Paraformaldehyde Market Foreseen to Grow Exponentially by 2023

The global paraformaldehyde market is anticipated to rise at a significant rate due to rising numbers of mergers and acquisitions. According to a report by Transparency Market Research, the global paraformaldehyde market is expecting entrance of a lot of new players in the market owing to the rising demand of paraformaldehyde compound. The market will be witnessing rapid growth in regional as well as global market. There will be significant rise in competition which will result in launch of new products in the market. Rising numbers of mergers and acquisitions will be contributing to the development of global paraformaldehyde market.

The key players operating in the global paraformaldehyde market are Nantong Jiangtian Chemical Co., Ltd., Celanese Corporation, INEOS Group Limited, Shouguang Xudong Chemical Co., Ltd., LCY Chemical Corp., and Feno Resinas S.A. de C.V.

The global paraformaldehyde market is expected to rise at a healthy CAGR of 6.1% during the forecast period of 2015 and 2023. The global market was worth US$468.8 mn during 2014 and is expected to rise at a valuation of US$791.9 mn by the end of forecast period. The global paraformaldehyde application segment consisting of resins, agrochemicals, medical applications, lubricant additives, oil field chemicals, paper making, and development of photographic films are expecting a rise in demand. Geographically, Asia pacific is leading the market and is expected to dominate in the coming years as well. The rise in this region is majorly due to high demand in China.

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Growing Demand from Various Industries to Encourage Market Growth

The global paraformaldehyde market is witnessing a rise in demand owing to increased usage of glyphosate as a part of weed control applications for tea ranches, rubber forests, plantation, and mulberry fields as it is a natural phosphorus herbicide. Increased demand for upgraded agricultural outcome for increasing population will increase the demand for glyphosate which will result in development of paraformaldehyde market as it is one of the raw materials used for production of glyphosate. Rise in demand for resins will potentially increase the demand for paraformaldehyde market in the coming years. Industrial advancement has led to improved products in the market. This factor plays a crucial role in the market and is likely to boost the global market growth. There is a major demand for thermoset composites which will significantly improvise the market in the coming years.

The global paraformaldehyde market is expected to expand due to growing preference for simple customization, capacity for luxurious and attractive electronic devices, and resistant to erosion. Paraformaldehyde is also used in fungicide, fixative, fumigant, and disinfectant thus, leading to increased demand for the same. It also finds application in personal care products, intermediate compound and additives, cleaning products, consumer goods, fluorescent lights, printing and photography, pharmaceuticals, fertilizers, and organic chemical synthesis. It is witnessing growing demand in the pharmaceutical and medicine industry as medical and hygiene disinfectors. These factors are brining potential growth in the market.

Global Paraformaldehyde Market to Suffer Due to Its Hazardous Effects on Human Health

The global paraformaldehyde market will be facing some restrains that might affect the growth of the market during the forecast period. The rise in concern regarding the usage of glyphosate might hamper the market growth. Government implementing restriction for usage of the same can also affect the market. Paraformaldehyde market will be affected as it is severely hazardous to human health. Exposure to paraformaldehyde during industrial activities and through consumer products can lead to ocular irritation, nasal irritation, and cancer. These factors will likely restrict the market growth.

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Posted By : Priyanka Thakare // in Business