due to the increase in exports. Between 2022 and 2032, China is expected to be a market with a US$ 51.4 Mn absolute dollar opportunity.
| Report Attributes | Details |
| Market Size (2021) | US$ 957 Million |
| Global Market Size (2022) | US$ 1 Billion |
| Projected Market Value (2032) | US$ 1.8 Billion |
| Global Market Growth Rate (2022-2032) | 4.9% CAGR |
| United States Market Growth Rate (2022-2032) | 5.7% CAGR |
Key Segments Covered in Paraformaldehyde Market Survey
- By Application :
- Resins
- Agrochemicals
- Medical Applications
- Other Application
- By Region :
- North America
- Europe
- APAC
- MEA
- Latin America
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Paraformaldehyde Market: Competition Insights
The paraformaldehyde market is highly competitive with numerous players operating in the market.
Key Companies Profiled
- Alpha Chemika
- Caldic
- CELANESE CORPORATION
- Chemanol
- Ekta International
- Ercros
- GFS Chemical
- Merck Group
- CCP
- Thana Acid & Chemical Company
- THERMO FISHER SCIENTIFIC
- Interatlas Chemical Inc.
- Hebei Yuhang Chemical Industry Co., Ltd.
- Nantong Jiangtian Chemical Co., Ltd.
- Shandong Tuobo
- LCY Chemical
- Yinhe Chemical
- Nantong Jiangtian
- Wanhua Chemical
- Stormmax ASSP Ltd.
- Shanghai Orgpharma Chemical Co., Ltd.
- Changzhou Koye Chemical Co., Ltd.
- INEOS Enterprises
Some of the recent developments by the key providers of Paraformaldehyde are as follows:
- In April 2019, the sale of INEOS Melamines & Paraform to Prefere Resins Holding GmbH was announced by INEOS Enterprises. The deal includes locations in the USA, Germany, and Indonesia. The deal is a crucial step in the growth of these well-established companies and offers new prospects to their employees who will go on to Prefere Resins.
- In February 2019, PJSC Metafrax and GEA Company signed the agreed contract for the project development and the supply of equipment for the paraform plant at the Metafrax manufacturing site in Gubakha, Perm Region, within the framework of the Russian Investment Forum. An estimated 5.2 billion rubles worth of investments are being made in the capital. The new facility makes Metafrax the sole producer of paraformaldehyde in Russia. The factory will have a 30 000 tonne annual capacity.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Global Paraformaldehyde Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Global Paraformaldehyde Market by Application (Resins, Agrochemicals, Medical Applications and Other Applications), across five regions (North America, Asia Pacific, Europe, Middle East & Africa and Latin America).
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