Paraformaldehyde Market – Overview —
The use of paraformaldehyde in applications such as the production of urea formaldehyde, resin, herbicides in agrochemicals, lubricant additives is expected to transform the growth of the market in the future. The incremental demand for paraformaldehyde from end-user industries such as plastic industry, agrochemical, and pharmaceutical is expected to diversify the opportunities for growth in the upcoming period.
The mounting product volumes of paraformaldehyde are encouraging the market’s development. Reports that assess the chemicals and material industry have been presented by Market Research Future, which creates reports on numerous industry verticals that examine the market progress and forecasts. The market is poised to attain earnings worth 802.85 Million by 2023 while increasing with a CAGR of 6.2 % in the approaching years.
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The optimistic effect exerted by governments in the progress of the market is anticipated to direct the market towards robust development in the approaching years. The volatility perceived in the forces that are supporting the growth of the market is expected to lead to a rather slow pace of growth. The economies around the world are responding to the market forces by applying advantageous policies and cutbacks so as avert a slowdown in the advancement of the market. The variations in the income levels globally are backing the growth of the market substantially. The upsurge in personal discretionary spending is projected to lead to the development of the market. The improvement of the distribution channels in the market is anticipated to stimulate market growth considerably. The beneficial nature of the monetary and fiscal policies is expected to tip towards strong growth in the market. Moreover, the escalation in international transactions is estimated to reinforce the development of the market noticeably.
The significant competitors operating in the paraformaldehyde market are Celanese Corp. (US), Alfa Aesar (US), LCY Chemical Corp. (Taiwan), Shandong Tuobo Plastics Products Co., Ltd. (China),INEOS Group AG (Switzerland), CHEMANOL (SA), Nantong Jiangtian Chemicals Co. Ltd. (China), Shouguang Xudong Chemical Co Ltd (China), Inter Atlas Chemica (UK), Alder S.p.A (Europe), and others.
Apr 2019 INEOS Enterprises has recently announced the sale of INEOS Paraform and Melamines to Prefere Resins Holding GmbH. The contract encompasses sites in Germany, the US, and Indonesia. INEOS Paraform is Europe’s second major manufacturer of paraformaldehyde. The business has been manufacturing formaldehyde and its downstream derivatives for more than 100 years and is carrying on innovations and develop its business.
The segmentation of the paraformaldehyde market is segmented on the basis of end-user and region. Based on the end users, the paraformaldehyde market is segmented into pharmaceutical, plastic industry, agrochemical, and others. Based on the region, the paraformaldehyde market is segmented into Europe, APAC, Africa, North America, Latin America, and the Middle East.
Detailed Regional Analysis
The regional evaluation of the Paraformaldehyde Market comprises of regions such as Europe, APAC, Africa, North America, Latin America, and the Middle East. As per the analysis, the Asia Pacific region is the quickest growing market and is projected to expand favorably during the forecast period. The factors influencing its growth are the production and consumption of paraformaldehyde in developing economies. In China, the growing demand in the plastic and agrochemical industries are the key drivers of the paraformaldehyde market. The North American region is the next major regional market and is anticipated to observe a significant rise in terms of the growth in pharmaceutical and plastic industries trailed by the European region owing to the advancement in technology in the plastic industry. The Middle East and Latin America regions are expected to witness stagnant growth on account of amplified production of rubber, papermaking, plastics, and leather over the forecast period.
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