Paraformaldehyde is an essential chemical used in the production of resins and coatings. It offers various advantages like excellent thermal stability, adhesion to various substrates and resistance to deterioration. The global paraformaldehyde market is driven by the increasing demand for resins and coatings from various end-use industries like construction, automotive and manufacturing. Paraformaldehyde resins finds wide application in coatings for metal substrates due to its corrosion resistance and weatherability properties.
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:
The rising usage of paraformaldehyde in resins and coatings is one of the major trends driving the global paraformaldehyde market. Paraformaldehyde acts as an intermediate in producing resin and coating materials that have widespread applications. It is an essential cross-linking agent in resin and coating formulations that provides strength, chemical and moisture resistance. Owing to robust growth of construction and automotive industry globally, the demand for paraformaldehyde based resin and coatings have surged significantly over the past few years. The ability of paraformaldehyde to enhance key properties of resins and coatings like adhesion, corrosion resistance has made it an important chemical compound for these applications. This rising need from thriving end-use industries is expected to propel the paraformaldehyde market during the forecast period.
Segment Analysis
The global paraformaldehyde market is dominated by the disinfectants segment. Paraformaldehyde is extensively used as an effective disinfectant and sterilant for various equipment, laboratories, and hospitals. It can easily penetrate the cell wall of microorganisms like bacteria, viruses, and spores and impair their functioning. The excellent disinfection properties of paraformaldehyde make it suitable for sterilizing medical equipment, laboratories, and other areas requiring high levels of sterility. This extensive application in disinfection is driving the large share of this segment in the overall market.
Key Takeaways
The Global Paraformaldehyde Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.
The regional analysis shows that Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period. Factors such as rapid industrialization, increasing healthcare spending, and growing awareness about sterilization are fueling the demand for paraformaldehyde in the region. Countries like China and India offer immense growth potential due to their large population base and developing economies. This is attributed to stringent regulatory norms for sterilization of medical equipment in countries like the US and Canada. Growing healthcare infrastructure and increasing expenditure on medical devices are supporting the market growth. Further, awareness about disinfection and sterilization is high among consumers 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. Siemens AG is one of the leading players dominating the market owing to its strong brand presence and wide product portfolio.
For More Insights, Read: https://www.newswirestats.com/paraformaldehyde-market-demand-growth-and-regional-outlook-by-2030/
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