Paraformaldehyde Market Growth Accelerated by Rapidly Growing Resin Production

Paraformaldehyde is an important feedstock used in the production of resins and chemicals. It is widely used to produce urea-formaldehyde resins which further find applications in wooden particleboards, plywood, and furniture industries due to their excellent thermal insulation and moisture resistance properties. The rising construction industry has increased the demand for wood products which is propelling the paraformaldehyde market size. The global paraformaldehyde market is estimated to be valued at US$ 419.8 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Rapidly growing resin production has emerged as a major market trend fuelling the growth of paraformaldehyde market. Paraformaldehyde is a key raw material used in the production of urea-formaldehyde and melamine-formaldehyde resins which are extensively used as adhesives and binders in the wood products industry. Booming construction activities coupled with increasing spending on infrastructure projects have boosted the demand for furniture, plywood, fiber boards and other wood products. Expanding wood products industry has led to escalating consumption of resins, thereby augmenting the demand for paraformaldehyde. Furthermore, paraformaldehyde also finds applications as fungicide, veterinary pharmaceutical intermediate, and production of triazine compounds which is further propelling the market growth.

Segment Analysis

The global paraformaldehyde market size is segmented by form, grade, application and region. The solid segment dominated the market in 2021 owing to its extensive use in various applications like disinfectants, fumigants and preservatives. Solid paraformaldehyde is commonly used due its easy availability and storability compared to liquid form. The pharmaceutical grade segment held the largest share of the global market due to high demand for paraformaldehyde in the production of vaccines and disinfectants.

Key Takeaways

The global paraformaldehyde market is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: Asia Pacific region currently dominates the global paraformaldehyde market and is expected to continue its dominance during the forecast period. Growing pharmaceutical industry in countries like China, India is driving the demand for paraformaldehyde in this region. European region is also expected to grow at a decent pace owing to high healthcare expenditure.

Key players operating in the paraformaldehyde market are Siemens AG, Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, Hill-Rom Holdings Inc., Medtronic plc, Koninklijke Philips N.V., Drägerwerk AG & Co. KGaA. These players are focusing on new product launches and expansion in emerging markets to gain competitive edge. For instance, in 2022, Dragerwerk AG & Co launched a new stationary ventilator- EVITA V600 - designed for use in intensive care units.

Get more insights on this topic: https://www.newsstatix.com/paraformaldehyde-market-share-and-opportunity-analysis/

 

Explore more information, Please visit: https://masstamilan.in/procurement-outsourcing-a-viable-option-to-reduce-costs-and-improve-efficiencies/