Analysis of Paraformaldehyde Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global paraformaldehyde market was estimated to be worth around US$ 957 Million by 2021. With the increasing use of paraformaldehyde in different industries globally.
The market is expected to reach a worth of about US$ 1.8 Billion by the end of 2032, with a projected CAGR of 4.9% during 2022 – 2032.
From 2015 to 2021, the Paraformaldehyde Market experienced a CAGR of 5.7%.
The pharmaceutical, agrochemical, paint, and chemical industries are the key industries that use paraformaldehyde. The need for paraformaldehyde to make synthetic disinfectants, fixatives, fumigants, and fungicides has increased as a result of the growing agricultural population around the world.
Additionally, one of the key driving factors for the market expansion is estimated to be the demand for paraformaldehyde in the manufacturing of organic chemicals, printing and photography, fluorescent lighting, consumer goods, cleaning products, personal care products, and intermediate additives and compounds.
Due to its use in paints and coatings, with the expanding construction and automotive sectors, the demand for paraformaldehyde has increased in these markets.
The market is expected to expand in the near future as a result of the rising demand for it as a hygienic & medical disinfector in the healthcare and pharmaceutical industries.
However, the negative effects of paraformaldehyde on health could hamper market expansion. Nasal and ocular discomfort, as well as cancer, are just some of the side effects of paraformaldehyde exposure from industrial processes and consumer items, which is a major factor limiting market expansion.
Many agencies, including Health Canada, the International Agency for Research on Cancer, the World Health Organization, and the United States Environmental Protection Agency (U.S. EPA), have identified the negative effects formaldehyde has on human health.
Market Size in 2021
US$ 957 Million
Market Share in 2022
US$ 1 Billion
Projected Market Value (2032)
US$ 1.8 Billion
Global Market Growth Rate (2022-2032)
United States Market Growth Rate (2022-2032)
Key Companies Profiled
Additionally, the Value Chain Alliance started working together in 2016 in order to limit the exposure to formaldehyde for 30,000 EU workers. During the revision of the CMD Directive, this estimate was finished by the European Parliament and included in the scope of the Directive. These factors can limit the expansion of the Paraformaldehyde Market worldwide.
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Asia Pacific has the largest market for Paraformaldehyde. Asia-Pacific is expected to contribute with over 50% share in the global paraformaldehyde market. This is mainly due to an increase in the production of paraformaldehyde in China, India, and Japan.
China’s market has grown significantly in the past few years. In 2017, China’s overall paraformaldehyde production was more than 260,000 tonnes. Japan holds a significant share of the global market. In 2021, according to The United Nations COMTRADE database in international trade, Japan’s exports of Paraformaldehyde to India were US$ 18.03 Mn.
Over the next ten years, paraformaldehyde demand is anticipated to increase significantly in India. In 2016, India exported paraformaldehyde-related goods valued at more than US$ 60 million. The demand for powdered paraformaldehyde is also contributing to the market's expansion in India. In India's powdered paraformaldehyde market in 2020, with 71.9%, powdered resins held the largest market share.
North America earned around US$ 125 million and had a 10% market share in paraformaldehyde in 2020. Even though the region has several favorable factors that can help in the expansion of the paraformaldehyde market, the growth is constrained by the different formaldehyde restrictions that the governments of the nations in the region have implemented.
The U.S. Congress requested that the U.S. EPA control formaldehyde emissions in 2010. As a result, the EPA announced Formaldehyde Emission Standards for Composite Wood Products in late July 2016 and made them official in December 2016. The California Air Resources Board (CARB) formaldehyde emission criteria (Phase I in 2009, Phase II in 2010) are the basis for the emission limits for composite wood goods marketed or imported in the United States, along with other requirements such as product traceability and certification.
In accordance with CEPA 1999, Environment Canada and Health Canada concluded in 2001 that formaldehyde was hazardous to both human health and the environment. Health Canada created indoor air quality recommendations for homes for formaldehyde in 2006.
Additionally, the Canada Consumer Product Safety Act forbids the production, importation, marketing, or sale of thermal insulation made with urea formaldehyde (CCPSA). In order to adapt to the restrictions imposed by the State of California, a voluntary standard was additionally issued by the Canadian Standards Association in 2016.
U.S. Paraformaldehyde Market Analysis
China is one of the largest producers of Paraformaldehyde. The Chinese Market for Paraformaldehyde has previously experienced a CAGR of 6.3% from the year 2015 to 2021 and is predicted to experience a CAGR of 5.4% in the next ten years. By the year 2032, China is expected to be a market with an absolute dollar opportunity of US$ 51.4 Million.
In China, the production of paraformaldehyde is mainly distributed in Hebei, Shandong, and Jiangsu provinces, mainly due to the abundant supply of raw materials especially methanol, and easily available transportation.
Agrochemical Industry, Resin Industry, and Medical Industry make up the majority of the Chinese Paraformaldehyde Market. In the year 2017, consumption volume in Agrochemicals increased by 3.16% in a year, to ~219,000 tonnes. Similarly, the demand for resin increased by 6%, due to the increase in its exports.
