Albany, NY -- (SBWIRE) -- 11/24/2017 -- Transparency Market Research has published a new report titled "Paraformaldehyde Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023." According to the report, the global paraformaldehyde market was valued at US$ 468.8 Mn in 2014 and is likely to reach US$ 791.9 Mn in 2023, expanding at a CAGR of 6.1% between 2015 and 2023.
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Paraformaldehyde is a white powder with characteristic pungent odor of formaldehye. It is prepared by concentrating and dehydrating aqueous fomaldehyde. Paraformaldehyde is the smallest polyoxymethylene and its formaldehyde concentration is typically 91% to 93% by weight. The main applications of paraformaldehyde are production of resins and agrochemicals, especially herbicides. Urea formaldehyde, phenol formaldehyde, and melamine formaldehyde are the resin types which majorly account for paraformaldehyde demand globally.
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The paraformaldehyde market has been driven by growing demand from resin manufacturers. Resins and agrochemical applications together accounted for over 80% of the global paraformaldehyde demand in 2014. Manufacturers prefer paraformaldehyde to formaldehyde when low water content is desired. Moreover, paraformaldehyde provides better reaction control and improved productivity. Demand for herbicides has increased significantly since the introduction of genetically modified (GM) crops. Glyphosate, the largest selling herbicide in the world, is one of the major drivers of demand for paraformaldehyde. Paraformaldehyde is also used in the production of acetochlor, butachlor, machete, and bismerthiazol. It is used in the oil & gas industry as oil drilling fluids. Its application as lubricant additives is an emerging opportunity in the market. However, the outlook for the agrochemicals market is subject to scrutiny as several countries in Europe as well as Latin America have expressed concerns on the application of glyphosate on agricultural produce.
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In terms of demand, Asia Pacific, led by China, accounted for the largest share of the global paraformaldehyde market in 2014. China accounted for approximately 50% of the global demand in 2014. Asia Pacific is likely to witness significant growth during the forecast period due to high demand for agrochemicals. Asia Pacific was followed by Europe and North America. Demand for paraformaldehyde in Latin America and the Middle East and Africa (MEA) is anticipated to grow at a high rate during the forecast period. The paraformaldehyde market is highly fragmented, with numerous players operating in the market.
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The report provides an in-depth analysis of the paraformaldehyde market in terms of volume (kilo tons) and revenue (US$ Mn). It includes current demand analysis and forecast for each application segment at the global and regional level. Regions analyzed include North America, Europe, Asia Pacific, Latin America (LATAM), and the Middle East and Africa (MEA). Each region is further sub-segmented into the main countries or regions.