TMR_Research_Reports_2017 Paraformaldehyde Market Research Report 2023 | Page 3

Smart Materials Market
Rising Contribution from China to Bolster Asia Pacific Paraformaldehyde Market
In the last few years, the Asia Pacific segment held a large share of the global paraformaldehyde
market and is likely to remain in the topmost position in the next few years. The tremendous
contribution from China is estimated to accelerate the growth of this region and is considered as one
of the largest manufacturers across the globe. The expansion of the application base of
paraformaldehyde is expected to supplement the growth of this segment in the coming years.
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Furthermore, North America and Europe are anticipated to follow Asia Pacific throughout the forecast
period. The rising demand from diverse industries and the increasing focus on technological
developments are anticipated to encourage the growth of the Asia Pacific market for
paraformaldehyde in the next few years. Furthermore, Latin America and the Middle East and Africa
are likely to witness a healthy growth in the next few years.
Growing Demand from Diverse Industries to Encourage Growth
The growing demand for paraformaldehyde has attracted several new players to enter the market in
order to expand their product horizon and attain a leading position in the market. The rising level of
competition is projected to result in introduction of new products and the creating an awareness
among consumers regarding the use of paraformaldehyde across diverse industries. In addition, the
rising number of mergers and acquisitions is another major factor anticipated to contribute
significantly towards the growth of the global market throughout the forecast period.
Some of the key players operating in the pa raformaldehyde market across the globe are Nantong
Jiangtian Chemical Co., Ltd., Celanese Corporation, Shouguang Xudong Chemical Co., Ltd., Feno
Resinas S.A. de C.V., INEOS Group Limited, and LCY Chemical Corp. The presence of a large
number of players is expected to enhance the competitive scenario of the overall market throughout
the forecast period.
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