New York, May 02, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Reports Insights, the paraformaldehyde market is poised for strong expansion and is expected to reach USD 2.53 Billion by 2030. The market, which was valued at USD 1.57 billion in 2022, is predicted to grow at a compound annual growth rate of 5.4% during the period 2023-2030. The report highlights the increasing deployment of paraformaldehyde in agriculture, oil & gas, and pharmaceuticals, among other industries, which is accelerating global market growth. Reports Insights study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the paraformaldehyde market.
Key Market Takeaways
- By grade type, the reagent grade segment held the leading share in the paraformaldehyde market in 2022.
- Based on purity, the 95%-97% segment accounted for the highest share contribution to the paraformaldehyde market statistics in 2022.
- In the context of application, the pesticide segment is expected to contribute significant shares to the growth of paraformaldehyde market statistics during the forecast period.
- By end user industry, the agriculture chemicals industry segment is anticipated to contribute the largest shares to the market growth in 2022.
- Asia Pacific accounted for the major share in the paraformaldehyde market growth in terms of value and volume due to growing agriculture chemical industry particularly in countries such as China, India, and others.
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Paraformaldehyde is employed in the agriculture chemicals industry to ensure efficient synthesis of herbicides such as butachlor, bismerthiazol, glyphosate, acetochlor, and others. The growth of the agriculture industry is attributed due to factors such as the increasing demand for self-reserved agriculture production, the growth of the food crop sector, and others. As a result, the demand for various agricultural chemicals is increasing, which includes pesticides, fertilizers, and others. Thus, the growth of the agriculture industry is accelerating the overall market growth.
For instance, in January 2022, the Egypt government announces an investment of about EGP 6.4 billion (USD 413 million) in the continuation of the country's agricultural project. Hence, the demand for paraformaldehyde is rising at the global level, which, in turn, is spurring market growth.
Furthermore, the growth in the plastics production activities will create a lucrative growth opportunity for the demand growth of paraformaldehyde as it is utilized as an essential raw material. For instance, according to the recent data published by Plastics Europe, in 2020, the production growth of polyethylene terephthalate (PET) in Europe was 4.14% in comparison with 2020. Thus, the surge in plastics production is projected to create a potential growth opportunity for paraformaldehyde in the upcoming years.
However, the health concerns associated with the utilization of paraformaldehyde is restraining the adoption of paraformaldehyde in various end-use industries. This factor is posing as a major bottleneck for the global paraformaldehyde market size growth during the projected forecast period.
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| Report Attributes | Report Details |
| Market Size By 2030 | USD 2.53 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.4% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Alpha Chemika, Celanese, Merck, Ercros, Ekta International, Metafrax Chemicals, GFS Chemicals, Thana Acid & Chemical Company, Alfa Aesar, and RX CHEMICALS |
| By Grade Type |
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| By Purity |
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| By Application |
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| By End User Industry |
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| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography |
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Global Paraformaldehyde Market Segmentation Details:
Based on Grade Type, the reagent grade segment accounted for the highest market share in 2022. The vital properties of reagent grade paraformaldehyde such as vapor density of 1.03 (vs air), crystalline form, explosion limit at 73 %, density at 0.88 g/mL at 25 °C, and others ensure superior waterproofing, hardening, and others. As a result, the reagent grade paraformaldehyde is ideal for various end-use industries, including plastics, agriculture chemicals, oil & gas, and others. The growth of the above sectors is propelling the reagent grade segment growth.
Based on Purity, the 95%-97% segment contributed the highest market shares in 2022. The 95%-97% purity of the paraformaldehyde ensures superior purity, durability, and various other performance attributes. Henceforth, the above benefits associated with 95%-97% purity of paraformaldehyde are boosting the employment of 95%-97% purity of paraformaldehyde in various applications such as Pesticides, Hardening Agent, Waterproofing Agent, Resin, Papermaking. Hence, the increasing production activities related to the above application are driving the 95%-97% purity segment growth.
Based on Application, the pesticide segment accounted for the highest market share in the year 2022. The crucial properties associated with paraformaldehyde include high release capabilities, excellent corrosion protection, superior synthesis characteristics, and others. These properties of paraformaldehyde ensure enhanced durability and performance benefits of pesticides. Thus, the above benefits are accelerating the growth of the paraformaldehyde market.
Based on End User Industry, the agriculture chemicals industry segment is anticipated to offer substantial shares in the global paraformaldehyde market. In the agriculture chemicals industry, the utilization of paraformaldehyde ensures superior blending of various agriculture chemicals, including pesticides, fertilizers, and others. The agriculture industry is registering growth due to the increasing need for self-sufficiency in food crop production, enhanced cash crop production, and others. Therefore, the growth of the agriculture industry is augmenting the demand for paraformaldehyde, thereby proliferating market growth.
Based on region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. The agriculture industry is a major end-use for paraformaldehyde in countries such as China and India. This, in turn, is driving the demand for paraformaldehyde market growth.
For instance, according to the United States Department of Agriculture, in 2020, the wheat crop production in China was valued at 134.3 million metric tons, and in 2021 it was 136.9 million metric tons, representing an increase of 1.6%. Thus, the growing agriculture industry in the Asia Pacific is driving the demand for paraformaldehyde.
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Competitive Landscape
As per the research Alpha Chemika, Celanese, and Merck, among others are major market players that comprise the latest market circumstances. These companies have strong manufacturing capabilities and a strong presence in the market through their diverse product portfolios and distribution networks. Furthermore, the paraformaldehyde market is expected to grow steadily due to rising demand from agriculture and pharmaceuticals specifically in key market regions such as Asia Pacific, North America, and Europe regions which are estimated to further spur the market size growth in the upcoming years. Additionally, the capacity expansion for the production of paraformaldehyde to meet the growing demand for suitable solutions in various end-use industries is anticipated to increase the competition in the market.
Recent Developments
- In May 2021, Metafrax, a leading manufacturer of paraformaldehyde commenced the development of its new paraformaldehyde manufacturing facility in Gubakha, Russia. The new manufacturing plant will have an annual production capacity of 30,000 tons.
- In January 2020, Caldic B.V., a Netherlands-based manufacturer of paraformaldehyde acquired DCM Asia, a Malaysia-based specialty chemicals distributor. Caldic will expand its chemicals portfolio, including paraformaldehyde in the Southeast Asia market through this acquisition.
List of Major Global Paraformaldehyde Market:
- Alpha Chemika
- Celanese
- Merck
- Ercros
- Ekta International
- Metafrax Chemicals
- GFS Chemicals
- Thana Acid & Chemical Company
- Alfa Aesar
- RX CHEMICALS
Global Paraformaldehyde Market Segmentation:
- By Grade Type
- Pharmaceutical Grade
- Reagent Grade
- By Purity
- 91%-93%
- 95%-97%
- By Application
- Pesticide
- Hardening Agent
- Waterproofing Agent
- Resin
- Papermaking
- Analytical Reagent
- Wood Preservative
- Others
- By End User Industry
- Petroleum Industry
- Ink
- Oil and Paints
- Electrical Industry
- Plastic Industry
- Agriculture Chemicals
- Pharmaceuticals
- Others
Frequently Asked Questions in the Paraformaldehyde Market Report
What was the market size of the paraformaldehyde industry in 2020?
What will be the potential market valuation for the paraformaldehyde industry by 2030?
What are the key factors driving the growth of the paraformaldehyde market, as well as the opportunities that may impact the market’s future development?
What is the dominating segment in the paraformaldehyde market by grade?
Based on current market trends and future predictions, which geographical region will have the fastest impact on the paraformaldehyde market's growth in the coming years?
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