The global Paraformaldehyde Market is estimated to be valued at US$ 483.61 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from various industrial applications such as fumigation, disinfection and embalming has been a major factor driving the growth of paraformaldehyde market. Paraformaldehyde is extensively used as a fumigant and disinfectant in the agriculture industry for preserving grains. It also finds widespread applications in medical industry as an embalming agent and disinfectant. Moreover, paraformaldehyde also serves as a hardening and tanning agent in leather production and is used as a fixing agent in various construction materials. The growth in end use industries such as agriculture, medical and construction are expected to positively influence the demand for paraformaldehyde over the forecast period.
Segment Analysis
The Global Paraformaldehyde Market Analysis is dominated by the disinfectant segment. This segment accounts for nearly 40% of the overall market share owing to the widespread application of paraformaldehyde as a disinfectant and preservative in various industries like healthcare, agriculture and taxidermy. The construction segment is also significant and holds around 30% share due to use of paraformaldehyde in insulations and concrete formulations.
Key Takeaways
The global Paraformaldehyde Market is estimated to be valued at US$ 483.61 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period from 2024 to 2031.
Regional Analysis
The paraformaldehyde market in Asia Pacific region is predicted to grow the fastest over the coming years. Countries like China, India and Indonesia are dominating the regional market and contributing significantly to global demand. This is attributed to expanding construction and healthcare industries, growing focus on food safety and rising awareness about hygiene in the region.
Key Players
Key players operating in the paraformaldehyde market are Siemens AG, Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, Hill-Rom Holdings, Inc., KARL STORZ GmbH & Co. KG, Mizuho OSI, Koninklijke Philips N.V., STERIS Corporation, Stryker Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., BenQ Medical Technology, Mediland Enterprise Corporation, Alvo Medical Sp. z o.o., Famed Zywiec Sp. z o.o., Heal Force, OPT Surgisystems S.R.L. (TKB Group), Medifa-hesse GmbH & Co. KG, UFSK-International OSYS GmbH, Taicang Kanghui Technology Development Co., Ltd, Ningbo Techart Medical Equipment Co., Ltd., Fazzini SRL, Lojer Oy, and AGA Sanitaetsartikel GmbH.
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