According to the report published by Allied Market Research, the global paraformaldehyde market was estimated at $1.6 billion in 2020 and is expected to hit $2.8 billion by 2030, registering a CAGR of 5.5% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in demand for paraformaldehyde to synthesize disinfectants, fumigants, fixatives, and fungicides drives the growth of the global paraformaldehyde market. At the same time, growing inclination toward organic chemical synthesis, fertilizers, pharmaceuticals, printing and photography, fluorescent lighting, consumer products, cleaning products, personal care products, and intermediate additives is expected to create multiple opportunities in the industry.
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COVID-19 scenario-
- Shortage of skilled labors and raw materials led to disruptions in the manufacturing of oil, gas, and other product across the globe. This factor hampered the growth of the global paraformaldehyde market, especially during the initial phase.
- However, as the global situation is getting back to normalcy, the market is anticipated to revive soon.
The global paraformaldehyde market is analyzed across application and region.
By application, the agrochemicals segment accounted for more than two-fifths of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The medical segment, on the other hand, would grow at the fastest CAGR of 6.2% from 2021 to 2030.
Based on region, the market across Asia-Pacific contributed to the major share in 2020, holding nearly three-fifths of the global market. LAMEA, however, would cite the fastest CAGR of 6.6% from 2021 to 2030. Other provinces studied in the report include North America and Europe.
The key market players analyzed in the global paraformaldehyde market report include Alpha Chemika, Caldic, Merck, Alfa Aesar, Celanese, Ekta International, Yinhe Chemical, Ercros, Chemanol, Jinan Xiangrui Chemical Co., Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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