The paraformaldehyde market is anticipated to witness substantial growth by 2027 owing to surging product application across diverse end-use verticals.
Paraformaldehyde is the solidified form of liquid formaldehyde created through polymerization of formaldehyde at a typical 8-100 units degree of polymerization. As it is essentially condensed formaldehyde, paraformaldehyde possesses the same characteristics as formaldehyde, although it offers a wider scope of application.
Paraformaldehyde is mainly used as a source of formaldehyde groups in the manufacturing of several thermosetting resins as well as resorcinol, phenol, melamine, urea, and other similar reagents. These resins find applications as molding powders used as glues for plywood, chipboard, and furniture in the wood industry; as finishing resins for textiles and paper; as bonding resins for abrasives, foundry dyes, and brakes; as insulating varnishes for electrical components; and as glossing agents and driers for paints.
These resins produced using paraformaldehyde are then used in several products, such as disinfectants, methyl phenol, insecticides, dyestuff, embalming preparations, and special plasticizers, among others. Paraformaldehyde is also used as a bactericide and fungicide in crude oil production, warehousing, beet sugar refining, and other industries. The sugar beet sector leverages paraformaldehyde to curb the growth of algae in continuous diffusers.
Thus, due to its wide-ranging applications, the paraformaldehyde market is observing an upsurge in demand across the globe. Moreover, during the COVID-19 pandemic, health experts highlighted how sanitizers and disinfectants could prevent the infection from spreading, which propelled the sales of these products worldwide. As a result, increasing demand for disinfectants has bolstered product adoption, thereby fostering market outlook worldwide.
For in-depth analysis, the paraformaldehyde market has been categorized based on application and region. With respect to application, the market has further been bifurcated into resins, medical application, agrochemicals, and others.
The paraformaldehyde market from the others sub-segment is expected to witness significant growth by 2027, progressing at a CAGR of around 5.0% through the projected timeline, owing to widespread application of the product in varied sectors. Other applications of paraformaldehyde include the development of photographic films, papermaking, oilfield chemicals, and lubricant additives.
Paraformaldehyde is used as an additive in oil-well drilling muds to stop the fermentation of starch. In photography, paraformaldehyde is used to speed up development as it is a gelatin hardener. It is also used in the production of vitamin A. These applications are projected to further support segmental demand through the analysis period.
On the regional spectrum, the Middle East & Africa paraformaldehyde market is anticipated to exhibit notable growth at a robust pace over 2021-2027. Favorable trends in the oil & gas industry are expected to fuel regional market growth over the assessment timeframe. Moreover, paraformaldehyde is also vital in the manufacturing of 1,3,5-triazine that is used as a H2S scavenger in oil drilling processes, which is likely to foster industry outlook in the future.