Paraformaldehyde Market (Updated Version Available)
Paraformaldehyde Market | Size, Share & Trends Analysis, By Grade Type (Pharmaceutical Grade and Reagent Grade), purity (91%-93% and 95%-97%) Application (Pesticide, Hardening Agent, Waterproofing Agent, Resin, Papermaking, Analytical Reagent, Wood Preservative, and Others), End User Industry (Petroleum Industry, Ink, Oil and Paints, Electrical Industry, Plastic Industry, Agriculture Chemicals, Pharmaceuticals, and Others), By Region, Forecast Period 2022 - 2030.
Report ID : RI_673868 | Date : September 2024 |
Format : 
Key Market Overview:
Paraformaldehyde Market size was valued at USD 1.57 Billion in 2022, registering a CAGR of 5.4% during the forecast period (2023-2030), and the market is projected to be worth USD 2.53 Billion by 2030.
Paraformaldehyde is a white crystalline solid material, which is set up by formaldehyde polymerization. The key properties associated with the deployment of paraformaldehyde include excellent solubility, low acid content, enhanced stability, easy storage, and superior productivity, among others. These critical properties enable the efficient utilization of paraformaldehyde in a diverse range of applications such as pesticides, hardening agents, waterproofing agents, resins, papermaking, analytical reagent, and more. Due to these parameters, paraformaldehyde is an ideal solution for various end-use industries, including agriculture, pharmaceuticals, oil & gas, and others.
For instance, according to the recent statistics published by the United States Department of Agriculture (USDA), in 2020, the total crop production at the global level was 774.3 million metric tons and in 2021, it was 779.2 million metric tons, representing a growth of 0.6%. Hence, the booming agriculture industry is a primary determinant augmenting the paraformaldehyde market growth. Furthermore, the increasing production activities related to pharmaceuticals will further boost the paraformaldehyde market size growth during the projected forecast period.
Paraformaldehyde Report Coverage:
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Market Dynamics:
Driver:
Paraformaldehyde is used in the production of various types of resins, such as phenol formaldehyde, melamine formaldehyde, and urea formaldehyde. These resins find widespread use in the construction, automotive, and furniture industries due to their excellent adhesive properties.
Paraformaldehyde is primarily employed in the synthesis processes of various agrochemicals such as pesticides, fertilizers, and others to ensure high yield rates and increased production in the agriculture sector. Factors such as increasing demand for food crops at the global level, rising central-level government policies for food security, and others are propelling the agriculture industrys growth.
For instance, according to recent data published by the European Union (EU), in 2020, the agricultural sector registered growth in European countries such as Poland and Spain by 1.9% and 1.1%, respectively as compared with the year 2019.
Furthermore, according to a recent publication on agriculture production by the United States Department of Agriculture (USDA), in 2021, the total grain production at the global level increased by 4.5% to 1,498.9 million metric tons, from 1,434 million metric tons in 2020. Thus, the growth of the agriculture sector at the global level is fostering the demand for various agrochemicals such as pesticides, fertilizers, and others, this, in turn, is amplifying the overall market growth.
Restraints:
The deployment of paraformaldehyde in various industrial and non-industrial settings is associated with various adverse effects on human health, due to which the material is strictly governed. This factor is restraining the market growth during the forecast period. For illustration, according to the September 2021 report published by InterAtlas Chemical Inc., extended exposure to paraformaldehyde leads to throat inflammation and skin irritation. In addition, the European Chemicals Agency regulates the usage of paraformaldehyde due to its adverse effect on human health. Therefore, the stringent regulations related to the use of paraformaldehyde are creating a roadblock to the paraformaldehyde market growth.
Opportunities:
The majority of agriculture growth has been accelerated by a higher yield per unit area rather than a larger cultivated area. Furthermore, looking ahead to 2030, it is projected that annual crop production and yield will increase within the same amount of arable land is expected to go up. For illustration, according to Food and Agriculture Organization (FAO) and Organisation for Economic Co-operation and Development (OECD), wheat and coarse grains production at the global level is projected to enhance by approximately 9% by 2030. This agriculture outlook growth will be on the same area of arable land. Therefore, the demand for paraformaldehyde will increase to ensure an efficient synthesis of agrochemicals, which results in increasing the crop protection efficiency of agrochemicals. This factor will spur the global paraformaldehyde market growth in the upcoming years.
