by Paraformaldehyde is a polymeric form of formaldehyde that is widely used as a disinfectant and preservative in pharmaceutical and medical applications. Owing to its antibacterial and antifungal properties, paraformaldehyde is commonly used as a preservative in vaccines and other biologic drugs. The increasing demand for vaccines and biologics to treat chronic diseases is expected to drive the growth of the paraformaldehyde market.
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 increasing demand from the pharmaceutical industry is one of the major trends fueling the growth of the paraformaldehyde market. Paraformaldehyde finds widespread application as a preservative in vaccines for viral diseases such as influenza, rabies, hepatitis, etc. Furthermore, it is also used for preservation of biopharmaceutical products such as monoclonal antibodies, recombinant proteins, blood derivatives, and stem cells. The robust pipeline of vaccines and rising prevalence of chronic diseases are increasing the demand for biologics, which in turn is driving the consumption of paraformaldehyde as a preservative. Advancements in pharmaceutical and biotech industries are expected to boost the paraformaldehyde market during the forecast period.
SWOT Analysis
Strength: Paraformaldehyde has good antimicrobial properties and is widely used as a preservative and disinfectant. It is colorless, odorless and stable at room temperature.
Weakness: Paraformaldehyde is highly flammable and exposure to it can cause irritation to eyes, skin and respiratory tract. Strict safety norms and precautions are required during manufacturing and handling.
Opportunity: Growing end-use industries like construction and pharmaceutical offer significant growth opportunities. Rising demand for disinfectants and preservatives also boost the market.
Threats: Availability of substitute products and stringent environmental regulations regarding VOC emissions during production are major challenges. Fluctuations in raw material prices can impact the market.
Key Takeaways
The Global Paraformaldehyde Market Size is expected to witness high growth. 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 dominates the global market and is expected to witness the fastest growth during the forecast period. Expanding construction and pharmaceutical industries are driving the demand for paraformaldehyde in the region. Countries like China, India and Japan are the major consumers and producers.
North America and Europe are other major markets globally. Stringent healthcare regulations and awareness about disinfection are supporting the market growth. Growing demand for preservatives and antimicrobial products from various end-use industries increases the product adoption.
Key players operating in the paraformaldehyde market are Siemens AG, Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, Hill-Rom Holdings, Inc. These players are focusing on capacity expansion and new product launches to strengthen their market presence. Partnerships and collaborations are another key strategy adopted by major companies.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
