The Global Paraformaldehyde Market Continues To Expand In the Emerging Economies of the World Owing To the Increased Demand from End-Use Industries, Construction, and Agricultural Sectors

 Paraformaldehyde is also known as an 'organic dimethyl' or 'free radical'. It is formed from the polymerization of hydrogen and carbon dioxide during the heating process of paraffin wax. The actual reason for this chemical reaction is to polymerize the hydrogen bond so that it can be more readily accepted by other compounds. Paraffin waxes are typical products of the paraffin wax industry, where they are synthesized from paraffin blocks, through a reaction catalyzed by acid.

Paraformaldehyde(s) are formed when a particular solution of paraformaldehyde in an aqueous state is applied to a standard mold in order to manufacture a particular product. It is a common ingredient in soaps, detergents, shampoos, candles, and cosmetic products. It is toxic when ingested and can cause irritation of the respiratory tract. If the skin is exposed to too much of this toxic gas, then it can cause severe burns and scarring. If the fumes are inhaled, it can lead to severe lung disease, and/or liver failure. Therefore, aqueous paraformaldehyde solution should always be used judiciously, and all precautions must be taken.

Market Dynamics                                               

The main driving factor influencing the growth of the paraformaldehyde market is its wide usage in many thermosetting resins such as resorcinol, melamine, urea, and phenol. The application of these resins is done in the production of bearings, fishing roads, lenses, paints, electrical insulation, molding compounds, adhesives, and paper coatings. It is also used as a fumigant, fixative, and fungicide in the agricultural sector and the rapid expansion of the agricultural sectors especially in emerging economies is driving the growth of the market. For instance, according to the Indian Council of Agricultural Research, currently, India has approximately 394.6 million acres of agricultural land and is the second-largest agrarian economy in the world after China. Fast-paced urbanization and industrialization have resulted in the growth of construction activities, which resulted in the limited availability of cultivation worthy lands. This factor is also boosting the market growth.

However, the hazardous environmental and anthropological effects of paraformaldehyde such as ocular and nasal irritation and cancer is the main restraining factor hindering the growth of the market.

This market is distributed in five regions that include North America, Europe, Asia-Pacific, Middle East, and Africa, and Latin America. Among these, Asia Pacific is estimated to hold a bigger share of the paraformaldehyde market owing to the rising demand for thermosetting resins such as polypropylene, chloride, polyvinyl, polyethylene, terephthalate, and polyethylene in various end-use sectors such as packaging, electronics, automotive & transportation, and construction. According to the Builders Association of India (BAI), there are approximately 200 construction firms in the region with Larsen & Toubro Ltd. at the top. The paraformaldehyde market in North America and Europe is expected to witness significant growth owing to an increasing preference for lightweight materials to use in the electronics, automotive, and construction sectors of the regions.

Competitive Analysis

Key players operating in the global paraformaldehyde market include GFS Chemicals, Ekta International, Jinan Haohua Industry Co. Ltd., Shanghai Orgpharma Chemical Co. Ltd., Jinan Xiangrui Chemical Co. Ltd., and Alfa Aesar.