Paraformaldehyde is a thermoplastic powder derived from formaldehyde and commonly used as a precursor and intermediate chemical in the production of various resins such as phenol–formaldehyde, resorcinol–formaldehyde and urea–formaldehyde. It is also used as biocidal fumigant in quarantine pest control for control of microorganisms and marine borers. Paraformaldehyde is adopted as a disinfectant and preservative in medical field.
The global Paraformaldehyde Market is estimated to be valued at US$ 419.8 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the Paraformaldehyde market is its increasing use in building insulation materials. Paraformaldehyde is a key raw material used in the production of insulation foams, which are increasingly being used for thermal and sound insulation in residential as well as commercial buildings. Driven by the growing construction activities worldwide and push for energy efficient green buildings, the demand for insulation foams incorporating paraformaldehyde is rising at a rapid pace. Additionally, strict regulatory norms regarding energy efficiency in buildings in various countries are also fueling the adoption of enhanced insulation materials containing paraformaldehyde.
Segment Analysis
The global paraformaldehyde market is segmented on the basis of form, application, end-use industry, and region. By form, the market is categorized into flakes, powder, and prills. The powder segment dominates the market as powder form makes paraformaldehyde easier to handle and disperse. Powdered paraformaldehyde is preferred in applications like disinfectants and preservatives where homogenized dispersion of paraformaldehyde is required.
Key Takeaways
Global Paraformaldehyde Market Size is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand from resin production and agricultural applications.
Regional analysis:
Asia Pacific dominates the global paraformaldehyde market and is expected to continue its dominance over the forecast period. This is attributed to the increasing demand from industries like construction and automotive from China, India and other Asian countries. Asia Pacific is estimated to account for over 40% share of the global market by 2030. Europe and North America are other major consumers of paraformaldehyde.
Key players:
Key players operating in the paraformaldehyde market are Ercros, CCP, Celanese, LCY Chemical, Nantong Jiangtian, Hebei Jintaida Chemical, Shangdong Aldehyde Chemical, Yinhe Chemical, Shouguang Xudong, LINYI TAIER, Merck, Mitsubishi Gas Chemical, Chemanol, Xiangrui Chemical, Caldic. Ercros and Celanese are the largest manufacturers of paraformaldehyde globally. The market is oligopolistic in nature with very few players occupying major share. Key players focus on capacity expansion to leverage the high growth opportunities in Asia Pacific and South America.
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