Paraformaldehyde Market Analysis

Paraformaldehyde Market Analysis

Agrochemicals will generate over USD 450 million by 2027. These represent one of the main applications of paraformaldehyde. It is extensively used in the manufacture of herbicides such as glyphosate, acetochlor, butachlor, machete, and bismerthiazol. The demand for paraformaldehyde in the industry is anticipated to increase due to the rising demand for agrochemicals worldwide. Favorable trends associated with crop production and rising usage of agricultural chemicals will bolster the paraformaldehyde market growth by 2027.
 

The others application segment will witness around 5% CAGR by 2027. The others segment includes applications such as the development of photographic films, papermaking, oil field chemicals, lubricant additives, and to produce vitamin A. In photography, paraformaldehyde is used to speed up the development as it is a gelatin hardener. Paraformaldehyde is used as an additive in drilling mud to stop the fermentation of starch.
 

North America generates around USD 125 million in 2020 and will hold over 10% share in paraformaldehyde market by 2027. The increasing demand for agricultural chemicals including bactericides, herbicides, fungicides, and pesticides, mainly in the U.S., will stimulate industry growth in the future. Favorable trends associated with healthcare research coupled with rising investments in the medical sector will support industry growth. Moreover, increasing oil & gas exploration activities will further boost product sales over the forecast period.
 

The Latin America paraformaldehyde market will generate around USD 55 million by 2027. Rising product usage in the production of various thermosetting resins will pave the way for industry expansion in the next few years. Rising population, urbanization, and huge investments will propel construction activities in the future. Such trends will trigger product sales as it is used in various product formulations in the paints, coatings, and furniture industries.