Selbyville, Delaware, July 08, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Paraformaldehyde Market was estimated at $904.3 million in 2020 and is slated to exceed $1.3 billion by 2027, registering a CAGR of 5.7% from 2021 to 2027 due to the increasing consumption of thermosetting composites. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
The rising global population will generate a huge demand for food in the coming years. Such trends will boost crop production, increasing the demand for various agrochemicals. These agrochemicals prevent crop wastage that occurs due to pests and insects. In addition, they aid in efficient crop growth. Many farmers across the globe are trying to increase their crop yield with the usage of agricultural chemicals. Favorable trends associated with agricultural chemicals will bolster paraformaldehyde market growth in the future.
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Paraformaldehyde is used in various end-use industries, such as agriculture, resin, and medical applications, among others, as an organic raw material for the manufacturing of various products. Dialdehyde glyoxal can replace paraformaldehyde for immunostaining of cells. Dialdehyde glyoxal is also less toxic than paraformaldehyde, acts faster than PFA, cross‐links proteins more effectively, and improves the preservation of cellular morphology. Despite the availability of different types of substitutes, the industry is growing owing to its unique properties such as high yield, better immunostaining, and lower cost.
The paraformaldehyde market from resins will witness over 5% CAGR from 2021 to 2027. Paraformaldehyde is used to synthesize resins such as urea-formaldehyde resin, phenolic resin, melamine resin, ion-exchange resin, trimethylolpropane, n-methylolacrylamide, and pentaerythritol. Manufacturers use paraformaldehyde instead of formaldehyde at times when lower water content is desired. Moreover, paraformaldehyde offers more favorable control of reaction rates during the synthesis of resins. Furthermore, it requires less dehydration and improves productivity.
Paraformaldehyde is majorly used in the synthesis of urea-formaldehyde resins. The growing usage of paraformaldehyde to manufacture resins is expected to drive demand over the next few years. The favorable properties of these resins make them suitable for use in the automotive, aerospace, paints & coatings, rubber, adhesives, electrical & electronics, and paper industries.
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The Asia Pacific was valued at around USD 475 million in 2020 and will witness significant growth. Paraformaldehyde is used in the manufacturing of various agrochemicals such as pesticides and herbicides. The rising population in conjunction with increasing food demand will boost crop production in the coming years, propelling the consumption of agrochemicals. In addition, rising construction activities and favorable trends associated with the paper & textile industries will augment the paraformaldehyde market growth during the forecast period.
The key players in the paraformaldehyde industry are 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. Key strategies including partnerships, joint ventures, new product development, and mergers & acquisitions implemented by the paraformaldehyde industry players to strengthen their competitive advantage in the market.
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