Market Segmentation:
By Grade Type
The grade type segment is classified into pharmaceutical grade and reagent grade. In 2022, the reagent grade segment accounted for the highest market share in the paraformaldehyde market. The key benefits associated with reagent grade paraformaldehyde include a quality level of 200, vapor density of 1.03 (vs air), a vapor pressure of <1.45 mmHg ( 25 °C), crystalline form, autoignition temp. at 572° F, explosion limit at 73 %, mp at 120-170 °C (lit.), density at 0.88 g/mL at 25 °C, and storage temperature at 2-8°C. The key players in global paraformaldehyde are investing in the upgradation of reagent-based paraformaldehyde.
For instance, Merck KGaA is a leading player in the paraformaldehyde market and offers reagent-based paraformaldehyde. The company is actively leveraging its potential for the upgradation of reagent-based paraformaldehyde. Thus, the reagent grade paraformaldehyde is utilized in various end-use industries such as agriculture chemicals, plastics, and others. Thus, the above benefits associated with reagent grade is benefiting segmental growth.
Moreover, the pharmaceutical grade segment is expected to grow at the fastest CAGR during the forecast period, owing to its increasing adoption in pharmaceutical production. Thus, the increasing production activities associated with the pharmaceutical grade will foster segment growth.
By Purity
The purity segment is classified into 91%-93% and 95%-97%. In 2022, the 95%-97% segment accounted for the highest market share in the paraformaldehyde market. The 95%-97% purity of paraformaldehyde is majorly utilized in the production of pharmaceuticals, agriculture chemicals, and other products, the growing demand for the above products across various industries has resulted in the growth in the demand for the 95%-97% purity paraformaldehyde.
For instance, according to the statistics published by the European Federation of Pharmaceutical Industries and Associations (EFPIA), the production of pharmaceuticals in all of Europe reached US$354,080.76 million in 2020, an increase of 5.7% from the year before.
Furthermore, 95%-97% purity paraformaldehyde ensures superior properties such as neutral and organic which are beneficial for the production of pharmaceutical drugs. Thus, the due to the above-mentioned factors the adoption of 95%-97% purity paraformaldehyde is increasing. As a result, the segmental growth of 95%-97% purity paraformaldehyde is leading to the paraformaldehyde market growth.
The 91%-93% is expected to show a steady growth rate in terms of CAGR over the forecast period, due to the increasing demand for high-purity chemicals in industrial applications. The 91%-93% purity of paraformaldehyde is used as a chemical intermediate in the production of a range of products, including agrochemicals, electronics, and others.
By Application
The application segment is divided into pesticide, hardening agent, waterproofing agent, resin, papermaking, analytical reagent, wood preservative, and others. In 2022, the pesticide accounted for the highest market share in the paraformaldehyde market. Paraformaldehyde is ideal for application in pesticides to enhance the synthesis processes of pesticides that include fungicides, herbicides, and others. The leading players in the pesticides market are expanding their manufacturing base for the production of pesticides. For instance, in May 2021, PI Industries based in India that manufacturers pesticides announced the expansion of its manufacturing facility in India. Hence, the expansion of pesticide manufacturing facilities is expected to drive market growth in the long run.
Furthermore, the resin segment is anticipated to be the fastest-growing segment during the forecast period due to the increasing use of resin in the production of packaging, industrial products, and others. The growth of the packaging industry is benefiting the demand growth for resin, which, in turn, is augmenting the growth of the paraformaldehyde market.
By End User Industry
The end-use industry segment is categorized into the petroleum industry, ink, oil and paints, electrical industry, plastic industry, agriculture chemicals, pharmaceuticals, and others. In 2022, the agriculture chemicals segment accounted for the highest market share in the paraformaldehyde market. Paraformaldehyde is primarily employed in the manufacturing of various agriculture chemicals such as pesticides, fertilizers, and others to enhance the per-yield production of agriculture.
For instance, according to recent data published by the European Union (EU), the total cereal production in Europe reached 296.3 million tons in 2021, a 3.4% increase from 286.5 million tons in 2020. Also, in 2021, the total European wheat production was 131.2 million tons as compared with 119.3 million tons in 2020. Henceforth, the production growth in agriculture activities is accelerating the demand for agricultural chemicals, which impact on boosting the demand of the market.
