Asia Pacific to augment Paraformaldehyde Market growth over 2016-2024, high demand from agrochemical application to stimulate the regional share
Agrochemical applications covered more than 40% of the revenue share in paraformaldehyde industry and will register an annual growth rate of more than 6% over the period of 2016 to 2024. The attributing factor toward the growth of this market is the shifting trends to increase crop-yield for fulfilling the globally escalating demand for food. Agrochemicals are in high demand across the U.S., owing to the significant consumption of the product in the farming sector, subject to which U.S. paraformaldehyde market will grow considerably. With U.S. at the helm, North America paraformaldehyde market will grow lucratively over the years ahead, having collected a revenue of USD 85.4 million in 2015. Growing infrastructure development across this region will augment the industry growth, in addition to the development of the pharmaceutical.
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This product can be used widely as a fixative and disinfectant, owing to which it is used extensively in the medical as well as pharmaceutical sectors. As per the study, pharmaceutical industry will collect a revenue of USD 1.5 trillion by 2024, growing at an annual rate of more than 4% over the coming timeframe. The surging population along with growing spending capability of consumers will fuel paraformaldehyde market. In 2015, medical applications consumed 26.19 kilo-tons volume of the product and will continue to contribute significantly to overall paraformaldehyde market.
The automotive sector is on the verge of consistent expansion across the continent of Europe. Paraformaldehyde based resins are prominently used in vehicle manufacturing for the various components such as molding, bearing, and adhesives, subject to which paraformaldehyde market in Europe will rise considerably. Resins accounted for more than 40% of revenue share in application segment of paraformaldehyde market in 2015 and will record a CAGR of about 5% over the coming years of 2016 to 2024. Owing to the properties such as corrosion and chemical resistance, the product is extensively across the aerospace, automotive, rubber, paper, and paints & coatings sectors.
Asia Pacific paraformaldehyde industry covered over 55% global market share in 2015 and will exhibit considerable annual growth rate over the coming seven years. Growing spending on construction activities across the emerging countries of this region will propel the requirement of the product. As per the study, India invested USD 420 billion in infrastructure development in 2015 and in the same year, China spent USD 1.75 trillion on construction projects.
The noteworthy players in paraformaldehyde market are Zibo Qingxin Chemicals Factory, Pure Chemistry Scientific, Inc., Tianjin Yuanlong Chemical Industry Co, Ltd., Asia Chemical Corporation, Oswal Udhyog, Linyi Ruifeng Machinery Co., Ltd, Stormmax ASSP Ltd., Changzhou Koye Chemical Co Ltd., Caldic, Interatlas Chemical Inc., Nantong Jiangtian Chemical Co Ltd., Ekta International, GFS Chemicals, Jinan Xiangrui Chemical Co., Ltd., Alfa Aesar, Hebei Yuhang Chemical Industry Co, Ltd., and Alpha Chemika.
Author Name :Sunil Hebbalkar