The Global Paraformaldehyde Market size is expected to reach $2.5 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,637.34 kilo tonnes, experiencing a growth of 4.4% (2019-2022).
The agricultural sector represents another significant area of demand for paraformaldehyde. It is a key component in agrochemical formulations for seed treatment, soil sterilization, and pest control. Paraformaldehyde-based products protect crops from diseases, pests, and weeds, enhancing agricultural productivity. Consequently, the agrochemicals segment would generate approximately 41.11 % share of the market by 2030. Also, China would utilize 180.82 kilo tonnes of paraformaldehyde in agrochemicals by 2030. As the global population increases and the demand for increased food production rises accordingly, the demand for agrochemicals containing paraformaldehyde continues to increase.
High-value applications of paraformaldehyde typically involve products or processes that command higher profit margins than commoditized applications. By targeting these high-value segments, manufacturers can achieve better returns on investment and profitability, driving overall market growth. Thus, a rising focus on high-value applications drives the market’s growth.
Additionally, The growing agricultural sector drives agrochemical demand, including paraformaldehyde-based products used in seed treatment, soil fumigation, and pest control. As farmers seek to maximize crop yields and mitigate losses from pests and diseases, the demand for paraformaldehyde as a key ingredient in agrochemical formulations increases. Therefore, the expansion of the global agriculture sector is driving the market’s growth.
However, Methanol serves as a crucial raw material in the manufacturing process of paraformaldehyde. Fluctuations in methanol prices directly affect the production costs of paraformaldehyde. Since methanol prices are subject to various factors, such as supply-demand dynamics, energy prices, geopolitical tensions, and currency fluctuations, the market is vulnerable to volatility in methanol prices. Therefore, volatility in raw material prices is impeding the growth of the market.
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Challenges Based on application, the market is divided into resins, agrochemicals, medical, and others. The agrochemicals segment garnered a 43.04 % revenue share in the market in 2022. In terms of volume, resins segment would garner 463.04 kilo tonnes in 2022. Paraformaldehyde is employed in soil fumigation to control soil-borne pathogens, nematodes, weeds, and other soil pests. Soil fumigation with paraformaldehyde-based formulations helps sterilize the soil, suppress disease-causing organisms, and eliminate pests that can damage crops. It improves soil health, nutrient availability, and root development, leading to better crop growth and yield.
Free Valuable Insights: Global Paraformaldehyde Market size to reach USD 2.5 Billion by 2030
Region-wise, the e market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region generated a 22.94 % revenue share in the market. North America is home to a thriving electronics industry, with companies producing consumer electronics, semiconductors, and electronic components. Paraformaldehyde manufactures printed circuit boards (PCBs), electronic components, and semiconductor materials. With the increasing demand for electronic devices, there is a corresponding increase in the demand for chemicals based on paraformaldehyde.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.7 Billion |
| Market size forecast in 2030 | USD 2.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.2% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 182 |
| Number of Tables | 350 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Application, Region |
| Country scope |
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| Companies Included | Ercros, S.A, GFS Chemicals, Inc, Evonik Industries AG (RAG-Stifung), Ekta International, Chemanol (Methanol Chemical Company), Caldic B.V. (Advent International, L.P.), Merck Millipore (Merck Group)Alpha Chemika, Celanese Corporation, Thermo Fisher Scientific, Inc. |
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $2.5 billion by 2030.
Increasing Demand In Chemical Industries are driving the Market in coming years, however, Volatility In Raw Material Prices restraints the growth of the Market.
Ercros, S.A, GFS Chemicals, Inc, Evonik Industries AG (RAG-Stifung), Ekta International, Chemanol (Methanol Chemical Company), Caldic B.V. (Advent International, L.P.), Merck Millipore (Merck Group)Alpha Chemika, Celanese Corporation, Thermo Fisher Scientific, Inc.
In the year 2022, the market attained a volume of 1,637.34 kilo tonnes, experiencing a growth of 4.4% (2019-2022).
The Asia Pacific region dominated the Market, By Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $1.3 billion by 2030.
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