In addition, the pharmaceutical industry is expected to be the fastest-growing segment over the forecast period, owing to the increasing use of paraformaldehyde in the production of pharmaceutical drugs. In line with the pharmaceutical industrys growth, the paraformaldehyde market is registering growth.
By Region
By region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In 2022, Asia Pacific accounted for the highest market share in the paraformaldehyde market. The sectors such as agriculture, pharmaceuticals, and others are among the prominent industries in the Asia-Pacific region. The various countries in the Asia Pacific region such as India, Vietnam, and others have a key focus on creating more food reserves, thereby enabling food security for uncertain environmental conditions. This factor is driving the agricultural chemicals demand growth in the Asia Pacific region. For instance, according to the United States Department of Agriculture, in 2020, the Asia Pacific food crop production was about 998.8 million metric tons and in 2021 it was about 1,026.7 million metric tons, depicting an increase of about 2.8%. Therefore, the growth of the agriculture sector in the Asia Pacific region is boosting the demand for agriculture chemicals, thereby accelerating the market growth.
Likewise, North America is expected to be the fastest-growing region over the forecast period due to growth of the various industries such as oil & gas, pharmaceuticals, and others. Thus, the growth of the above-indicated industries in the North America region is driving the demand for paraformaldehyde for the production of resins, hardening agents, waterproofing agents, and others. As a result, driving the growth of the Paraformaldehyde market.
Paraformaldehyde Market Competitive Landscape:
The paraformaldehyde market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
• Alpha Chemika
• Celanese
• Merck
• Ercros
• Ekta International
• Metafrax Chemicals
• GFS Chemicals
• Thana Acid & Chemical Company
• Alfa Aesar
• RX CHEMICALS
Recent Developments:
• In May 2021, Metafrax, a leading manufacturer of paraformaldehyde commenced the development of its new paraformaldehyde manufacturing facility in Gubakha, Russia. The new manufacturing plant will have an annual production capacity of 30,000 tons.
• In January 2020, Caldic B.V., a Netherlands-based manufacturer of paraformaldehyde acquired DCM Asia, a Malaysia-based specialty chemicals distributor. Caldic will expand its chemicals portfolio, including paraformaldehyde in the Southeast Asia market through this acquisition.
Paraformaldehyde Market size was valued at USD 1.57 Billion in 2022, registering a CAGR of 5.4% during the forecast period (2023-2030), and the market is projected to be worth USD 2.53 Billion by 2030.
Paraformaldehyde is a white crystalline solid material, which is set up by formaldehyde polymerization. The key properties associated with the deployment of paraformaldehyde include excellent solubility, low acid content, enhanced stability, easy storage, and superior productivity, among others. These critical properties enable the efficient utilization of paraformaldehyde in a diverse range of applications such as pesticides, hardening agents, waterproofing agents, resins, papermaking, analytical reagent, and more. Due to these parameters, paraformaldehyde is an ideal solution for various end-use industries, including agriculture, pharmaceuticals, oil & gas, and others.
For instance, according to the recent statistics published by the United States Department of Agriculture (USDA), in 2020, the total crop production at the global level was 774.3 million metric tons and in 2021, it was 779.2 million metric tons, representing a growth of 0.6%. Hence, the booming agriculture industry is a primary determinant augmenting the paraformaldehyde market growth. Furthermore, the increasing production activities related to pharmaceuticals will further boost the paraformaldehyde market size growth during the projected forecast period.
Paraformaldehyde Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 2.53 Billion |
| CAGR (2023-2030) | 5.4 % |
| Base Year | 2022 |
| By Grade Type | Pharmaceutical Grade and Reagent Grade |
| By Purity | 91%-93% and 95%-97% |
| By Application | Pesticide, Hardening Agent, Waterproofing Agent, Resin, Papermaking, Analytical Reagent, Wood Preservative, and Others |
| By End User Industry | Petroleum Industry, Ink, Oil and Paints, Electrical Industry, Plastic Industry, Agriculture Chemicals, Pharmaceuticals, and Others |
| By Geography | |
| Key Players | Alpha Chemika, Celanese, Merck, Ercros, Ekta International, Metafrax Chemicals, GFS Chemicals, Thana Acid & Chemical Company, Alfa Aesar, and RX CHEMICALS |
Market Dynamics:
Driver:
Paraformaldehyde is used in the production of various types of resins, such as phenol formaldehyde, melamine formaldehyde, and urea formaldehyde. These resins find widespread use in the construction, automotive, and furniture industries due to their excellent adhesive properties.
