Rise in need for paraformaldehyde to synthesize disinfectants, fixatives, fumigants, and fungicides has boosted the growth of the global paraformaldehyde market.
PORTLAND, Ore., Jan. 27, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Paraformaldehyde Market by Application (Resins, Agrochemicals, Medical, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global paraformaldehyde industry was pegged at $1.6 billion in 2020 and is projected to reach $2.8 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
Major determinants of the market growth
Rise in need for paraformaldehyde to synthesize disinfectants, fixatives, fumigants, and fungicides has boosted the growth of the global paraformaldehyde market. However, the health effects of paraformaldehyde hinder the market growth. On the contrary, rise in inclination toward organic chemical synthesis, printing and photography, fertilizers, and fluorescent light products unlock new opportunities in the future.
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The lack of skilled laborers and raw materials resulted in disruption in the manufacturing of gas, oil, and other products. This negatively affected the market.
However, as the world is recovering from the pandemic, the market is expected to get back on track soon.
The medical segment to manifest the highest CAGR through 2030
On the basis of application, the medical segment is projected to register the fastest CAGR of 6.2% during the forecast period, due to rise in demand as a hygienic & medical disinfector in medicine and the pharmaceutical sector. However, the agrochemicals segment held the largest share in 2020, accounting for more than two-fifths of the global paraformaldehyde market, due to surge in population and consumer preference for staple crops and demand for higher quality and more quantitative products.
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The Asia-Pacific, followed by North America, held the largest share
Based on geography, the global paraformaldehyde market across Asia-Pacific, followed by North America, held the largest share in 2020, contributing to nearly three-fifths of the market, owing to increasing production of paraformaldehyde in China. However, the market across LAMEA is expected to register the fastest CAGR of 6.6% during the forecast period, due to increased production of laminates, pentaerythritol, MDI, and wood panels.
Major Market Players
Jinan Xiangrui Chemical Co., Ltd.
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