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.
This report covers analysis and forecast of the paraformaldehyde market on a global and regional level. The study provides historic data of 2014 along with forecast for the period between 2015 and 2023 based on volume (kilo tons) and revenue (US$ Mn).
The study provides a decisive view of the paraformaldehyde market by segmenting it based on applications and regional demand. Application segments have been analyzed based on current trends and future potential, and the market has been estimated from 2015 to 2023 in terms of volume (kilo tons) and revenue (US$ Mn). Regional segmentation includes the current and forecast demand in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. These have been further sub-segmented into countries and regions. The segmentation also includes demand in individual applications in all the regions.
The study covers the drivers and restraints governing the dynamics of the market along with their impact on demand during the forecast period. Additionally, the report includes potential opportunities in the paraformaldehyde market on the global and regional level.
We have included a detailed value chain analysis to provide a comprehensive view of the paraformaldehyde market. Porter’s Five Forces Analysis has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications have been benchmarked based on their market size, growth rate, and general attractiveness for future growth.
The market has been forecast based on constant currency rates. Prices of paraformaldehyde vary in each region and are a result of the demand-supply scenario in the region. Hence, a similar volume-to-revenue ratio does not follow for each individual region. Individual pricing of paraformaldehyde for each application has been taken into account while estimating and forecasting global market revenue. Regional average price has been considered while breaking down the market by application segments in each region.
The report provides the size of the paraformaldehyde market for 2014 and the forecast for the next eight years up to 2023. The size of the global paraformaldehyde market is provided in terms of both volume and revenue. Market volume is defined in kilo tons, while revenue for regions is in US$ Mn. The market size and forecast for each product segment is provided in the context of global and regional markets. Numbers provided in this report are derived based on demand generated in different applications and types of raw materials. Market dynamics prevalent in North America and Europe have been taken into account for estimating the growth of the global market.
Market estimates for this study have been based on volume, with revenues being derived through regional pricing trends. Demand for paraformaldehyde has been derived by analyzing the global and regional trends pertaining to demand in major applications in all regions and countries. The global paraformaldehyde market has been analyzed based on expected demand. Market data for each segment is based on volume and corresponding revenue. Prices considered for calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors, and direct selling regional producers, based on manufacturer feedback and application requirement. Forecasts have been based on the expected demand in paraformaldehyde applications. Conservative approach was undertaken to forecast demand for paraformaldehyde in glyphosate production owing to uncertainty in several regions pertaining to permitted use of glyphosate on food crops. We have used the bottom-up approach to estimate the global paraformaldehyde market, split by regions. The application split of the market has been derived using a top-down approach for each regional market separately, with the global product segment split being an integration of regional estimates. Companies were considered for the market share analysis based on their product portfolio, revenue, and manufacturing capacity. In the absence of specific data related to the sales of paraformaldehyde of several privately held companies, calculated assumptions have been made in view of the company’s product portfolio and regional presence along with the demand for products in its portfolio.
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Shandong Shuangqi Chemical Co., Ltd., Shouguang Xudong Chemical Co., Ltd., Jinan Xiangrui Chemical Co., Ltd., Celanese Corporation, and INEOS Group Limited. Company profiles include attributes such as company overview, brand overview, financial overview (in terms of financial year), business strategies, and recent/key developments.
Paraformaldehyde Market - Application Analysis
- Medical Applications
- Others (Including Development of Photographic Films, Papermaking, Oil Field Chemicals, lubricant additives, etc.)
Paraformaldehyde - Regional Analysis