Paraformaldehyde is primarily employed in the synthesis processes of various agrochemicals such as pesticides, fertilizers, and others to ensure high yield rates and increased production in the agriculture sector. Factors such as increasing demand for food crops at the global level, rising central-level government policies for food security, and others are propelling the agriculture industrys growth.
For instance, according to recent data published by the European Union (EU), in 2020, the agricultural sector registered growth in European countries such as Poland and Spain by 1.9% and 1.1%, respectively as compared with the year 2019.
Furthermore, according to a recent publication on agriculture production by the United States Department of Agriculture (USDA), in 2021, the total grain production at the global level increased by 4.5% to 1,498.9 million metric tons, from 1,434 million metric tons in 2020. Thus, the growth of the agriculture sector at the global level is fostering the demand for various agrochemicals such as pesticides, fertilizers, and others, this, in turn, is amplifying the overall market growth.
Restraints:
The deployment of paraformaldehyde in various industrial and non-industrial settings is associated with various adverse effects on human health, due to which the material is strictly governed. This factor is restraining the market growth during the forecast period. For illustration, according to the September 2021 report published by InterAtlas Chemical Inc., extended exposure to paraformaldehyde leads to throat inflammation and skin irritation. In addition, the European Chemicals Agency regulates the usage of paraformaldehyde due to its adverse effect on human health. Therefore, the stringent regulations related to the use of paraformaldehyde are creating a roadblock to the paraformaldehyde market growth.
Opportunities:
The majority of agriculture growth has been accelerated by a higher yield per unit area rather than a larger cultivated area. Furthermore, looking ahead to 2030, it is projected that annual crop production and yield will increase within the same amount of arable land is expected to go up. For illustration, according to Food and Agriculture Organization (FAO) and Organisation for Economic Co-operation and Development (OECD), wheat and coarse grains production at the global level is projected to enhance by approximately 9% by 2030. This agriculture outlook growth will be on the same area of arable land. Therefore, the demand for paraformaldehyde will increase to ensure an efficient synthesis of agrochemicals, which results in increasing the crop protection efficiency of agrochemicals. This factor will spur the global paraformaldehyde market growth in the upcoming years.
Market Segmentation:
By Grade Type
The grade type segment is classified into pharmaceutical grade and reagent grade. In 2022, the reagent grade segment accounted for the highest market share in the paraformaldehyde market. The key benefits associated with reagent grade paraformaldehyde include a quality level of 200, vapor density of 1.03 (vs air), a vapor pressure of <1.45 mmHg ( 25 °C), crystalline form, autoignition temp. at 572° F, explosion limit at 73 %, mp at 120-170 °C (lit.), density at 0.88 g/mL at 25 °C, and storage temperature at 2-8°C. The key players in global paraformaldehyde are investing in the upgradation of reagent-based paraformaldehyde.
For instance, Merck KGaA is a leading player in the paraformaldehyde market and offers reagent-based paraformaldehyde. The company is actively leveraging its potential for the upgradation of reagent-based paraformaldehyde. Thus, the reagent grade paraformaldehyde is utilized in various end-use industries such as agriculture chemicals, plastics, and others. Thus, the above benefits associated with reagent grade is benefiting segmental growth.
Moreover, the pharmaceutical grade segment is expected to grow at the fastest CAGR during the forecast period, owing to its increasing adoption in pharmaceutical production. Thus, the increasing production activities associated with the pharmaceutical grade will foster segment growth.
By Purity
The purity segment is classified into 91%-93% and 95%-97%. In 2022, the 95%-97% segment accounted for the highest market share in the paraformaldehyde market. The 95%-97% purity of paraformaldehyde is majorly utilized in the production of pharmaceuticals, agriculture chemicals, and other products, the growing demand for the above products across various industries has resulted in the growth in the demand for the 95%-97% purity paraformaldehyde.
For instance, according to the statistics published by the European Federation of Pharmaceutical Industries and Associations (EFPIA), the production of pharmaceuticals in all of Europe reached US$354,080.76 million in 2020, an increase of 5.7% from the year before.
Furthermore, 95%-97% purity paraformaldehyde ensures superior properties such as neutral and organic which are beneficial for the production of pharmaceutical drugs. Thus, the due to the above-mentioned factors the adoption of 95%-97% purity paraformaldehyde is increasing. As a result, the segmental growth of 95%-97% purity paraformaldehyde is leading to the paraformaldehyde market growth.
