Global Paraformaldehyde Market Foreseen To Cross USD 647 MN By 2026
- Press Releases
The “Global Paraformaldehyde Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026” research study offered on Decisiondatabases.com gives an in-depth outlook of the market trends, dynamics and forecast for the global paraformaldehyde market. The report predicts that the global paraformaldehyde market would reach USD 647 MN by 2026 along with a CAGR of 5% within the forecasted period within 2020 to 2026.
Paraformaldehyde is a white powdery substance that has a pungent odor of formaldehyde. The major applications of paraformaldehyde are that it is used for the production of resins and agrochemicals. It is also used in numerous industries such as the chemicals, paint industry, pharmaceutical & chemical industry and also in the manufacturing of various products such as resins, paper, leather, dyes, herbicides, rubber auxiliaries and plastics.
The key drivers for the paraformaldehyde market are its increased usage in agricultural chemicals such as herbicides, bactericides, fungicides and pesticides. The usage of paraformaldehyde for the production of resins is expected to boost the market during the forecasted period from 2020 to 2026. Besides, the growth of its usage in healthcare and the automobile industry is expected to provide new opportunities in the market. The key hindrance to this market is the health hazard that may be caused by paraformaldehyde.
By application, resins, agrochemicals, medical applications, development of photographic films, papermaking, oil field chemicals and lubricant additives are the classifications provided for the global paraformaldehyde market as per the report where agrochemicals are the fastest-growing segment due to the increased demand for herbicides in genetically modified crops.
By geography, Asia Pacific, North America, Europe, Latin America and Middle East And Africa are the regional segments of the global paraformaldehyde market where Asia Pacific is the fastest-growing market and is expected to experience a growth during the forecast period. The factors influencing its growth are the increasing developments in construction, automotive and agricultural sectors and the increasing disposable income in developing economies.
The major manufacturers operating in this market are Alder, Celanese Corporation, Chemanol, Ercros S.A., Feno Resinas S.A de C.V., INEOS Group Limited, Jinan Xiangrui Chemical Co., Ltd, LCY Chemical Corp., Nantong Jiangtian Chemical Co., Shandong Shuangqi Chemical Co., and Shouguang Xudong Chemical Co among others.
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