H1 2023: Paraformaldehyde (PFA)’s largest consumer was Asia Pacific region in H1 2023. The Asia Pacific paraformaldehyde market was in a downturn till the end of H1 2023. The price of paraformaldehyde in Taiwan decreased in March 2023. The downstream industries remained flat, with trading activities occurring immediately, due to a decline in end-user demand. Taiwan's paraformaldehyde exports to China and South Korea decreased as well, and providers were given the option to negotiate the cargo price. The Asia Pacific region's purchasing activity decreased further in April as a result of poor trading fundamentals and increased inventory levels. In Taiwan, the price of paraformaldehyde is still quite low because to ample supply and a gloomy demand. Following a sluggish increase in product stocks, sales of paraformaldehyde from the region to the Asian market continue to be incredibly weak. The majority of suppliers had low trade dynamics for new stock and large amounts of existing stock, which led to bearish cost support. Significant producers had given Taiwan sold paraformaldehyde at low price and there had been no strong demand for the product till June 2023. The US saw a sharp increase in paraformaldehyde prices in the first two months due to heavy buying activity. With increasing end-user sectors saw a progressive increase in paraformaldehyde demand. Along with an improvement in market trading fundamentals, paraformaldehyde exports from the US to China and South America also rose. The US paraformaldehyde market saw a boom in February 2023. But in March and demand was weak, the price trend began to move in a bearish direction which continued to persist till June 2023.
The global Paraformaldehyde (PFA) market stood at approximately 851 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 3.93% during the forecast period until 2034.
Paraformaldehyde (PFA) is a versatile compound. It is an 8–10-degree polymerized formaldehyde polymer. The first step in the production of PFA is to take an aqueous solution of formaldehyde that is between 40% and 55% pure. After that, this solution is concentrated to 85%, and dewatering and condensation are done next. Afterwards, the condensed solution is removed to be dried in specialized drying equipment and used for polymerization. The last stage involves the formation of paraformaldehyde after cooling is done. PFA is the recommended option for preserving biological samples because of its high-water solubility and potent antibacterial qualities. In its depolymerized state, paraformaldehyde is used as a fumigant, fungicide, pesticide, and disinfectant. Furthermore, paraformaldehyde has the ability to crosslink proteins to Deoxyribonucleic Acid (DNA), a particular technique for determining which DNA sections the proteins are interacting with. Furthermore, resinous binding materials made of paraformaldehyde are substituted for aqueous formaldehyde and subsequently mixed with phenol, melamine, or other reactive compounds to produce medium-density fiberboard, plywood, and particle board. Paraformaldehyde is a disinfectant that doubles as a hardening and waterproofing agent. It is used in the manufacturing of plywood, furniture, adhesives, lubricants, resins, thermoplastics, and agrochemicals such fungicides, insecticides, and fertilizers. Paraformaldehyde also performs these functions as finishing resins for paper and textiles, insulating varnishes for electrical components, driers and glossing agents for paints and coatings, and fixatives in cell culture research. Furthermore, paraformaldehyde is widely used in the agriculture sector as a fumigant and preservative for agricultural products.
One factor driving the significant revenue growth of the global paraformaldehyde market is the growing demand for the chemical, paints and coatings, papermaking, printing, oil and gas, and medical industries. The main process for creating urea-formaldehyde resins involves the use of paraformaldehyde. Over the coming years, demand is anticipated to be driven by the increasing use of paraformaldehyde in the production of resins. These resins' advantageous qualities allow them to be used in a variety of industries, including paper, rubber, adhesives, paints and coatings, automotive, and aerospace. Growing population, changing dietary habits, and rising demand for premium food items are all predicted to drive up demand for paraformaldehyde in the agricultural sector. Furthermore, during the projected period, the production of textiles, paper, and photographic films utilizing paraformaldehyde is anticipated to drive market expansion. The production of personal care products, which require more paraformaldehyde, such as hair straightening and hair waving products, is anticipated to drive market growth. The global Paraformaldehyde (PFA) market is anticipated to touch roughly 1.3 million thousand tonnes by 2034.
Asia Pacific region is the leading consumer of Paraformaldehyde (PFA). Another factor propelling the market expansion is the rising demand for resins, agrochemicals, and pharmaceuticals brought on by the expanding industrialization and urbanization of developing countries like China and India. Many enterprises have also entered the market as a result of the area's easy access to inexpensive labor and raw resources. The growth of China's chemical industry should be very beneficial to local producers of paraformaldehyde. Because of the growing demand for paraformaldehyde from end-use industries including cosmetics and personal care, the Asia-Pacific market is anticipated to grow in the forecast period.
Based on the end-user industry, the global Paraformaldehyde (PFA) market is divided into Agrochemical, Automotive, Textile Industry, Resin, and Others. Among these, Agrochemicals Industry is the leading segment and held about 45% of the global Paraformaldehyde (PFA) market in 2023. Paraformaldehyde (PFA) It is mostly utilized in denture materials, textiles, acrylic fibers, leather goods, polyacrylate elastomers, and acrylic rubber.
Major players in the Global Paraformaldehyde (PFA) market are Celanese Corporation, Evonik Industries AG, FMC Corporation, Sigma-Aldrich Corporation, Alfa Aesar, Chemanol (Methanol Chemicals Company), LCY Chemical Corporation, Nan Ya Plastics Corporation, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2032
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Objective of the Study:
• To assess the demand-supply scenario of Paraformaldehyde (PFA) which covers production, demand and supply of Paraformaldehyde (PFA) market in the globe.
• To analyse and forecast the market size of Paraformaldehyde (PFA)
• To classify and forecast Global Paraformaldehyde (PFA) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Paraformaldehyde (PFA) market in the globe.
To extract data for Global Paraformaldehyde (PFA) market, primary research surveys were conducted with Paraformaldehyde (PFA) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Paraformaldehyde (PFA) market over the coming years.
ChemAnalyst calculated Paraformaldehyde (PFA) demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Paraformaldehyde (PFA). ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Paraformaldehyde (PFA) manufacturers and other stakeholders
• Organizations, forums and alliances related to Paraformaldehyde (PFA) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Paraformaldehyde (PFA) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Paraformaldehyde (PFA) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
|
Attribute
|
Details
|
|
Market size Volume in 2023 |
851 thousand tonnes |
|
Market size Volume in 2034 |
1293 thousand tonnes |
|
Growth Rate |
CAGR of 3.93% from 2024 to 2034 |
|
Base year for estimation |
2024 |
|
Historic Data |
2015 – 2023 |
|
Forecast period |
2025 – 2034 |
|
Quantitative units |
Demand in thousand tonnes and CAGR from 2024 to 2034 |
|
Report coverage |
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process. |
|
Segments covered |
By End-Use: (Furniture Industry, Agrochemical, Automotive, Textile, Paper, and Others)
By Sales Channel: (Direct Sale and Indirect Sale) |
|
Regional scope |
North America, Europe, Asia Pacific, Middle East and Africa, and South America. |
|
Pricing and purchase options |
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Q1.
What was the net market size of Paraformaldehyde (PFA) in terms of volume in 2023?
Ans:
The global market size of Paraformaldehyde (PFA) has reached approximately 851 thousand tonnes in 2023.
Q2.
Which region is the major consumer of Paraformaldehyde (PFA)?
Ans:
Asia Pacific region is the leading consumer of Paraformaldehyde (PFA) globally.
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