Paraformaldehyde Market dynamics, share, size, growth factors, major challenges, opportunities and forecast 2027
Overview
The mounting product volumes
of paraformaldehyde are encouraging the market’s development. Reports that
assess the chemicals and material industry have been presented by Market
Research Future, which creates reports on numerous industry verticals that examine
the market progress and forecasts. The market is poised to attain earnings
worth 802.85 Million by 2023 while increasing with a CAGR of 6.2 % in the
approaching years.
The application of
paraformaldehyde as a resin is expected to bolster the market growth in the
forecast period. The elevated demand level being observed from the plastic
industry, pharmaceutical, and agrochemical industry is expected to boost the
progress of the paraformaldehyde market in the coming years.
Segmental
Analysis
The segmental assessment of
the paraformaldehyde market is segmented on the basis of end-user and region.
The end user segment of the paraformaldehyde market comprises of
pharmaceutical, plastic industry, agrochemical, and others. The plastic and
agrochemicals industries comprise of applications such as resins and herbicides
continue to be the uppermost end-use applications of paraformaldehyde in
countries such as China and the United States. Most paraformaldehyde used by
the agrochemicals industry is for the herbicides such as butachlor,
bismerthiazol acetochlor, and glyphosate. On the basis of regions, the
paraformaldehyde market is segmented into Europe, North America, APAC, Middle
East & Africa and Latin America.
Competitive
Analysis
The conception of prodigious
competitive advantages is likely to support the progress of the market. The
surge in the market is credited to the presence of favorable market forces are
expected to complement the development of the market. The positive
reinforcement of the forces of demand and supply is expected to lift the market
growth in the coming years. The synergies achieved in the manufacturing of the
goods in the market are enhanced, leading to better growth prospects. The
availability of productive resources is expected to further the progress of the
market in the forecast period. The increased transaction level in the market is
expected to spur an accelerated level of growth in the market. A considerable
ascension in the number of promoters in the market is estimated to form a beneficial
outlook for market growth in the projected period. The relaxation of the
barriers to the entry of new players in the market is expected to encourage the
expansion of the market in the impending years.
The
significant players of the Paraformaldehyde Market are Celanese Corp. (US), Alfa Aesar
(US), Alder S.p.A (Europe), Inter Atlas Chemica (UK), LCY Chemical Corp.
(Taiwan), INEOS Group AG (Switzerland), CHEMANOL (SA), Shouguang Xudong
Chemical Co Ltd (China), Nantong Jiangtian Chemicals Co. Ltd. (China), Shandong
Tuobo Plastics Products Co., Ltd. (China), and others.
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Detailed
Regional Analysis
The regional examination of
the paraformaldehyde market covers regions such as Europe, APAC, North America,
Middle East & Africa, and Latin America. The Asia Pacific region is the
fastest expanding market and is likely to develop during the forecast period.
The factors influencing its growth are the consumption and production of
paraformaldehyde in emerging economies. In China, the growing demand for the
plastic and agrochemical industries are the core drivers of the
paraformaldehyde market. The North American region is the subsequent major
regional market and is anticipated to observe a significant rise related to the
growth in pharmaceutical and plastic industries shadowed by the European region
due to progress in the technology in the plastic industry. The Middle East and
Latin American region are additionally expected to observe slow growth due to
amplified production of rubber, papermaking, plastics, and leather throughout
the forecast period.
Industry
Updates:
April
2019 Prefere Resins Holding
GmbH is buying INEOS Melamines and Paraform in the coming months. The agreement
is expected to cover sites in the US, Germany, and Indonesia. INEOS Paraform is
Europe’s next chief manufacturer of paraformaldehyde.
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