According to a new report, published by KBV research, 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).
Adopting digital technologies and Industry 4.0 principles is transforming the paraformaldehyde manufacturing process, supply chain management, and customer engagement. Companies leverage data analytics, artificial intelligence, automation, and internet of things solutions to optimize production efficiency, improve product quality, and enhance customer experience. Digitalization enables real-time monitoring, predictive maintenance, and remote management of manufacturing operations, driving operational excellence and agility in response to market dynamics.
The Resins segment is anticipated to have a CAGR of 5.6% during (2023 - 2030). The construction industry is a major consumer of paraformaldehyde-based resins, widely used in producing plywood, particleboard, medium-density fiberboard (MDF), and other engineered wood products. The global construction sector is experiencing steady growth. For example, according to the International Trade Administration (ITA), Nigeria’s construction industry grew by 5.7% in 2022 and at an average rate of 3.2% between 2022 and 2026, compared to a 3.1% increase in 2021. This robust growth in the global construction industry is driving demand for paraformaldehyde-based resins.
Full Report: https://www.kbvresearch.com/paraformaldehyde-market/
The Asia Pacific region dominated the Global Paraformaldehyde Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.3 billion by 2030. The North America region is experiencing a CAGR of 4.7% during (2023 - 2030). Additionally, The Europe region would witness a CAGR of 4.9% during (2023 - 2030).
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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