Paraformaldehyde Market to grow significantly in the coming years, Europe to be major revenue contributor
Selbyville, Delaware, United States, September 22 2020 (Wiredrelease) Global Market Insights, Inc –:Europe will lead global paraformaldehyde market size over the coming years due to major regional product consumption for manufacturing of variety of auto parts. The resins find applications in insulation, paper coating, automotive, electrical & electronics and rubber production.
Asia Pacific constituted for over half of the global paraformaldehyde market size in 2016 and is estimated to show similar trend through 2024. This can be primarily attributed to rapid industrialization, demographic changes and urbanization resulting in strong growth of construction sector and associated requirement for resins.
For instance, India spent over USD 400 billion and China spend over USD 1.5 trillion to source resinss in 2016. Also, rapid expansion of industrial manufacturing base and supply chain in China and India will further bolster product demand.
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Paraformaldehyde market demand is likely to be driven by extensive application of thermosetting composites used in automotive, construction, electronics and marine, industry. Growing adoption of the compounds for manufacturing of various auto parts including gears, mirrors, door lock system, wind shield wipers, seating parts and others will contribute towards industry growth.
For instance, the global production of automobiles in 2019 was over 90 million and the production rate is set to grow notably in the coming years. This may subsequently foster paraformaldehyde consumption. Paraformaldehydes find extensive medical, resin and agrochemicals applications. Exploding global population, which is estimated reach over 9.9 billion by 2050, and associated increase in food demand will fuel the demand for agrochemicals to improve the overall crop production.
Also, rising addition of fixatives in personal care, homecare products will positively impact business growth. Moreover, widespread product application in shooting & lithography, pharmaceuticals, chemical synthesis and consumer goods will boost the material demand over the coming years. Estimates suggests that global paraformaldehyde market size will cross the USD 800 million mark by 2024.
In the pharmaceutical sector, paraformaldehyde products find widespread application for fixating cells and tissues due as its excellent brilliant disinfectant properties. Paraformaldehyde tablets are extensively utilized for reduction of bacterial count and the safe storage of nonwrapped sterilized instruments.
In 2016, global medical industry generated heavy demand for paraformaldehyde application, at over 27 kilo tons. Growing demand for tissue or cell fixation to preserve its chemical and physical characteristics for further utilization in research and medical treatment may boost paraformaldehyde business growth.
In 2016, resins application segment accounted for over 45% of the total paraformaldehyde market share. The product is widely used for manufacturing of a large variety of resins including polycarbonates, amines, polyether, phenols, polyurethanes and others. These resins exhibit excellent characteristics such as stiffness, elasticity, resistance to chemicals, high temperature and corrosion resistance properties.
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