Paraformaldehyde is Estimated To Witness High Growth Owing To Its Rising Application in Resins
SWOT Analysis
Strength: Paraformaldehyde has high chemical stability and can withstand high temperatures without decomposing, which makes it suitable for many industrial applications.It has good disinfecting and preservative properties. It is widely used as a fixative in medical applications and cell/tissue preservation.
Weakness: Paraformaldehyde produces an unpleasant smell during handling and use. Strict safety guidelines have to be followed during manufacturing and transportation due to its flammable and toxic nature.
Opportunity: Growing demand from end-use industries like construction, paints and coatings is expected to drive market growth. Increasing spending on healthcare infrastructure in developing countries also provides new opportunities.
Threats: Stringent environment regulations around the world regarding VOC emissions can hamper market growth. Rise in raw material prices is a major challenge. Substitute products also pose a threat.
Key Takeaways
Global Paraformaldehyde Market Size is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand from various end use industries like construction, paints and coatings.
Regional analysis: Asia Pacific region dominated the global market in 2023, accounting for around 36% of the overall shares, owing to high demand from industries in countries like China and India. The region is expected to continue its dominance during the forecast period due to rapid industrialization and infrastructure development activities in developing economies.
Key players: Key players operating in the paraformaldehyde market are Ercros, CCP, Celanese, LCY Chemical, Nantong Jiangtian, Hebei Jintaida Chemical, Shangdong Aldehyde Chemical, Yinhe Chemical, Shouguang Xudong, LINYI TAIER, Merck, Mitsubishi Gas Chemical, Chemanol, Xiangrui Chemical, Caldic etc.
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