Synopsis of Paraformaldehyde Market
The Global Paraformaldehyde market is expected to witness a significant growth of ~802.85 million by 2023 with CAGR of ~6.2% between 2016 and 2023.
Paraformaldehyde is a white crystalline, low molecular polycondensation compound of methylene glycol with the nature of formaldehyde formed by polymerization of methanol by heating. Paraformaldehyde has found numerous application such as Resin, production of urea formaldehyde, herbicides in agrochemicals, lubricant additives and many other. Increasing demand of plastic industry, pharmaceutical, agrochemical, and others is likely to drive the paraformaldehyde market growth. The growing plastic industry on account of developing domestic as well as commercial particularly in Asia-Pacific including China and India. additonally Middle East has boosted the global paraformaldehyde market over the forecasted period. Agrochemicals is the fastest growing segment due to increased demand of herbicides. Demand in pharmaceutical industry is expected to present new opportunities in the market.
Global Key Players
- INEOS Group AG
- Celanese Corp.
- Alfa Aesar
- Inter Atlas Chemica
- LCY Chemical Corp.
- Nantong Jiangtian Chemicals Co. Ltd.
- Shouguang Xudong Chemical Co Ltd
- Alder S.p.A
- Shandong Tuobo Plastics Products Co., Ltd.
The global paraformaldehyde market is majorly segmented on the basis of end user and region. Based on end user market is segmented into plastic industry, pharmaceutical, agrochemical, and others, and based on region market is segmented into North America, Europe, APAC, Latin America, Middle East & Africa.
Plastic and agrochemicals industries including applications like resins, herbicides continued to be the highest end use of paraformaldehyde in the China and United States. Most paraformaldehyde consumed by the agrochemicals industry is for the herbicides such as bismerthiazol, butachlor, acetochlor, glyphosate, and machete. Global market paraformaldehyde is driven by demand from APAC, Europe, South America and Middle East.
Asia Pacific is the fastest growing market and is expected to grow during the forecast period. The factors affecting its growth are production and consumptions of paraformaldehyde in developing economics. In China, increasing demand in plastic and agrochemical industries are the main drivers of the paraformaldehyde market.
North America is the second largest regional market and is expected to witness significant rise pertaining to growth in pharmaceutical and plastic industries followed by Europe due to upgrading in technology in plastic industry. Middle East and Latin America is further expected to witness stagnant growth on account of increased production of papermaking, rubber, plastics and leather, over the forecast period.
- Paraformaldehyde manufacturers
- Traders and distributors of Paraformaldehyde
- Production Process industries
- Potential investors
- Raw material suppliers
- Nationalized laboratory