The North America Paraformaldehyde Market would witness market growth of 4.7% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 265.77 kilo tonnes, showcasing a growth of 3.9% (2019-2022).
Medical laboratories utilize paraformaldehyde as a fixative agent in tissue processing, preserving biological specimens for microscopic examination and analysis. Its ability to cross-link proteins within cells helps maintain cellular structures and prevents degradation, enabling accurate diagnosis of various diseases and conditions. Therefore, the U.S. market consumed 36.24 Kilo Tonnes of paraformaldehyde as medical uses in 2022.
The US market dominated the North America Paraformaldehyde Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $417.7 million by 2030. The Canada market is experiencing a CAGR of 5% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 5.7% during (2023 - 2030).
The paraformaldehyde market is a vital segment of the chemical industry, driven by its diverse applications across various sectors. Paraformaldehyde, a solid polymer of formaldehyde, plays a crucial role as a versatile chemical intermediate, offering various uses and applications. One of the primary applications of paraformaldehyde is in the production of resins. Paraformaldehyde is a key raw material in synthesizing various thermosetting resins, including urea-formaldehyde, phenol-formaldehyde (phenolic), and melamine-formaldehyde resins. These resins are found to be of extensive use in industries such as construction, automotive, furniture, and electrical, where they manufacture plywood, particleboard, laminates, adhesives, coatings, and molded products.
Paraformaldehyde is utilized in agriculture as a biocide and preservative. It is commonly used in seed treatment to protect seeds from fungal and bacterial infections, improve germination rates, and enhance seedling vigor. Additionally, paraformaldehyde-based formulations are employed in soil fumigation to control soil-borne pathogens, nematodes, and weeds, improving soil health and crop yields.
The growing production of chemicals in Canada leads to increased domestic demand for paraformaldehyde. According to the Government of Canada, the chemical manufacturing subsector in Ontario produced $8.5 billion in gross domestic product (GDP) in 2022, representing 10.0% of the overall manufacturing GDP in the province or 1.1% of Ontario’s total GDP. Hence, the high sales of chemicals and increasing regional production propel the market’s growth.
Free Valuable Insights: The Paraformaldehyde Market is Predict to reach USD 2.5 Billion by 2030, at a CAGR of 5.2%
Based on Application, the market is segmented into Agrochemicals, Resins, Medical, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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