Innovation in New Products to Stimulate Global Paraformaldehyde Market Growth; Exhibits Healthy 6.1% CAGR by 2023 - TMR

ALBANY, New York, January 21, 2019 /PRNewswire/ --

The competitive landscape of the global paraformaldehyde market demonstrate competitive structure, thanks to the presence of large and small players in the global paraformaldehyde market. The prominent Players operating in this market are also adopts various strategies in order to remain dominant throughout the forecast period, finds Transparency Market Research. The marketplace is expected to witness the entrance of new players due to increasing demand for a compound of paraformaldehyde. In addition to this the market is projected to witness a significant increase in competition and this further result in launch of new products in this, will further boost paraformaldehyde market.

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The manufacturers are majorly adopting key strategies such as merger and acquisitions in order to gain a foothold in the global paraformaldehyde market. This will further development of the global paraformaldehyde market in the coming years.  The prominent players functioning in the paraformaldehyde market are Feno Resinas S.A. de C.V. LCY Chemical Corp., Shouguang Xudong Chemical Co., Ltd., and Nantong Jiangtian Chemical Co., Ltd. These manufacturers are also focused towards the increasing number of application and this is another factor contributing towards the market growth.

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The revenue generated by the global paraformaldehyde account for the valuation of US$468.8 mn in 2014.The global paraformaldehyde market is likely to expand at healthy 6.1% CAGR during the course of forecast period from 2015 till 2023. With the substantial growth yearly, the opportunities in the global paraformaldehyde will likely to touch worth of US$791.9 mn by the end of forecast period.

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The Development of Photographic Field of Application Segment to Lead Global Paraformaldehyde Market 

Based on applications, the development of a photographic field is likely to account for the maximum growth owing to the increase in demand. On the regional front, the Asia Pacific is expected to dominate the global paraformaldehyde market due to the presence of various manufacturers in the region, especially in China. The expansion of application base of paraformaldehyde is significantly attributing towards the growth of this market. This is further trailed by Europe and North America during the course of forecast period. However, other developing economies like The Middle East and Africa and Latin America is likely to account for healthy growth over the forecast period.

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Rising Demand from End User Industry to Drive Market Growth 

The increasing usage for GM crops has further influenced demand for glyphosate and this is one of key factor largely contributing on growth of the global paraformaldehyde market in the year to come. In addition to this, the rising demand for resign is estimated to the increase in the overall demand for the global paraformaldehyde market in the coming years. The advancement in technology and increasing focus on the innovation of new products are some of the factor favoring well for the growth of the global market.

Limitation and Sanction against Glyphosate May Limit Market Growth  

On the other hand, various concern associated with the limitations and sanctions against glyphosate is one of the major factor hampering overall growth of the global paraformaldehyde market. However, the application of paraformaldehyde as lubricant additive and as drilling fluids is likely to offer key opportunities in the global paraformaldehyde market in the foreseeable future.

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The study presented here is based on a report by Transparency Market Research (TMR) titled "Paraformaldehyde Market for Resins, Agrochemicals, Medical, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."

The global paraformaldehyde market is segmented based on: 

Paraformaldehyde Market - Application Analysis 

• Resins
• Agrochemicals
• Medical Applications
• Others (Including Development of Photographic Films, Papermaking, Oil Field Chemicals, lubricant additives, etc.)

Paraformaldehyde - Regional Analysis 

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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SOURCE Transparency Market Research