The global paraformaldehyde market is expected to grow significantly over the upcoming period owing to its increasing demand as a disinfectant, fumigant, fixative, and fungicide. The growing agricultural sector owing to the increasing population is expected to serve as a key driver for the market growth over the forecast period. In addition, accelerating demand in organic chemical syntheses, fertilizers, pharmaceuticals, in printing & photography, fluorescent lights, consumer goods, cleaning products, personal care products, and intermediate additives and compounds is expected to drive market growth. Furthermore, its use for the hardening of glues along with the production of resins is expected to uplift the demand. Growing demand as a hygienic & medical disinfector in medicine and the pharmaceutical sector is anticipated to increase market share over the next seven years. Paraformaldehyde should comply with OSHA (Occupational Safety and Health Administration) regulations owing to its severe human health hazards, which is expected to serve as a major market challenge over the upcoming years. Exposure of paraformaldehyde through industrial activity and consumer products is expected to cause nasal & ocular irritation and cancer which is expected to restrict market growth.
Paraformaldehyde finds applications in numerous sectors including agricultural chemicals, paint industry, pharmaceutical & chemical industry. Increasing consumption in the production of various products including resins, paper, leather, dyes, herbicides, rubber auxiliaries, plastics, and developers is further expected to propel paraformaldehyde market demand. Growing demand for agricultural chemicals including herbicides, bactericides, fungicides, and pesticides in oil & sugar refining sector mainly in the U.S., India, China, and Brazil is expected to stimulate market growth. Increasing usage of paraformaldehyde for the manufacturing of resins including urea resins, melamine resins, and phenolic resins is expected to drive the demand over the next seven years. In addition, its increasing usage to manufacture products used in agrochemicals, medicine, and the automobile industry is expected to surge market growth. Furthermore, growth in the medical sector is expected to spur the market for formaldehyde owing to its superior disinfectant properties. Moreover, increasing demand for plastics is further expected to uplift growth in the market especially in India, China, U.S., and Japan. In addition, significant growth in the construction and automobile sector is expected to surge market demand owing to its application in paint & coating industry. Its growing use as fixatives for cells and tissues is anticipated to increase the market demand. The paraformaldehyde market is expected to flourish as a result of increasing demand for polyoxymethylene as an engineering thermoplastic on account of wide applications in the consumer electronics and automotive industry.
Asia Pacific is expected to witness significant market growth over the upcoming owing to increasing production of paraformaldehyde in China. India is expected to boost the demand over the next seven years on account of increasing development in construction, automotive, and agricultural sectors along with increasing disposable income. North America is the second-largest regional market and is expected to witness a significant rise pertaining to growth in oil & gas, pharmaceutical, and automotive industries. Europe follows North America and is expected to witness considerable growth owing to advancements in technology in plastic and rubber industries. MEA and Latin America are further expected to witness significant growth on account of increased production of laminates, pentaerythritol, MDI, and wood panels over the forecast period.
Global key players of paraformaldehyde market include Alfa Aesar, Parchem, Shanghai Orgpharma Chemical Co., Ltd., Jinan Xiangrui Chemical Co., Ltd., Jinan Haohua Industry Co., Ltd., GFS Chemicals, Ekta International, Inter Atlas Chemical, Hebei Yuhang Chemical Industry Co., Ltd., Nantong Jiangtian Chemical Co., Ltd., Changzhou Koye Chemical Co., Ltd., Linyi Ruifeng Machinery Co., Ltd., Caldic, Stormmax ASSP Ltd., Asia Chemical Company, Pure Chemistry Scientific Inc., Oswal Udhyog, Zibo Qingxin Chemicals Factory, Tianjin Yuanlong Chemical Industry Co., Ltd., Thana Acid and Chemical Co. and Alpha Chemika. Thana Acid manufactures and supplies hydrogen peroxide (H202) and para formaldehyde (96, 91 percent) all over the world. Caldic produces paraformaldehyde of 91%-93% purity and offers products having major application in coating, rubber, adhesive, molding powder, chipboard and plywood industry along with wide applications in disinfectant and preservative formulations. Parchem offers products that serve as binders in plywood and particleboard.
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Demand across the organic chemicals sector shall register a slump in growth albeit increasing demand for certain chemicals that find end applications in healthcare and food. Furthermore, China, a major supplier of chemicals to the world, registered a considerable decline in manufacturing in the first quarter of 2020, following the trajectory unfolded by COVID-19's escalation to a pandemic. This has led to an imbalance in supply-demand dynamics, forcing manufacturers and customers alike to renegotiate supply agreements. The report will account for Covid19 as a key market contributor.