Paraformaldehyde is a chemical used in numerous applications like as a disinfectant and sterilant. It is a formaldehyde donor and acts as a fumigant and preservative. The global paraformaldehyde market is driven by the increasing demand from the paper and building materials industry where it is used as a binding and curing agent.
The global paraformaldehyde market is estimated to be valued at US$ 483.61 million in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend propelling the growth of the global paraformaldehyde market is the increasing demand from the paper and building materials industry. Paraformaldehyde acts as an excellent binding agent and is used in the manufacturing of various wood adhesives and binding formulations. It is used in the production of resins for medium density fiberboards, particle boards, and oriented strand boards. Also, it is utilized as a curing agent in the preparation of various polymeric composites and coatings. The growth of the paper and construction industries globally has led to a surge in demand for paraformaldehyde-based products over the years. This rising uptake is expected to drive the global paraformaldehyde market during the forecast period.
Strength: Paraformaldehyde has wide applications in medical and industrial sectors. It is used as a preservative in vaccines and biological samples.
Weakness: Prolonged exposure to paraformaldehyde can cause severe health issues like respiratory problems and skin irritation. Stringent regulations are in place for its production and usage.
Opportunity: Growing demand for vaccines and preservatives from the healthcare industry is driving the paraformaldehyde market. Its increasing usage in disinfectants and sterilization processes also presents an opportunity.
Threats: Volatility in raw material prices poses a major threat. Availability of alternative preservatives can also impact the market growth.
The Global Paraformaldehyde Market Demand is expected to witness high over the forecast period of 2024 to 2031. The market size is projected to reach US$ 553.46 Mn by 2031 from US$ 483.61 Mn in 2024, growing at a CAGR of 3.9%.
Regional analysis: Asia Pacific accounts for the largest share of the global paraformaldehyde market and is expected to continue its dominance during the forecast years. The high demand from countries like China, India, Japan and South Korea is favoring market growth in the region. Growing pharmaceutical industry and large vaccine manufacturing bases in these countries are driving paraformaldehyde consumption.
Key players: Key players operating in the paraformaldehyde market are Siemens AG, Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, Hill-Rom Holdings, Inc., KARL STORZ GmbH & Co. KG, Mizuho OSI, Koninklijke Philips N.V., STERIS Corporation, Stryker Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., BenQ Medical Technology, Mediland Enterprise Corporation, Alvo Medical Sp. z o.o., Famed Zywiec Sp. z o.o., Heal Force, OPT Surgisystems S.R.L. (TKB Group), Medifa-hesse GmbH & Co. KG, UFSK-International OSYS GmbH, Taicang Kanghui Technology Development Co., Ltd, Ningbo Techart Medical Equipment Co., Ltd., Fazzini SRL, Lojer Oy, and AGA Sanitaetsartikel GmbH. Key players are focusing on geographical expansion and new product launches to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it