Sellbyville, DE -- (SBWire) -- 06/20/2019 --Asia Pacific contributed to over 50% of the paraformaldehyde market revenue in 2024. For example, India is known as primarily an agricultural economy where minimizing crop losses and achieving food crops self-sufficiency, will pave the way for paraformaldehyde usage in future with increased agrochemical consumption.
Paraformaldehyde Market is poised to exceed USD 800 million according to this new research report. Robust product demand is primarily attributed to increasing consumption of thermosetting composites which are extensively used in marine, automotive, construction and electronics industry. Increasing demand for power boats, speed boats, sail boats and cruise ship will effectively contribute towards paraformaldehyde industry by 2024.
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Global population is consistently increasing and is expected to reach over 9.9 billion by 2050. Increasing food demand which is attributed to growing population will ultimately propel agrochemicals demand to improve the overall production of crops. This will subsequently boost paraformaldehyde market by 2024.
Toxic and hazardous nature of product is likely to cause irritation in eye and nose which will impede paraformaldehyde market by 2024. Moreover, it is reported that prolonged human contact with the product has possibility of causing cancer which is expected to hamper paraformaldehyde industry over the projected timespan.
The resins application segment contributed a major portion which accounted for over 45% of the total paraformaldehyde market in 2016. Wide variety of resins including amines, polycarbonates, polyether, polyurethanes, phenols, etc. and exhibit excellent characteristics such as elasticity, stiffness, resistance to high temperature, chemical and corrosion resistance These have widespread applications in paper coating, insulation, automotive, rubber, electrical & electronics, etc. which will stimulate paraformaldehyde industry for resin during the forecast period.
Growing pharmaceutical sector will propel paraformaldehyde Market for medical segment owing to its widespread application for fixating tissue & cells as it possesses brilliant disinfectant properties. Global medical industry contribution in product application was valued over 27 kilo tons in 2016 and is projected to boost at a prominent rate which will subsequently drive the paraformaldehyde industry over the projected timeframe.
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Asia Pacific constituted for more than half of the total paraformaldehyde market share in 2016. This is primarily attributed to rapid industrialization and urbanization which has resulted in strong growth in the construction sector. For instance, China spend over 1.5 trillion and India contributed over USD 400 billion in 2016 which has resulted in growing resin consumption in the region which will drive paraformaldehyde industry by 2024. Presence of key automobile players in the Europe will lead to increasing paraformaldehyde application as resin in manufacturing variety of auto parts which will subsequently boost paraformaldehyde industrty in the region by 2024.
Key industry share contributors of paraformaldehyde are Tianjin Yuanlong Industry, Oswal Udhyog, Asia Chemical, Stormmax ASSP, Linyi Ruifeng, Nantong Jiangtian, Zibo Qingxin Chemicals and Inter Atlas.
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Paraformaldehyde Market Size, Share 2024, Analysis, Trends, Growth Factor, Research by Applications and Regions
Asia Pacific contributed to over 50% of the paraformaldehyde market revenue in 2024.