Paraformaldehyde finds widespread application in agrochemical formulations, healthcare, chemical intermediate applications among others. It is used as a fumigant and disinfectant in the agrochemical industry for soil sterilization and control of bacterial and fungal diseases in crops. The expanding global agrochemical industry is expected to fuel the demand for paraformaldehyde owing to its high fungicidal and bactericidal properties. Paraformaldehyde is an important precursor in manufacturing various disinfectants, preservatives and fumigants that protect crops from pests and enhances yield quality. It allows for long term preservation of agricultural produce by inhibiting microbial deteriorating activities. The global Paraformaldehyde Market is estimated to be valued at US$ 419.8 Mn in 2023 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:
One of the key trends in the paraformaldehyde market size is shifting preference towards sustainable agricultural solutions. Rising environmental consciousness is driving farmers and agrochemical manufacturers to adopt greener and sustainable farming practices. As paraformaldehyde is a highly toxic chemical, companies are focusing on developing bio-based and eco-friendly alternatives for soil disinfection andcrop protection. Some players are investing in R&D of microbial- and plant-based products that can effectively replace conventional chemical fumigants and pesticides. Development of paraformaldehyde substitutes derived from natural sources can help address toxicity issues and drive the transition to sustainable agriculture. This is expected to open up new growth avenues for eco-friendly products and restrain the growth prospects of conventional paraformaldehyde over the forecast period.
Threat of new entrants: Paraformaldehyde market is capital intensive and has high product differentiation, making it difficult for new companies to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of well established players providing standardized products.
Bargaining power of suppliers: There are many raw material suppliers for paraformaldehyde which reduces supplier power.
Threat of new substitutes: There exist no close substitutes for paraformaldehyde due to its unique disinfectant and sterilization properties.
Competitive rivalry: Major players compete on aspects of product quality, innovation and price.
The global paraformaldehyde market is expected to witness high growth.
Regional analysis related content comprises Asia Pacific dominates the market and is expected to grow at the highest CAGR during the forecast period due to growing end use industries and increasing healthcare and construction expenditure in countries like China and India.
Key players related content comprises Key players operating in the paraformaldehyde market are Siemens AG, Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, Hill-Rom Holdings and Medtronic.