Paraformaldehyde Sales

Paraformaldehyde Sales Market Outlook

The global paraformaldehyde sales market is expected to reach USD 1.25 billion by 2035, with a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2025 to 2035. The market’s growth can be attributed to the increasing demand for paraformaldehyde in various applications, including resins and agrochemicals, which are essential in numerous industries. Additionally, the rise in the healthcare sector, particularly for pharmaceuticals and disinfectants, is driving the demand for paraformaldehyde-based products. Furthermore, advancements in production technologies are enhancing the overall efficiency and output of paraformaldehyde manufacturing, contributing to market expansion. The growing trend towards sustainable agriculture and the need for high-performance materials also favor the market growth for paraformaldehyde.

Growth Factor of the Market

One of the primary growth factors of the paraformaldehyde sales market is the increasing utilization of formaldehyde in various chemical reactions, which is crucial for producing resins and plastics. The rise in construction activities globally is also contributing to the demand for formaldehyde-based products, as they are used in the production of composite wood products, insulation materials, and flooring. Furthermore, the agricultural sector's growth, driven by the need for improved crop yields and pest control, is propelling the use of paraformaldehyde in agrochemicals. The pharmaceutical industry’s growth, fueled by the continuous need for medications and health products, is another significant factor, as paraformaldehyde is used in drug manufacturing and sterilization processes. Lastly, the increasing focus on R&D activities in various sectors is essential for developing innovative applications of paraformaldehyde, creating new opportunities for market players.

Key Highlights of the Market

• The paraformaldehyde sales market is expected to reach USD 1.25 billion by 2035, with a CAGR of 5.2%.
• The chemical industry is the largest end-user of paraformaldehyde, driven by its extensive applications in resins and adhesives.
• North America and Europe are the leading regions in terms of market share, but Asia Pacific is expected to show significant growth due to rising industrial activities.
• Granular paraformaldehyde is anticipated to be the fastest-growing product type due to its ease of handling and high purity levels.
• Direct sales channels will dominate the distribution methods due to their effectiveness in reaching industrial consumers and ensuring product quality.

By Product Type

Prilled Paraformaldehyde :

Prilled paraformaldehyde is a form of paraformaldehyde characterized by its spherical form, which facilitates easier handling and dissolution in various applications. It is primarily used in the production of resins and adhesives, making it a vital component in the manufacturing process. The demand for prilled paraformaldehyde is driven by its superior quality and purity, which are essential for producing high-performance products. Manufacturers favor this product type for its ease of use and effectiveness in various chemical processes. Moreover, the growing focus on sustainability in manufacturing is likely to enhance the market for prilled paraformaldehyde, as it is considered an eco-friendly option in comparison to other forms.

Granular Paraformaldehyde :

Granular paraformaldehyde is gaining traction within the paraformaldehyde sales market due to its high purity and favorable handling characteristics. This product type is predominantly used in the formulation of agricultural chemicals and disinfectants, which are gaining importance in the modern agricultural landscape. Its granular form allows for efficient dissolution and application, thus enhancing its functionality in various chemical processes. As the agricultural sector continues to adopt more sophisticated chemical solutions for pest control and soil enhancement, the demand for granular paraformaldehyde is expected to rise correspondingly. Additionally, its application in the healthcare sector for sterilization purposes further contributes to its growing market share.

Powder Paraformaldehyde :

Powder paraformaldehyde is a widely utilized form of paraformaldehyde that serves a variety of applications, particularly in the production of resin products. Its fine powder consistency allows for uniform dispersion in mixtures, ensuring an even reaction during production processes. The versatility of powder paraformaldehyde makes it a preferred choice for many manufacturers, especially in the chemical industry. Furthermore, as industries increasingly seek high-quality raw materials to improve product performance, the demand for powder paraformaldehyde is set to grow. The ongoing innovation in formulation technologies that incorporate powder paraformaldehyde will further drive its market growth.

Fine Particle Paraformaldehyde :

Fine particle paraformaldehyde is characterized by its extremely small particle size, which enhances its solubility and reactivity in various applications. This product type is particularly favored in the electronics and automotive industries for its effectiveness as a bonding agent and cross-linking agent in polymer formulations. The growing demand for lightweight and high-performance materials in these sectors is boosting the popularity of fine particle paraformaldehyde. As manufacturers focus on developing advanced materials for specific applications, the demand for fine particle variants is anticipated to experience a significant increase. Additionally, its use in laboratory settings for research and development applications further supports its market presence.

Low Dust Paraformaldehyde :

Low dust paraformaldehyde is specifically designed to minimize dust generation during handling and processing, making it an attractive option for manufacturers concerned about workplace safety and environmental impact. This product type is increasingly used in applications where exposure to airborne particles must be minimized, particularly in the production of resins and agricultural chemicals. The growing emphasis on occupational health standards across various industries is driving the adoption of low dust paraformaldehyde. As manufacturers implement safer handling practices and adopt more stringent regulations, the demand for this product type is expected to rise, contributing to its market share growth.

