Paraformaldehyde, also known as polymerized formaldehyde, is an important chemical compound that is majorly used in resins and is a precursor to many other chemicals and useful compounds. It also finds applications as a disinfectant and preservative in the healthcare industry.
The global paraformaldehyde market, valued at US$ 419.8 Mn in 2024, is estimated to grow at a CAGR of 3.9% during the forecast period of 2023 to 2030.
Paraformaldehyde is commonly used as a fungicide, bactericide, and disinfectant in various industries such as construction, healthcare, and personal care. It helps protect materials from microbial degradation during transportation and storage. In the construction industry, paraformaldehyde is widely added to paints, coatings, and sealants formulations to prevent the growth of mold, mildew, and other microorganisms on building surfaces and materials. With rising construction activities around the world owing to rapid urbanization and infrastructure development projects, the demand for paraformaldehyde is experiencing considerable growth.
Market key trends:
One of the key trends in the paraformaldehyde market is increasing use in resin production. Paraformaldehyde acts as an important starting material for the production of various alcohols and acids through controlled oxidation as well as in the manufacture of thermoset resins like phenol formaldehyde resins and urea formaldehyde resins. Phenol formaldehyde resins find wide applications as wood adhesives in the construction and furniture industries whereas urea formaldehyde resins are used in particleboards, plywood, and fiberboard manufacturing. Thus, rising demand for thermoset resins from various end-use industries is augmenting the consumption of paraformaldehyde.
Porter’s Analysis
Threat of new entrants: Low, as there are high capital requirements and customer loyalty towards established players.
Bargaining power of buyers: High, as the market has many global players offering substitutes.
Bargaining power of suppliers: Moderate, as raw materials are commodity chemicals with few substitutes but are globally traded.
Threat of new substitutes: Moderate, as formaldehyde and other aldehydes can substitute paraformaldehyde for some applications.
Competitive rivalry: High, as the major global players compete on basis of product quality, reliability, pricing and innovation.
Key Takeaways
The Global Paraformaldehyde Market Share is expected to witness high growth. The market size for 2024 is projected to reach US$ 419.8 Mn, registering a CAGR of 3.9% during the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific is expected to dominate the global market during the forecast period. China accounts for the largest production and consumption of paraformaldehyde in the region. Europe and North America are also sizable markets driven by established end-use industries.
Key players: Key players operating in the paraformaldehyde market include Siemens AG, Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, and Air Liquide. Siemens AG and Dragerwerk AG are the leaders in medical device segment while Air Liquide dominates the industrial gas segment.
For more details on the report, Read- https://www.insightprobing.com/paraformaldehyde-market-size-and-share/
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