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 2024 to 2031.
Paraformaldehyde is an oligomer of formaldehyde which finds extensive applications as a disinfectant and preservative in the medical industry. It is commonly used for sterilizing medical devices and disinfecting surfaces in hospitals and clinics due to its excellent biocidal properties. Paraformaldehyde based products provide long-lasting protection against bacteria, viruses, molds and fungi as compared to alcohol-based disinfectants. The growing prevalence of hospital-acquired infections and increasing awareness about prevention of disease transmission is driving the demand for sterilization of medical equipment and facilities.
Key Takeaways
Paraformaldehyde Companies 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 growing prevalence of hospital acquired infections and increasing awareness about prevention of disease transmission is driving the demand for sterilization of medical equipment and facilities. Furthermore, rising healthcare expenditure in developing economies is also fueling the adoption of sterilization equipment and disinfectants.
The global expansion of healthcare sector along with increasing number of hospitals and clinics especially in emerging economies of Asia Pacific and Latin America is propelling the growth. Moreover, growing medical tourism in developing countries is further boosting the demand.
Market Key Trends
Sterilization technology is one of the key trends being witnessed in the paraformaldehyde market. Technological advancements are helping in development of newer sterilization equipment that uses paraformaldehyde based sterilants more efficiently and effectively. Paraformaldehyde Market size instance, hydrogen peroxide vapor sterilizers that use lower concentration of paraformaldehyde at ambient temperature are gaining popularity in healthcare industry due to their advantage of non-corrosiveness to materials as compared to traditional sterilization methods.
Porter’s Analysis
Threat of new entrants: New players can enter the paraformaldehyde market easily as there are no major entry barriers. However, established players have scale of economies and strong brands.
Bargaining power of buyers: There exists a large number of buyers in the paraformaldehyde market with unified or standardized products. Therefore, the bargaining power of buyers is high.
Bargaining power of suppliers: A few major manufacturers control the supply in the global paraformaldehyde market. Thus, the bargaining power of suppliers is high.
Threat of new substitutes: There exist substitutes like glutaraldehyde and orthophthalaldehyde for some applications. However, the threat from substitutes is low as paraformaldehyde is more economical and has wider applications.
Competitive rivalry: The paraformaldehyde market has the presence of many global and regional players. However, the market is fragmented with the absence of price wars between players.
Geographical Regions
North America accounts for the largest share of the global paraformaldehyde market, both in terms of value and volume. This is attributed to the wide industrial applications of paraformaldehyde and growing consumption from end-use industries in the region.
Asia Pacific is projected to be the fastest-growing market for paraformaldehyde during the forecast period. Rising demand from agrochemicals, construction, and other end-use industries drives the paraformaldehyde market growth in the region. Rapid industrialization and economic development in countries such as China and India provide opportunities for market expansion.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)