The medical segment is projected to register the fastest CAGR of 6.2% during the forecast period, due to rise in demand as a hygienic & medical disinfector.
OREGON, PORTLAND, UNITED STATES, August 8, 2023/EINPresswire.com/ — The medical segment is projected to register the fastest CAGR of 6.2% during the forecast period, due to rise in demand as a hygienic & medical disinfector in medicine and the pharmaceutical sector. However, the agrochemicals segment held the largest share in 2020, accounting for more than two-fifths of the global paraformaldehyde market, due to surge in population and consumer preference for staple crops and demand for higher quality and more quantitative products.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ข๐ง ๐๐ซ๐จ๐๐ฎ๐ซ๐ข๐ง๐ ๐๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ข๐ฌ๐ข๐ญ ๐๐๐ซ๐: https://www.alliedmarketresearch.com/paraformaldehyde-market/purchase-options
Paraformaldehyde is an important chemical compound with various industrial applications, as I mentioned earlier. Its market dynamics are influenced by factors such as its applications across industries, regional demand, regulatory environment, and the availability of alternatives.
The global paraformaldehyde market across Asia-Pacific, followed by North America, held the largest share in 2020, contributing to nearly three-fifths of the market, owing to increasing production of paraformaldehyde in China. However, the market across LAMEA is expected to register the fastest CAGR of 6.6% during the forecast period, due to increased production of laminates, pentaerythritol, MDI, and wood panels.
The use of formaldehyde and its derivatives, including paraformaldehyde, is subject to regulations due to their toxic and potentially carcinogenic properties. Regulatory restrictions and requirements related to health, safety, and environmental concerns can impact the production, use, and transportation of paraformaldehyde.
๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ: Paraformaldehyde finds applications in industries such as healthcare (for tissue preservation and disinfection), agriculture (as a fumigant), plastics and resins manufacturing, adhesives, and textiles.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐๐ฆ๐๐ง๐: Demand for paraformaldehyde varies across different regions, depending on the industrial activities and economic development of those areas. Emerging economies with growing manufacturing and agricultural sectors may drive demand for paraformaldehyde.
Rise in need for paraformaldehyde to synthesize disinfectants, fixatives, fumigants, and fungicides has boosted the growth of the global paraformaldehyde market. However, the health effects of paraformaldehyde hinder the market growth. On the contrary, rise in inclination toward organic chemical synthesis, printing and photography, fertilizers, and fluorescent light products unlock new opportunities in the future.
๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐๐ง๐๐ฌ: Like many chemical markets, the paraformaldehyde market may be influenced by factors such as supply chain disruptions, raw material availability, technological advancements, and shifts in customer preferences.
As per the report, the global paraformaldehyde industry was pegged at $1.6 billion in 2020 and is projected to reach $2.8 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ: Chemical companies involved in the production and distribution of formaldehyde and related products are likely to play a significant role in the paraformaldehyde market. These companies may include manufacturers like Celanese Corporation, INEOS Group, and others.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ ๐๐ซ๐จ๐๐ก๐ฎ๐ซ๐: https://www.alliedmarketresearch.com/request-sample/14106
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Originally published at https://www.einpresswire.com/article/648841793/paraformaldehyde-market-business-insights-till-2030-exploring-latest-industry-trends-and-challenges