Paraformaldehyde Market will witness around 6% CAGR to 2024

August 22 12:19 2017

U.S. is an international hub for the pharmaceutical industry from past few decades. Paraformaldehyde consumption in the medical sector as a fixative and disinfectant will grow its market. Technological advancements in medical sector have given a boost to its industry.
Paraformaldehyde Market Size by Application (Resins, Agrochemicals, and Medical Applications), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Paraformaldehyde market has always been one of the most arguable business fraternities, subject to its regulations driven landscape. The industry space is characterized by a strong regulatory framework and extensive research activities, which is not only for widening its application horizon but also to acquire enough evidences to check its viability with regards to human exposure. Speaking of paraformaldehyde market commercialization, a sizable chunk is procured by pharmaceutical sector as a specialty disinfectant. In fact, statistics estimate, overall paraformaldehyde industry from medical applications had a volume coverage of almost 26 kilotons in 2015. However, in this regard, it is prudent to note that recently the European Union has identified formaldehyde as Class 1B carcinogen. The approval opinion reportedly also stated that any form of formaldehyde usage must be prescribed by skilled professionals.  Being identified as a substance of concern by authentic regulatory organizations like the European Union is a serious concern paraformaldehyde market giants are dealing with, pertaining to the fact that it may limit the product deployment in the laboratories.

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However, as per Global Market Insights, Inc., paraformaldehyde market is likely to surpass a valuation of USD 800 million by the end of 2024, with an estimated CAGR of 6% over the period of 2016-2024. The forecast figure is almost double than that what was recorded in 2015 (approx. USD 493 million), which is deemed to be a positive indicator for the expansion of the market across various topographies.

Enlisted below are the three major geographies actively partaking in the global paraformaldehyde North America has been one of the most outpacing regions partaking in the paraformaldehyde market, having held a revenue of USD 85.4 million in 2015. The expanding agrochemical market has a key role to play in the development of the regional market.  The United States stands as a major revenue pocket. A statistic bearing a testimony to the statement – 45% of the total land in America was under cultivation in 2016, subject to which the paraformaldehyde consumption in U.S. is significantly high.  Speaking along the similar lines, overall agrochemical application, as per estimates is forecast to record a y-o-y growth of 6% over 2026-2024.

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Having covered almost 55% of the overall paraformaldehyde industry share in 2015, APAC procured a major portion of the business landscape. Robust construction activities across emerging economies are propelling the product demand in this belt. In fact, estimates depict, China, in 2015, spent around USD 1.75 trillion on construction activities and in the same year, India invested approximately USD 420 billion in this sector. These aforementioned statistics are quite an evidence to the growth potentiality of paraformaldehyde market in APAC belt.

The automotive industry is witnessing consistent proliferation across Europe, a prime ground enhancing the regional paraformaldehyde market outlook. The continent is home to various auto giants like Volkswagen, Skoda Auto. Paraformaldehyde based resins are predominantly used in manufacturing vehicle applications like molding, bearing, adhesives etc, subject to which regional paraformaldehyde market demand is on an incline. In this regard, it is important to note that overall resin accounted for 40% of the application landscape in 2015 and is forecast to grow substantially at a CAGR of 5% over the period of 2016-2024. With Germany at the forefront contributing 15% of the regional share, Europe paraformaldehyde market is forecast to observe significant gains over the coming seven years.

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Despite the regulatory compliances imposed on the product consumption that is acting as a major road block, paraformaldehyde industry is forecast to witness steady growth in the coming seven years, subject to its incredibly diversified application spectrum. Market giants are heavily investing in research activities to improve the product quality. Some of the renowned names involved in paraformaldehyde market include Pure Chemistry Scientific, Asia Chemical Corporation, Zibo Qingxin Chemicals Factory, Oswal Udhyog, and Tianjin Yuanlong Chemical Industry Co, Ltd.

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