Paraformaldehyde is a thermosetting phenol-formaldehyde resin utilized extensively in construction materials owing to its wide-ranging applications. It is utilized as a disinfectant, preservative and fixative in building materials such as fiberboards, particleboards, plywood, and more.

The global Paraformaldehyde Market is estimated to be valued at US$ 419.8 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The surging demand from construction industries has been a major driver propelling the growth of the Paraformaldehyde market. Paraformaldehyde is an essential component used in the production of various construction materials such as fiberboards, particleboards, and plywood. It acts as an adhesive and binding agent, providing strength and durability to these materials. According to World Bank data, the global construction market reached USD 10.9 trillion in 2021 and is expected to grow at 5% annually through 2025. The flourishing construction industry, especially in emerging economies, is anticipated to bolster the consumption of Paraformaldehyde over the forecast period. Increased infrastructure development projects worldwide, such as residential buildings, roads, bridges, and more, will further accelerate the market growth.

SWOT Analysis

Strength: Paraformaldehyde has significant demand in applications such as disinfection, agriculture and adhesives. It also provides benefits such as low cost and ease of use.
Weakness: Health and safety issues arise due to paraformaldehyde's acute toxicity if inhaled or swallowed. Strict regulations apply to its production, storage and transportation.
Opportunity: The market is witnessing growth in end-use industries like construction and healthcare. Innovation in products utilizing paraformaldehyde also opens up new opportunities.
Threats: Stringent environmental norms may lead to substitution with alternative chemicals. Volatility in raw material prices impacts the overall costs.

Key Takeaways

The  Global Paraformaldehyde Market Share is expected to witness high growth over the forecast period. The global Paraformaldehyde Market is estimated to be valued at US$ 419.8 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.

The Asia Pacific region currently dominates the global market and the trend is expected to continue. Countries like China, India and Japan are driving the demand owing to their large construction and healthcare industries. North America and Europe are other major markets powered by technological advancements.

Key players

Key players operating in the paraformaldehyde market are Siemens AG, Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, Heraeus Holding GmbH and Alpha Owens-Corning. Major players are focusing on capacity expansion and new product launches to strengthen their position.

For more details on the report, Read- https://www.ukwebwire.com/paraformaldehyde-market-trends-size-and-share-analysis/