Global Paraformaldehyde Market: Snapshot
In the last few years, the use of paraformaldehyde has increased significantly owing to the rising number of applications. The growing demand from agrochemical and resins manufacturers is expected to encourage the growth of the global paraformaldehyde market in the coming years. Some of the key applications of paraformaldehyde are medical appliances, agrochemicals, resins, lubricant additives, papermaking, and others. The key players in the market are emphasizing on increasing the number of applications is estimated to supplement the growth of the market in the coming years.
According to the research study, the global market for paraformaldehyde is anticipated to reach a value of US$791.9 mn by the end of 2023. The market is likely to register a healthy 6.0% CAGR between 2015 and 2023.
Application of paraformaldehyde as Lubricant Additives to Encourage Growth
The rising rate of adoption of GM crops has resulted in a high demand for glyphosate, which is the key factor estimated to encourage the growth of the global paraformaldehyde market in the coming years. In addition, the growing demand for resins is predicted to accelerate the overall development of the market in the near future. The rising focus on the development of new products and technological advancements are estimated to supplement the market’s growth.
On the flip side, several concerns related to the sanctions and restrictions against glyphosate are anticipated to restrict the growth of the global paraformaldehyde market in the forecast period. Nevertheless, the application of paraformaldehyde as drilling fluids and as a lubricant additive is expected to generate promising opportunities for key players operating in the global market in the next few years.
Rising Contribution from China to Bolster Asia Pacific Paraformaldehyde Market
In the last few years, the Asia Pacific segment held a large share of the global paraformaldehyde market and is likely to remain in the topmost position in the next few years. The tremendous contribution from China is estimated to accelerate the growth of this region and is considered as one of the largest manufacturers across the globe. The expansion of the application base of paraformaldehyde is expected to supplement the growth of this segment in the coming years. Furthermore, North America and Europe are anticipated to follow Asia Pacific throughout the forecast period. The rising demand from diverse industries and the increasing focus on technological developments are anticipated to encourage the growth of the Asia Pacific market for paraformaldehyde in the next few years. Furthermore, Latin America and the Middle East and Africa are likely to witness a healthy growth in the next few years.
Growing Demand from Diverse Industries to Encourage Growth
The growing demand for paraformaldehyde has attracted several new players to enter the market in order to expand their product horizon and attain a leading position in the market. The rising level of competition is projected to result in introduction of new products and the creating an awareness among consumers regarding the use of paraformaldehyde across diverse industries. In addition, the rising number of mergers and acquisitions is another major factor anticipated to contribute significantly towards the growth of the global market throughout the forecast period.
Some of the key players operating in the paraformaldehyde market across the globe are Nantong Jiangtian Chemical Co., Ltd., Celanese Corporation, Shouguang Xudong Chemical Co., Ltd., Feno Resinas S.A. de C.V., INEOS Group Limited, and LCY Chemical Corp. The presence of a large number of players is expected to enhance the competitive scenario of the overall market throughout the forecast period.