Disinfectant properties in medical field surge the Global Paraformaldehyde Market:
Growing urbanization is inherently causing a demand in various walks of life, like agrochemicals, medicine, papermaking etc. And a common element in all is the chemical component paraformaldehyde. The smallest polyoxymethylene, the polymerization product of polyformaldehyde with a typical degree of polymerization of 8–100 units. Paraformaldehyde commonly has a slight odour of formaldehyde due to decomposition. Paraformaldehyde is a poly-acetal. It is a major substitute of aqueous formaldehyde to produce binding material and is also a potential carcinogen.
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Global Paraformaldehyde Market Size Analysis:
The current paraformaldehyde market stands at $800 million and is touted to grow at a healthy CAGR of 6% for the next 5 years. Asia Pacific being the leaders in the demand and usage of paraformaldehyde globally with approximately 55% demand, is expected to rule the roost in the next few years. China, majorly, because of its unprecedented growth in all fields has boosted the demand to a great deal, with Europe, Latin America and Middle East following closely. Industry wise, especially, the growth of the shipping industry and the agrochemical industry has increased the demand for the chemical. These lead to around 83% of the demand for the paraformaldehyde.
The global paraformaldehyde market is expected to rise at a healthy CAGR of XX% during the forecast period of 2015 and 2021. The global market was worth US$XX mn during 2015 and is expected to rise at a valuation of US$XX mn by the end of forecast period.
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How Technology Showing Impact on Industry Growth?
The arrival of genetically modified crops, rising need for resins and technology advancement, in general, are key reasons for the growth of the chemical. However, to the other side of the coin, there is also a serious issue with the sanction of anything catering to the glyphosate market. Paraformaldehydes need to be sanctioned by the Occupational Safety and Health Administration (OSHA). Use of the chemical in the agrochemical industry has been known to cause harmful health hazards. Lack of awareness of the chemical among the masses as to its’ proper usage has led to the market not achieving the existing potential. However, that is soon changing with the paraformaldehyde market transcending horizons to be incorporated in various applicable markets.
Some of the key players in Global Paraformaldehyde Market:
Nantong Jiangtian Chemical Co., Ltd., Celanese Corporation, Shouguang Xudong Chemical Co., Ltd., Feno Resinas S.A. de C.V., INEOS Group Limited, and LCY Chemical Corp.
The increase in its applicability is further increasing the need for the paraformaldehyde market. Increase in resin usage accounts for about 40% of the overall demand for the chemical. Lately, its usage in the medical department due its disinfectant properties has caused an uproar among many. Known to be a fixative tissue for cells, the paraformaldehyde has witnessed a major boom in the western world.
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