Paraformaldehyde Market Trends, Applications, Analysis, Growth, And Forecast: 2021 To 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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