A new Transparency Market Research report states that the global paraformaldehyde market stood at US$468.8 mn in 2014 and is predicted to reach US$791.9 mn by 2023. It is predicted to expand at a CAGR of 6.1% from 2015 to 2023. The title of the report is “Paraformaldehyde Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
According to the report, the rising demand for resins has raised the demand for paraformaldehyde, thus boosting the market’s growth. In addition, the rising adoption of GM crops has also stimulated the market for paraformaldehyde. Furthermore, glyphosate being the most commonly selling herbicide worldwide is also amongst the prime drivers fuelling the demand for paraformaldehyde. On the other hand, a number of restrictions on the use of glyphosate may impede the growth of the market in forthcoming years. This is owing to the fact that the International Agency for Research on Cancer has categorized glyphosate in Group 2B, declaring it as a probable carcinogenic substance for human beings. This is why a number of nations have posed restrictions and even banned the use of glyphosate. Some of these nations are Hungary, France, Austria, Germany, the Netherlands, Japan, Luxembourg, Ireland, Switzerland, and Peru, among others, as stated in this report.
On the basis of application, the report segments the market into agrochemicals, resins, medical applications, and others such as papermaking, developing photographic films, lubricant additives, oilfield chemicals, etc. Amongst these, in 2014, the segment of agrochemicals and resins collectively constituted a share of more than 80% in the market. This is due to the increasing usage of paraformaldehyde in manufacturing glycol, ion-exchange, n-methylolacrylamide, trimethylolpropane, and pentaerythritol. Paraformaldehyde offers more control on reaction rates in the synthesis of resins and also enhances productivity. On the other hand, paraformaldehyde is used in the agrochemicals industry for the production of a number of herbicides such as acetochlor, glyphosate, machete, butachlor, and bismerthiazo. In medical applications, paraformaldehyde is utilized for hygienic disinfection.
In terms of geography, the report segments the market into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Amongst these, the region of Asia Pacific stood as the prime consumer and producer of paraformaldehyde and represented a share of over 55% in the market in 2014. China is the key paraformaldehyde market within the region of Asia Pacific. North America and Europe trailed Asia Pacific and took the second largest share in the market. This is owing to the increasing production of resins using paraformaldehyde within the regions of North America and Europe.
As stated in the report, the prominent players operating in the market for paraformaldehyde are Shandong Shuangqi Chemical Co., Ltd., Shouguang Xudong Chemical Co., Ltd., Jinan Xiangrui Chemical Co., Ltd., Celanese Corporation, and INEOS Group Limited, among others.
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