United States Paraformaldehyde Market Analysis
The United States has a promising market for paraformaldehyde. From 2015 to 2021, the market in the United States grew at a CAGR of 6.6%. Between 2022 and 2032, the United States is expected to be a market with a US$ 274.5 Mn absolute dollar opportunity.
Although paraformaldehyde has several uses in the United States with growing agricultural demand and medicine research in the country, there are many harmful effects of being exposed to Paraformaldehyde. The Environmental Protection Agency and the Food and Drug Administration regulate the use of formaldehyde in consumer products. Some states in the U.S. have created their own legislation in this respect.
When California, Minnesota, New York, or Washington enact their own legislation, there are related laws that regulate the content of formaldehyde in consumer products, such as California Airborne Toxic Control Measure (ATCM), California Proposition 65, the Washington Children s Safe Products Act, etc. All these regulations are slowing down the growth of the Paraformaldehyde Market in the United States.
Japan Paraformaldehyde Market Analysis
The market for paraformaldehyde in Japan is expected to reach US$ 108 Million by 2032. With a CAGR of 5.1% during 2022 – 2032, the market is projected to register an absolute dollar opportunity of US$ 42 Million
South Korea Paraformaldehyde Market Analysis
The paraformaldehyde market in South Korea is expected to gross an absolute dollar opportunity of US$ 23 Million during 2022 – 2032. The market is expected to reach a valuation of US$ 65 Million by 2032, growing at a CAGR of 4.5%.
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Covid-19 disrupted the operation of many industries like oil, gas, and other raw materials. The pandemic also caused a shortage of labor force. This declined the overall production and demand for Paraformaldehyde in the Market. On the other hand,
Paraformaldehyde has been previously used for disinfecting sickrooms and sickroom utensils. In 2021, researchers have found that 15 minutes treatment of SARS-CoV-2 infected cells with paraformaldehyde resulted in complete inactivation of the virus and health experts also highlighted how sanitizers and disinfectants could prevent the Covid-19 infection from spreading, which boosted the sales of the paraformaldehyde products worldwide.
Medical and agrochemical Industries generate the maximum revenue for the Paraformaldehyde Market. Revenue through medical application has experienced a CAGR of 5.5% from 2015 to 2021 and is expected to experience a CAGR of 4.7% in the next ten years from 2022 to 2032. Tablets containing paraformaldehyde are highly efficient against a variety of microorganisms. They may be used for certain disinfecting procedures in clinical settings.
The agrochemical segment made up around 42% of the total Paraformaldehyde Market in 2021. In the next ten years, Agrochemicals is expected to generate a revenue of more than US$ 500 Mn for the market. This is due to the rising use of paraformaldehyde manufacturing agrochemicals used in pesticides and herbicides, including as glyphosate, butachlor, acetochlor, bismerthiazol, and machete. As a result, the demand for high-quality pesticides is rising, which in turn is raising the revenue generated by the agrochemicals segment of the global paraformaldehyde market.
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The paraformaldehyde market is highly competitive with numerous players operating in the market. The key companies operating in the Paraformaldehyde Market are Alpha Chemika, Caldic, CELANESE CORPORATION, Chemanol, Ekta International, Ercros, GFS Chemical, Merck Group, Thana Acid & Chemical Company, THERMO FISHER SCIENTIFIC, Interatlas Chemical Inc., Interatlas Chemical Inc., Hebei Yuhang Chemical Industry Co., Ltd., Nantong Jiangtian Chemical Co., Ltd., Shandong Tuobo, LCY Chemical, Yinhe Chemical, Nantong Jiangtian, Wanhua Chemical, Stormmax ASSP Ltd., Shanghai Orgpharma Chemical Co., Ltd., Changzhou Koye Chemical Co., Ltd., and INEOS Enterprises.
Some of the recent developments by the key providers of Paraformaldehyde are as follows:
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The global paraformaldehyde market was valued at US$ 1 Billion in 2022.
Over the projected period, the Paraformaldehyde Market is expected to increase at a CAGR of 4.9%, reaching a value of US$ 1.8 Bn by 2032.
Medicine Industry generates the maximum demand in the Paraformaldehyde Industry. Revenue through this category expanded at a CAGR of 5.5% from 2015 to 2021 and is projected to grow at a CAGR of 4.7% by 2032.
The increasing use of Paraformaldehyde in the Medical and Agrochemical field has been adding significant revenues to the market.
The US, UK, China, Japan, and South Korea are expected to drive the most Paraformaldehyde.
Alpha Chemika, Caldic, CELANESE CORPORATION, Chemanol, Ekta International, Ercros, GFS Chemical, Merck Group, Thana Acid & Chemical Company, and THERMO FISHER SCIENTIFIC, are some of the key players in the Paraformaldehyde Industry.
The Paraformaldehyde Market expanded at a CAGR of 5.7% from 2015 through 2021.
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