Paraformaldehyde Market is Estimated To Witness High Growth Owing To Growing Use Of Paraformaldehyde In Synthesis of Various Polymers and Coatings

Paraformaldehyde Market



Paraformaldehyde is a polymerized and condensed form of formaldehyde that serves as a source of formaldehyde gas. It is a white crystalline powder with a pungent, irritating odor commonly used as a preservative or germicide in industrial and medical applications. Formaldehyde acts as a disinfectant and sterilizer, and is used as a preservative in vaccines, medications, and biological samples collection media.

The Paraformaldehyde Market is estimated to be valued at US$ 419.8 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends driving the growth of the paraformaldehyde market is its increasing use in the synthesis of various polymers and coatings. Paraformaldehyde readily acts as a source of formaldehyde and is highly preferred over free formaldehyde for these applications owing to its safer handling and greater stability. It is used in the production of resins like phenol formaldehyde resins and urea formaldehyde resins which are used to manufacture wood adhesives, laminates, coatings, and insulation materials. Additionally, it also finds application in the production of various medical devices and diagnostic kits. The growing demand for polymers and coatings from end-use industries like construction and healthcare is thus expected to boost the demand for paraformaldehyde over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements and government support makes threat of new entrants moderate. Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material sources. Threat of new substitutes: Substitutes like formaldehyde pose threat to the market. Competitive rivalry: Intense competition between existing players.

SWOT Analysis

Strengths: Wide Applications, Low manufacturing cost.

Weaknesses: Toxic effects on health, Stringent regulations.

Opportunities: Growth in construction and automotive industry, Rising demand in developing nations.

Threats: Substitute threat like formaldehyde, Volatile raw material prices.

Key Takeaways

Global Paraformaldehyde Market Size is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand from construction sector. The market size for 2023 is US$ 419.8 Mn. Asia Pacific dominates the global paraformaldehyde market and is expected to grow at fastest CAGR over forecast period due to rapid growth of construction industry in China and India.

Regional analysis- Asia Pacific accounts for over 50% of global market share and is expected to maintain its dominating position throughout forecast period. China is largest consumer as well as producer of paraformaldehyde globally.

Key players operating in the paraformaldehyde market are Ercros, CCP, Celanese, LCY Chemical, Nantong Jiangtian, Hebei Jintaida Chemical, Shangdong Aldehyde Chemical, Yinhe Chemical, Shouguang Xudong, LINYI TAIER, Merck, Mitsubishi Gas Chemical, Chemanol, Xiangrui Chemical, Caldic. Ercros and Celanese are market leaders with around 20-25% market share each. 

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