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Paraformaldehyde Market Global Key Players, Competitive Strategies, and Industry Size
Global Paraformaldehyde Market is anticipated to witness an exponential growth in the forecast period. Paraformaldehyde is a low molecular polycondensation compound of methylene glycol with the nature of formaldehyde. It is formed by polymerization of methanol by heating and is usually white crystalline in nature.
The factors that propel the growth of the market include increasing population, and growing demand as a fumigant, disinfectant, fixative, and fungicide. Moreover, increasing demand for paraformaldehyde as a hygienic & medical disinfector in medicine and pharmaceuticals sector is likely to boost the market growth. On the other hand, there are factors that may hamper the growth of the market including side effects like cancer and nasal & ocular irritation.
The market is anticipated to grow at a CAGR of 5.3% in the upcoming period as the scope, product types, and its applications are increasing across the globe. The latest trend gaining huge traction in the market is growing demand for resins by the shipping industry. The shipping industry was stagnant in the past but has been recording a substantial growth in the recent years. There is a growing demand for sail boats, power boats, speed boats, and cruise ships that has led to a surge in marine traffic.
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The market could be explored by application and geography. The key applications that could be explored in the market include Resins, Agrochemical, and Medical application. The “Agrochemical” segment led the market in 2016 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of market include rising population, and growing usage in the production.
Asia-Pacific accounted for the major share of the paraformaldehyde market in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing production of paraformaldehyde in China, increasing development in automotive, construction, and agricultural sectors, substantial rise pertaining to growth in pharmaceutical, oil & gas, and automotive industries, and increasing disposable income. Asia-Pacific is likely to be followed by Europe and North America owing to increased production of pentaerythritol, laminates, MDI and wood panels in the years to come.
Some of the key players that fuel the growth of the paraformaldehyde market comprise Caldic, Alfa Aesar, Ekta International, Chang Chun Group, Kothari Phytochemicals & Industries, GFS Chemicals, NANGTON JIANGTIAN CHEMICALS, Alder, LCY Group, Simalin Chemicals Industries, Shouguang Xuedong Chemical, OSWAL UDHYOG, Celanese, Synthite Limited, Ercros, Chemanol, PT. Dover Chemical and INEOS. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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