April 20, 2024
Paraformaldehyde Market

Paraformaldehyde Market is Estimated to Witness High Growth Owing to Growing Demand in Pharmaceutical Industry

Paraformaldehyde is a formaldehyde donor that is commonly used as a preservative and fixative in medical applications and products like vaccines, medicines, and biological samples. It helps preserve tissues without tissue decomposition or structural changes to retain tissue antigenicity and morphology. The increasing prevalence of diseases is driving significant demand for vaccines, medicines, and clinical research, thereby fueling the requirement for paraformaldehyde as a preservative and fixative. It finds wide usage in manufacturing drugs, vaccines, and biopsy specimens across the pharmaceutical and medical industries.

The Global Paraformaldehyde Market is estimated to be valued at US$ 483.61 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Paraformaldehyde market are Siemens AG, Dragerwerk AG & Co. KGaA, Getinge AB, GE Healthcare, Hill-Rom Holdings, Inc., KARL STORZ GmbH & Co. KG, Mizuho OSI, Koninklijke Philips N.V., STERIS Corporation, Stryker Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., BenQ Medical Technology, Mediland Enterprise Corporation, Alvo Medical Sp. z o.o., Famed Zywiec Sp. z o.o., Heal Force, OPT Surgisystems S.R.L. (TKB Group), Medifa-hesse GmbH & Co. KG, UFSK-International OSYS GmbH, Taicang Kanghui Technology Development Co., Ltd, Ningbo Techart Medical Equipment Co., Ltd., Fazzini SRL, Lojer Oy, and AGA Sanitaetsartikel GmbH.

The expanding pharmaceutical and medical industries present numerous growth opportunities in the market. Moreover, increasing R&D investments and clinical trials for new drugs and diagnostics will further augment demand. The market is also witnessing greater global expansion with rising penetration in emerging nations.

Market drivers

The increasing incidence of chronic and infectious diseases is a key driver boosting demand for paraformaldehyde from pharmaceutical manufacturers. According to the WHO, chronic diseases accounted for approximately 60% of the 57 million global deaths in 2008. Paraformaldehyde is extensively used as a preservative in medicines and vaccines for diseases like HIV, hepatitis, tuberculosis, etc. Hence, growing disease burden worldwide will continue promoting market growth.

PEST Analysis

Political: Paraformaldehyde market is regulated by government agencies on manufacturing, transportation and usage as it has hazardous properties. Production and imports/exports are regulated through permits.

Economic: Global economic growth and industrialization is increasing the demand for resins, coatings and disinfectants where paraformaldehyde is used. Rise in healthcare and scientific research expenditure also drives the market.

Social: Increasing population and income levels boost the construction and pharmaceutical industries which utilizes paraformaldehyde. Awareness about disinfection and biomedical research is favoring the market growth.

Technological: Advancements in controlled-release formulations and safer manufacturing processes help reduce the toxicity of paraformaldehyde. New applications are emerging in biomedical sciences with development of novel methods and products.

Market concentration by geography

The Paraformaldehyde Market Demand in terms of value is highly concentrated in Asia Pacific region led by China, India and Japan. The economies in this region have witnessed rapid urbanization and industrialization which has increased the demand from construction, coatings and paint industries that utilize paraformaldehyde in resin and hardener products.

Fastest growing regional market

The Paraformaldehyde market is expected to grow fastest in Latin American region during the forecast period. Countries like Brazil, Mexico and Argentina are industrializing rapidly in sectors such as construction, automotive and pharmaceuticals which will boost the consumption of paraformaldehyde. Government investments in healthcare infrastructure and economic development programs are driving the market growth in Latin America.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it