Market Overview

Resins application in paraformaldehyde market to see 5% CAGR to 2024

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Resins application in paraformaldehyde market to see 5% CAGR to 2024

Europe paraformaldehyde market to see a huge demand in the forecast period owing to presence of key automobile players in the region which will lead to increasing paraformaldehyde application as resin in manufacturing variety of auto parts.

PR Newswire

SELLBYVILLE, Del., July 25, 2018 /PRNewswire-iReach/ --  According to a latest research report by Global Market Insights, Inc. "Revenue of paraformaldehyde market is predicted to be valued USD 800 million by 2024." Robust product demand is primarily attributed to increasing consumption of thermosetting composites which are extensively used in marine, automotive, construction and electronics industry. Increasing demand for power boats, speed boats, sail boats and cruise ship will effectively contribute towards paraformaldehyde market by 2024.

In addition, extensive product application for manufacturing various autoparts including mirrors, gears, door lock system, seating parts, wind shield wipers, etc. will drive paraformaldehyde market by 2024. For instance, the global production of cars was over 70 million units in 2016 which is anticipated to grow at a CAGR of over 4% over the projected timespan. This will subsequently drive paraformaldehyde market by 2024.

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Global population is consistently increasing and is expected to reach over 9.9 billion by 2050. Increasing food demand which is attributed to growing population will ultimately propel agrochemicals demand to improve the overall production of crops. This will subsequently boost paraformaldehyde market by 2024. In addition, growing popularity of product-based fixatives in personal care, homecare, etc. will have positive influence on the paraformaldehyde market over the projected timespan. Moreover, the product finds widespread application in pharmaceuticals, shooting & lithography, consumer goods, and chemical synthesis which will subsequently drive paraformaldehyde market by 2024.

Toxic and hazardous nature of product is likely to cause irritation in eye and nose which will impede paraformaldehyde market by 2024. Moreover, it is reported that prolonged human contact with the product has possibility of causing cancer which is expected to hamper paraformaldehyde market over the projected timespan.

The resins application segment contributed a major portion which accounted for over 45% of the total paraformaldehyde market in 2016. Wide variety of resins including amines, polycarbonates, polyether, polyurethanes, phenols, etc. and exhibit excellent characteristics such as elasticity, stiffness, resistance to high temperature, chemical and corrosion resistance These have widespread applications in paper coating, insulation, automotive, rubber, electrical & electronics, etc. which will stimulate paraformaldehyde Market for resin during the forecast period.

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Growing pharmaceutical sector will propel paraformaldehyde Market for medical segment owing to its widespread application for fixating tissue & cells as it possesses brilliant disinfectant properties. Global medical industry contribution in product application was valued over 27 kilo tons in 2016 and is projected to boost at a prominent rate which will subsequently drive the paraformaldehyde market over the projected timeframe.

Asia Pacific constituted for more than half of the total paraformaldehyde market share in 2016. This is primarily attributed to rapid industrialization and urbanization which has resulted in strong growth in the construction sector. For instance, China spend over 1.5 trillion and India contributed over USD 400 billion in 2016 which has resulted in growing resin consumption in the region which will drive paraformaldehyde market by 2024. Presence of key automobile players in the Europe will lead to increasing paraformaldehyde application as resin in manufacturing variety of auto parts which will subsequently boost paraformaldehyde market in the region by 2024.

Key industry share contributors of paraformaldehyde are Tianjin Yuanlong Industry, Oswal Udhyog, Asia Chemical, Stormmax ASSP, Linyi Ruifeng, Nantong Jiangtian, Zibo Qingxin Chemicals and Inter Atlas.

Buy this industry insights spread across 113 pages with 85 market data tables & 11 figures & charts from the report, "Paraformaldehyde Market Size by Application (Resins, Agrochemicals, and Medical Applications), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024" in detail along with the table of contents:

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Chapter 3. Paraformaldehyde Industry Insights

3.1. Industry segmentation

3.2. Industry size and forecast, 2013 – 2024

3.3. Industry ecosystem analysis

3.3.1.   Vendor matrix

3.3.2.   Distributor matrix

3.4. Industry impact forces

3.4.1.   Growth drivers

3.4.1.1.      Increasing agricultural market

3.4.1.2.      Growing construction sector

3.4.1.3.      Flourishing automobile industry

3.4.2.   Industry pitfalls & challenges

3.4.2.1.      Stringent government regulations

3.4.2.2.      Human health hazards and safety issues

3.5. Growth potential analysis, 2015

3.6. Regulatory trends

3.6.1.   U.S.

3.6.2.   Europe

3.6.3.   China

3.7. Porter's analysis

3.8. Company market share analysis, 2015

3.9. PESTEL analysis

3.10. Regional price trends

3.10.1. Cost structure analysis

3.10.2. Raw material trends

Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/paraformaldehyde-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Media Contact: Jignesh Thakkar, Global Market Insights, Inc., +13028467766, sales@gminsights.com

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SOURCE Global Market Insights, Inc.

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