Paraformaldehyde Market Size, Share, Competitive Landscape and Trend Analysis Report by Application : Global Opportunity Analysis and Industry Forecast, 2021-2030

The paraformaldehyde market size was valued at $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.

Paraformaldehyde [OH(CH2O)nH], also known as polyoxymethylene, is a white crystalline solid substance, which is formed by formaldehyde polymerization. It forms a white precipitate in the aqueous solution of formaldehyde. To reduce the extent of polymerization, a tiny amount of methanol is frequently added as a stabilizer. Alcohol, ether, and water are insoluble in paraformaldehyde, although it is soluble in alkali solutions. It is commercially sold based on its purity; the higher the purity of paraformaldehyde, the more expensive it is. Higher molecular homopolymers are robust and rigid, and they retain heat, solvent, and moisture well. Once depolymerized, paraformaldehyde is employed as a disinfectant, fungicide, fixative, and fumigant. In addition, it is widely utilized as a root canal treatment material.

The synthesis of agrochemicals such as pesticides, fungicides, and insecticides heavily relies on paraformaldehyde. However, powdered paraformaldehyde is hazardous to human health, particularly mucosal membranes. It should be handled with extreme caution, and contact with the eyes, nose, and skin should be avoided. The negative impact of paraformaldehyde on human health acts as a key deterrent factor of the global paraformaldehyde market. Moreover, long-term exposure can be fatal, causing cancer as well as nasal and ocular discomfort, thus hampering the paraformaldehyde market growth.

The global paraformaldehyde market is segmented into application and region. On the basis of application, the market is segregated into resins, agrochemicals, medical, and others. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

The manufacturers studied and profiled in the report include Alfa Aesar, Alpha Chemika, Caldic, Celanese, Chemanol, Ekta International, Ercros, Jinan Xiangrui Chemical Co., Ltd., Merck, and Yinhe Chemical.

Paraformaldehyde market, by application

By application, the agrochemical segment accounted for around 41.8% of the paraformaldehyde market share in 2020. Agrochemicals will generate over $1,210.7 million by 2030, owing to the fact that paraformaldehyde is extensively used in the manufacture of herbicides such as glyphosate, acetochlor, butachlor, machete, and bismerthiazol.

Paraformaldehyde market, by region 

Region wise, Asia-Pacific is expected to contribute 57.2% share in the global paraformaldehyde market, owing to increase in production of paraformaldehyde in China. India is expected to witness high demand for paraformaldehyde over the next seven years, due to the development of the construction, automotive, and agricultural sectors along with increase in disposable income.

Key Benefits For Stakeholders

• The report outlines the current paraformaldehyde market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the paraformaldehyde market industry for strategy building.
• The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, & opportunities and their detailed impact paraformaldehyde market analysis are explained in the study.
• The profiles of key players and their key strategic developments are enlisted in the report.

Impact of COVID-19 on the global paraformaldehyde market

• Some of the major economies suffering from the COVID-19 crisis include Germany, France, Italy, Spain, the UK, and Norway. Many industries have been shut down due to lack of raw material availability and disruptions in the supply chain, owing to the virus outbreak. The worldwide lockdown has suspended the marine and industrial activities, which results in decline in demand for paraformaldehyde.
• Manufacture of oil & gas and other products across the globe came to a halt due to unavailability of raw materials and shortage of labor. This is expected to hamper the growth of the paraformaldehyde market growth.
•  Increase in demand–supply gap, price volatility, and change in government policy are expected to affect the growth of various end-use industries. In terms of its immediate and long-term effect on industry and consumers, the COVID-19 pandemic has outpaced any headwind ever encountered. The world economy of paraformaldehyde industries has been experiencing a rapid slowdown due to constraints of the COVID-19 pandemic on economic activity.
• Owing to COVID-19, the market witnessed significant dip due to closure of agrochemicals; however, the market is projected to witness strong growth in the next couple of years as situation continues to ease down in the North America and Asia-Pacific. 

  Paraformaldehyde Market Report Highlights

Aspects	Details
By APPLICATION	Resins Agrochemicals Medical Other
By Region	North America  (U.S, Canada, Mexico) Europe  (Germany, UK, France, Spain, Italy, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Latin America, Middle East, Africa)
Key Market Players	Thana Acid & Chemical Company, Chemanol, GFS Chemical, Caldic, Ercros, Merck Group, Ekta International, Alpha Chemika, THERMO FISHER SCIENTIFIC, CELANESE CORPORATION

Analyst Review

The global paraformaldehyde market is anticipated to witness significant growth during the forecast period, owing to rise in demand form resins and agrochemicals. The demand for paraformaldehyde in the industry is anticipated to increase due to the rising demand for agrochemicals worldwide. Additionally, the industry will be propelled by the surge in demand for thermosetting resins such as urea, phenol, resorcinol, and melamine. These resins are used in multi-purpose industries such as wood, papermaking, plastics, and paints & coatings. In addition, due to increase in population and consumer preference for staple crops, the demand for higher quality and more quantitative products is expected to increase the demand for agrochemicals, which, in turn, leads to significant growth in paraformaldehyde market. Although Asia-Pacific has emerged as a lucrative region for investors, North America is perceived as a mature market for paraformaldehyde, owing to high growth rate, in terms of revenue. Increase in demand for agricultural chemicals, including bactericides, herbicides, fungicides, and pesticides, mainly in the U.S. is expected to promote the industry growth in the future.

Author Name(s) : Snehal Mohite | Eswara Prasad

Related Tags

• Chemical Technology
• Organic Chemicals
• Specialty Chemicals
• Agrochemicals
• Resins