by Paraformaldehyde is a polymeric form of formaldehyde, which is useful as a disinfectant and fumigant in various end-use industries. It finds wide applications across several industries including agriculture, pharmaceutical, and construction due to its ability to kill viruses, bacteria, fungi, and other microorganisms. Paraformaldehyde plays a crucial role in the production of animal feed preservatives, fungicides and disinfectants. It is also used as a preservative and fixative in autopsy/embalming procedures in the medical industry.
The global Paraformaldehyde Market is estimated to be valued at US$ 419.8 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising application across end-use industries is a major trend propelling market growth. Rapid expansion of industries such as agriculture, pharmaceutical, construction etc. has increased the demand for paraformaldehyde products such as animal feed preservatives, fungicides, disinfectants and others. In the medical industry, it continues to be an important fixative and preservative for specimen tissue in histopathology and autopsy/embalming procedures. In addition, growing use of paraformaldehyde for producing resins, plastics, rubber chemicals, and photography chemicals further complements the market growth.
Segment Analysis
Paraformaldehyde market is segmented on the basis of application into resins, agrochemicals, medical, photographic chemicals and others. The resins segment currently dominates the market due to wide applications of paraformaldehyde based resins in the manufacture of construction materials, coatings, automotive components etc. Further resins exhibit high strength and excellent water and corrosion resistance which makes them preferable for various end-use industries.
Key Takeaways
The Global Paraformaldehyde Market Share is expected to witness high growth during the forecast period of 2023-2030. The global Paraformaldehyde Market is estimated to be valued at US$ 419.8 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific region currently dominates the global paraformaldehyde market and is expected to maintain its lead during the forecast period driven by growing construction activities and increasing automotive production in China and India. Moreover, increasing agricultural production with rising population is also supporting the demand for agrochemicals containing paraformaldehyde in the region.
Key players: Key players operating in the paraformaldehyde market are Siemens AG, Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, Honeywell International, CareFusion Corporation, Covidien PLC, Smiths Medical, Masimo and Medtronic. Siemens AG is one of the leading players in medical devices and controls more than 20% of diagnostic imaging segment globally. Getinge AB is a leading provider of equipment and systems for operating rooms, intensive care units, sterilization and life science areas with presence in over 135 countries.
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Source: Coherent Market Insights, Public sources, Desk research
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