The 91%-93% is expected to show a steady growth rate in terms of CAGR over the forecast period, due to the increasing demand for high-purity chemicals in industrial applications. The 91%-93% purity of paraformaldehyde is used as a chemical intermediate in the production of a range of products, including agrochemicals, electronics, and others.
By Application
The application segment is divided into pesticide, hardening agent, waterproofing agent, resin, papermaking, analytical reagent, wood preservative, and others. In 2022, the pesticide accounted for the highest market share in the paraformaldehyde market. Paraformaldehyde is ideal for application in pesticides to enhance the synthesis processes of pesticides that include fungicides, herbicides, and others. The leading players in the pesticides market are expanding their manufacturing base for the production of pesticides. For instance, in May 2021, PI Industries based in India that manufacturers pesticides announced the expansion of its manufacturing facility in India. Hence, the expansion of pesticide manufacturing facilities is expected to drive market growth in the long run.
Furthermore, the resin segment is anticipated to be the fastest-growing segment during the forecast period due to the increasing use of resin in the production of packaging, industrial products, and others. The growth of the packaging industry is benefiting the demand growth for resin, which, in turn, is augmenting the growth of the paraformaldehyde market.
By End User Industry
The end-use industry segment is categorized into the petroleum industry, ink, oil and paints, electrical industry, plastic industry, agriculture chemicals, pharmaceuticals, and others. In 2022, the agriculture chemicals segment accounted for the highest market share in the paraformaldehyde market. Paraformaldehyde is primarily employed in the manufacturing of various agriculture chemicals such as pesticides, fertilizers, and others to enhance the per-yield production of agriculture.
For instance, according to recent data published by the European Union (EU), the total cereal production in Europe reached 296.3 million tons in 2021, a 3.4% increase from 286.5 million tons in 2020. Also, in 2021, the total European wheat production was 131.2 million tons as compared with 119.3 million tons in 2020. Henceforth, the production growth in agriculture activities is accelerating the demand for agricultural chemicals, which impact on boosting the demand of the market.
In addition, the pharmaceutical industry is expected to be the fastest-growing segment over the forecast period, owing to the increasing use of paraformaldehyde in the production of pharmaceutical drugs. In line with the pharmaceutical industrys growth, the paraformaldehyde market is registering growth.
By Region
By region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In 2022, Asia Pacific accounted for the highest market share in the paraformaldehyde market. The sectors such as agriculture, pharmaceuticals, and others are among the prominent industries in the Asia-Pacific region. The various countries in the Asia Pacific region such as India, Vietnam, and others have a key focus on creating more food reserves, thereby enabling food security for uncertain environmental conditions. This factor is driving the agricultural chemicals demand growth in the Asia Pacific region. For instance, according to the United States Department of Agriculture, in 2020, the Asia Pacific food crop production was about 998.8 million metric tons and in 2021 it was about 1,026.7 million metric tons, depicting an increase of about 2.8%. Therefore, the growth of the agriculture sector in the Asia Pacific region is boosting the demand for agriculture chemicals, thereby accelerating the market growth.
Likewise, North America is expected to be the fastest-growing region over the forecast period due to growth of the various industries such as oil & gas, pharmaceuticals, and others. Thus, the growth of the above-indicated industries in the North America region is driving the demand for paraformaldehyde for the production of resins, hardening agents, waterproofing agents, and others. As a result, driving the growth of the Paraformaldehyde market.
Paraformaldehyde Market Competitive Landscape:
The paraformaldehyde market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
• Alpha Chemika
• Celanese
• Merck
• Ercros
• Ekta International
• Metafrax Chemicals
• GFS Chemicals
• Thana Acid & Chemical Company
• Alfa Aesar
• RX CHEMICALS
Recent Developments:
• In May 2021, Metafrax, a leading manufacturer of paraformaldehyde commenced the development of its new paraformaldehyde manufacturing facility in Gubakha, Russia. The new manufacturing plant will have an annual production capacity of 30,000 tons.
• In January 2020, Caldic B.V., a Netherlands-based manufacturer of paraformaldehyde acquired DCM Asia, a Malaysia-based specialty chemicals distributor. Caldic will expand its chemicals portfolio, including paraformaldehyde in the Southeast Asia market through this acquisition.
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