Rise in need for paraformaldehyde to synthesize disinfectants, fixatives, fumigants, and fungicides has boosted the growth of the global paraformaldehyde market.
The findings of the report states that the global market for paraformaldehyde generated $1.6 billion in 2020, and is projected to reach $2.8 billion by 2030, at a CAGR of 5.5% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Increase in reliance on paraformaldehyde for the synthesis of agrochemicals such as fungicides, insecticides, and pesticides and extensive utilization as a root canal treatment material are expected to drive the growth of the global paraformaldehyde market. On the other hand, adverse impact of paraformaldehyde on the human health is expected to hinder the growth to some extent. However, surge in the investment and expenditure on agricultural chemicals by various countries across the globe is expected to provide opportunities in the industry.
On the basis of application, the medical segment is projected to register the fastest CAGR of 6.2% during the forecast period, due to rise in demand as a hygienic & medical disinfector in medicine and the pharmaceutical sector. However, the agrochemicals segment held the largest share in 2020, accounting for more than two-fifths of the global paraformaldehyde market, due to surge in population and consumer preference for staple crops and demand for higher quality and more quantitative products.
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Based on geography, the global paraformaldehyde market across Asia-Pacific, followed by North America, held the largest share in 2020, contributing to nearly three-fifths of the market, owing to increasing production of paraformaldehyde in China. However, the market across LAMEA is expected to register the fastest CAGR of 6.6% during the forecast period, due to increased production of laminates, pentaerythritol, MDI, and wood panels.
The key market players analyzed in the global paraformaldehyde market report include Jinan Xiangrui Chemical Co., Ltd., Merck, Yinhe Chemical, Alfa Aesar, Alpha Chemika, Caldic, Ekta International, Chemanol, Celanease, and others.
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