Paraformaldehyde Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2022 - 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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