Paraformaldehyde Market is Expected to be Flourished by Rising Demand for Resins and Adhesives

 

Paraformaldehyde Market


Paraformaldehyde is a thermoplastic polymer used as a precursor for the production of various resins including urea-formaldehyde (UF) resins and melamine formaldehyde (MF) resins. UF and MF resins find wide application in the manufacturing of wood adhesives that are used in plywood, fiberboard and particleboard manufacturing industries. With growing construction activities worldwide coupled with rising demand for furniture, flooring and other wood products, the demand for wood adhesives is surging thereby propelling the paraformaldehyde market.

The global paraformaldehyde market is estimated to be valued at US$ 419.8 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

(Paraformaldehyde Market is Expected to be Flourished by Rising Demand for Resins and Adhesives). One of the primary drivers fueling the growth of paraformaldehyde market is the rising demand for UF and MF resins from the construction industry. UF and MF resins are used in the production of various wood panel products like plywood, fiberboard and particleboard that find widespread application in the construction of floors, walls, doors and furniture. According to data released by International Wood Products Association, global production of wood-based panels increased from approximately 305 million m3 in 2005 to around 390 million m3 in 2020 indicating rising consumption of wood adhesives. Additionally, rapid urbanization and growing disposable incomes in developing economies are propelling housing construction activities thereby augmenting the demand for wood panels and driving growth of the market.


Segment Analysis
The global paraformaldehyde market is dominated by the disinfectant segment, which accounts for over 40% market share. Paraformaldehyde is widely used as a sterilizing and disinfecting agent in the healthcare industry for disinfecting medical equipment and laboratories. It efficiently kills various microorganisms such as bacteria, viruses, yeast and molds. With the ongoing COVID-19 pandemic, the demand for disinfectants from the healthcare sector has surged significantly, driving the growth of this segment.

PEST Analysis
Political: Healthcare regulations in many countries mandate the use of sterilized medical equipment. This drives the demand for paraformaldehyde as a disinfectant. However, stringent environmental laws have led to the ban of paraformaldehyde in some applications.
Economic: A growing elderly population prone to diseases and increased healthcare spending is fueling market growth. However, economic slowdowns can negatively impact the market.
Social: Rising health awareness and focus on hygienic practices among the public is propelling the usage of paraformaldehyde in disinfectants and preservatives. However, the chemical is toxic in nature, which constrains its adoption in certain applications.
Technological: Advancements in sterilization technologies are driving new product innovations. Manufacturers are developing more efficient and safer methods to produce and apply paraformaldehyde.

Key Takeaways
The  Global Paraformaldehyde Market Share is expected to witness high growth over the forecast period. The global paraformaldehyde market is estimated to be valued at US$ 419.8 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.

Asia Pacific currently dominates the market, accounting for over 40% share. China leads demand in the region owing to its large pharmaceutical industry. India is also an emerging market in South Asia.

Key players operating in the paraformaldehyde market are Siemens AG, Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, Honeywell International Inc. These companies have a strong presence across major regions and focus on expanding their production capacities and product portfolios.

Key players like Siemens AG provides innovative sterilization equipment and disinfection solutions using paraformaldehyde to hospitals and clinics worldwide. Similarly, Dragerwerk AG offers respiratory care devices, vaporizers and disinfection chambers based on paraformaldehyde chemistry.

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