by Paraformaldehyde is a thermoplastic polymer used as a disinfectant and preservative agent in various industries including pharmaceuticals, dyes, pesticides and rubber. It is commonly used as fungicide and bactericide in household cleaners and personal care products due to its disinfecting properties.
The global Paraformaldehyde Market is estimated to be valued at US$ 419.8 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the paraformaldehyde market is growing demand from the healthcare industry. Pharmaceutical grade paraformaldehyde is widely used as a preservative in vaccines, pharmaceutical formulations and sterilizing agent. The rising prevalence of infectious diseases and increasing demand for vaccines worldwide is expected to boost the demand for paraformaldehyde over the forecast period. Furthermore, increasing use of paraformaldehyde as resin solvent in various applications like paper products, construction materials and coatings are also expected to propel the market growth in the coming years.
SWOT Analysis
Strength: Paraformaldehyde is widely used as a preservative and disinfectant in medical and scientific applications due to its strong bactericidal properties. It is affordable and readily available.
Weakness: Paraformaldehyde is considered hazardous and is regulated due to its health effects. Strict safety protocols need to be followed during manufacturing, transportation, and use.
Opportunity: Growing healthcare industry and increasing research activities are spurring the demand for paraformaldehyde. The agricultural sector is also opening up opportunities due to its use as a fumigant and preservative.
Threats: Stringent environmental and safety regulations pose challenges in production and supply chain management. Fluctuations in raw material prices can impact the overall costs.
Key Takeaways
Global Paraformaldehyde Market Size is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand from the healthcare industry.
Regional analysis:
North America dominated the market in 2022 owing to large healthcare expenditure and advanced research infrastructure in the region. Asia Pacific is expected to be the fastest growing market toward 2030 supported by rising population, improving access to healthcare in China and India, and expansion of pharmaceutical industries.
Key players operating in the paraformaldehyde market are Ercros,CCP,Celanese,LCY Chemical,Nantong Jiangtian,Hebei Jintaida Chemical,Shangdong Aldehyde Chemical,Yinhe Chemical,Shouguang Xudong,LINYI TAIER,Merck,Mitsubishi Gas Chemical,Chemanol,Xiangrui Chemical,Caldic. Globally, Ercros, Celanese, and Merck are some of the prominent manufacturers and suppliers of paraformaldehyde.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
