India Powdered Paraformaldehyde and Powdered Resins Market - Forecast(2021 - 2026)

India Powdered Paraformaldehyde and Powdered Resins Market size is forecast to reach $65.8 million by 2026, after growing at a CAGR of 5.7% during 2021-2026. Growth of the India powdered paraformaldehyde and powdered resins market is mainly attributed to its wide-ranging applications across furniture, textile, automotive, pharmaceuticals and various other applications. Rising demand for powdered paraformaldehyde in the formulation of fixatives is anticipated to drive the growth of the market. Additionally, in future, the rising demand for powdered paraformaldehyde and powdered resins in the production of agrochemicals is expected to provide opportunities for the market growth. Furthermore, increase in the demand for raw materials such as powdered paraformaldehyde for the production of thermosetting resins will upsurge the India powdered paraformaldehyde and powdered resins industry over the forecast period.

Covid-19 Impact

The rapid expansion of coronavirus has had a huge effect on Indian markets as large markets had been locked up because of this pandemic in 2020. Because of this major lockdown, suddenly the supply demand for raw materials such as powdered paraformaldehyde was declined in the year 2020. The shutdown of all forms of domestic transport within the country was also one of the major factors affecting the growth of the India powdered paraformaldehyde and powdered resins industry. The GDP growth rate in India has also been affected severely due to the pandemic. According to the International Monetary Fund, at a glance of 2021, the actual GDP expected (percent change) in India for the year 2020 was -10.3%. Besides, various sectors including the manufacturing sector have slowed down the demand for goods’ production and exports of powdered paraformaldehyde and powdered resins which has declined the India powdered paraformaldehyde and powdered resins market growth.

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Report Coverage

The report “India Powdered Paraformaldehyde and Powdered Resins Market– Forecast (2021-2026)”,by IndustryARC, covers an in-depth analysis of the following segments of the India powdered paraformaldehyde and powdered resins market.

By Type: Paraformaldehyde (Paraformaldehyde 91%, Paraformaldehyde 92%, Paraformaldehyde 96%, and Others) and Powdered Resin (Urea Formaldehyde Resin and Phenol Formaldehyde Resin).

By Paraformaldehyde Application: Urea Formaldehyde (UF) Resin, Phenol Formaldehyde (PF) Resin, Melamine Urea Formaldehyde (MUF) Resin, Melamine Formaldehyde (MF) Resin, Polyacetal Resins, Pentaerythritol, Methylenebis (4-phenyl isocyanate) (MDI), 1,4-butanediol (BDO), Hexamethylenetetramine (HMTA), Ion Exchange Resins, Surface Coating Resins, Disinfectant, Coatings, Pesticide, and Others.

By End Use Industry: Furniture, Automotive, Textile, Paper, Pharmaceutical, Agrochemicals and Others.

By Region: North India, South India, East India, and Western India.

Key Takeaways

• Western India region dominated the India powdered paraformaldehyde and powdered resins market due to the rising usage of powdered paraformaldehyde and powdered resins in the pharmaceutical industry (antibiotic production) and textile (apparel finishing).
• Nowadays, the increasing usage of powdered paraformaldehyde and powdered resins in medical sector due to its disinfectant properties will lead towards the growth of the market.
• Moreover, rising demand from the real estate sector, increasing urbanisation, higher disposable incomes and a growing middle class, and setting up of new furniture plants in India is also driving the market growth.
  
  

India Powdered Paraformaldehyde and Powdered Resins Market Segment Analysis -By Type

Powdered resins held the largest share of 71.9% in the India powdered paraformaldehyde and powdered resins market in 2020. Powdered resin is the most widely used raw material for the synthesis of other organic compounds, due to its excellent processability and balance of thermal and mechanical properties. Increasing use of paraformaldehyde for the production of powdered resins such as urea formaldehyde resins and phenol formaldehyde resins for application in various end use industries is anticipated to boost the market growth. These resins are also used as bonding resins for brakes, foundry dyes and abrasives, as moulding powders, in the wood industry as glues for plywood, chipboard, and furniture; as driers and glossing agents for paints; as finishing resins for textiles and paper; and as insulating varnishes for electrical parts. Thus, with the rising demand for powdered resins in various end-use industries is estimated to fuel the India powdered paraformaldehyde and powdered resins market growth during the forecast period.

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India Powdered Paraformaldehyde and Powdered Resins Market Segment Analysis -By Paraformaldehyde Application

Urea formaldehyde resin held the second largest share with 15.4% in India powdered paraformaldehyde and powdered resins market in 2020 and is anticipated to grow at a CAGR of 6.1% during the forecast period 2021-2026. Urea Formaldehyde resin has excellent properties such as high tensile strength, high resistance to bending, capacity of low water absorption, surface hardness and volume resistance which makes it a preferred type of resin adhesive in the market. The increasing demand from the electrical industry and automobile industry is driving the demand for Urea-formaldehyde resin, as it is extensively used in bonding of rubber to tire cord, bonding of paper to improve tear strength , molding electrical devices, molding jar caps and others, in the automobile and electrical industry. The number of automobiles exported (passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycle) in India during the year 2019-2020 totaled 47,65,754 compared to an export of 46,29,049 during the year 2018-2019, which shows an increase of 2.95%, thus driving the demand for urea formaldehyde (UF) resin. 

India Powdered Paraformaldehyde and Powdered Resins Market Segment Analysis -By End Use Industry

Furniture Industry held the largest share of 40.0% in the India powdered paraformaldehyde and powdered resins market in 2020. The most important use of powdered paraformaldehyde is as a source of formaldehyde groups in the production of many powdered thermosetting resins, together with phenol, urea, melamine, resorcinol and other similar reagents. These powdered resins are then used as moulding powders in the wood industry, and as glues for chipboard, plywood, and furniture. The country's furniture market is expected to grow at a rapid pace due to the rising disposable incomes, the burgeoning middle class, and the growing number of urban households. According to Invest India, the Indian furniture market is expected to garner $61.09 billion by the end of 2023 and is anticipated to grow at a CAGR of 11.9% during the forecast period i.e., 2018-2023. Thus, rising demand for powdered paraformaldehyde and powdered resins in the furniture industry will further boost the growth of the market.

India Powdered Paraformaldehyde and Powdered Resins Market Segment Analysis – By Region

Western India dominated the India powdered paraformaldehyde and powdered resins market in terms of revenue with a share of 37.3% in 2020 and is projected to dominate the market during the forecast period 2021-2026. Since, powdered paraformaldehyde and powdered resins are extensively employed in the textile (apparel finishing) and pharmaceutical industry (antibiotic production), it is anticipated that the market will be flourished in West Indian states such as Maharashtra, Chhattisgarh, and Madhya Pradesh, owing to the settled industrial base of the textile and pharmaceutical industry in the region, which will continuously accelerate the demand for pharmaceutical and textile raw materials. For instance, according to India Brand Equity Foundation (IBEF), Chhattisgarh is a major producer of tussar and kosa silks in India, and it has the potential to become a major player in the Indian apparel industry. In 2018-19, the state produced 349 metric tonnes of raw silk, rising to 480 metric tonnes in 2019-20P.

Madhya Pradesh is a major Pharmaceuticals hub in the country with presence of key national and international companies of this sector. 8 Bulk Drugs, 31 Formulations, 4 Large Volume Parenteral WHO-GMP Compliant Units are present in the state. Pharmaceutical products are being exported to 217 countries from the state. Thus, growing demand for powdered paraformaldehyde and powdered resins from various end use industries in this region will further drive the market growth in the forecast period.

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