By Application

Resins :

The resins application segment accounts for a significant share of the paraformaldehyde sales market, driven by the growing demand for formaldehyde-based resins in various industries. These resins are essential for producing adhesives, coatings, and composite materials that are widely used in construction, automotive, and furniture manufacturing. The versatility of resins made from paraformaldehyde allows them to be tailored for specific applications, enhancing their usability. Additionally, the trend towards lightweight materials in construction and manufacturing is expected to bolster the demand for paraformaldehyde-based resins, as they provide excellent strength-to-weight ratios. The ongoing advancements in resin technology, coupled with increased R&D activities, further support the growth of this segment.

Agrochemicals :

The utilization of paraformaldehyde in agrochemicals is gaining momentum, primarily due to its effectiveness as a pesticide and soil fumigant. This application segment is witnessing increased demand as farmers seek efficient solutions for pest control and crop protection. Paraformaldehyde-based agrochemicals are known for their high efficacy in eliminating harmful pathogens and pests, leading to improved crop yields. Moreover, the growing awareness about sustainable agricultural practices is driving the development of eco-friendly formulations that utilize paraformaldehyde. As the global population continues to rise, the demand for increased agricultural productivity will likely elevate the role of paraformaldehyde in agrochemicals.

Pharmaceuticals :

In the pharmaceutical industry, paraformaldehyde plays a critical role in the production of various medications and health products, including vaccines and antiseptics. Its application in sterilization processes also highlights its significance in maintaining safe healthcare environments. The increasing focus on healthcare, propelled by global health challenges and an aging population, is driving the demand for paraformaldehyde in pharmaceuticals. As research and development in drug formulation continue to evolve, paraformaldehyde's role as a key ingredient or processing aid is likely to expand. The market for pharmaceutical-grade paraformaldehyde is projected to grow, supported by a rise in regulatory standards ensuring product safety and efficacy.

Chemical Intermediates :

Paraformaldehyde serves as a crucial intermediate in the synthesis of various chemicals, including formaldehyde and its derivatives, which are extensively used in numerous industrial applications. The versatility of paraformaldehyde as a building block for diverse chemical reactions makes it a valuable component in the chemical industry. The rise in chemical manufacturing, driven by increasing industrial needs, is positively impacting the demand for paraformaldehyde as a chemical intermediate. As industries continue to explore new formulations and processes, the strategic importance of paraformaldehyde in producing high-quality chemical products will further enhance its market potential.

Others :

Beyond the major applications discussed, paraformaldehyde finds usage in various other sectors, including textiles, rubber, and food processing. Its properties as a disinfectant and preservative contribute to its growing acceptance across different industries. The diverse applications of paraformaldehyde in these sectors underscore its versatility and adaptability as a chemical compound. As the market evolves, innovative uses for paraformaldehyde are likely to emerge, driven by continuous R&D efforts and the need for specialized solutions in niche markets. The holistic growth of industries seeking effective chemical solutions will likely provide a significant boost to the overall paraformaldehyde sales market.

By Distribution Channel

Direct Sales :

Direct sales channels play a pivotal role in the paraformaldehyde sales market, primarily targeting industrial consumers such as manufacturers and large-scale users. This distribution method allows companies to offer tailored solutions directly to clients, fostering strong relationships and feedback mechanisms. The efficiency of direct sales enables manufacturers to maintain control over product quality and customer service, which is critical for maintaining market competitiveness. In addition, direct sales often result in better pricing strategies, as manufacturers can eliminate intermediaries and provide more cost-effective solutions to end-users. As industries continue to grow and demand increases for high-quality paraformaldehyde products, the direct sales channel is expected to thrive, reflecting the need for immediate and reliable access to materials.

Indirect Sales :

Indirect sales channels, which encompass distributors, wholesalers, and retailers, also significantly contribute to the paraformaldehyde sales market. This distribution method allows manufacturers to reach a broader audience, especially smaller enterprises that may not have direct access to large suppliers. Indirect sales provide flexibility and convenience for clients, facilitating easier purchasing processes. Moreover, as e-commerce continues to evolve, indirect sales channels are adapting to include online platforms, making procurement simpler and more efficient for end-users. This growth in the indirect sales channel not only enhances market penetration but also provides critical data on customer preferences, enabling manufacturers to tailor their offerings accordingly. Overall, the indirect sales approach remains vital for reaching diverse market segments and expanding customer bases.

By User

Chemical Industry :

The chemical industry emerges as the largest user of paraformaldehyde, utilizing it extensively in the production of resins, adhesives, and other chemical intermediates. The demand for high-performance materials in various applications drives the continuous need for paraformaldehyde within this sector. The growth of the chemical industry, bolstered by technological advancements and increasing manufacturing capacities, is expected to further escalate the consumption of paraformaldehyde. Moreover, as sustainability becomes a priority in manufacturing processes, the chemical industry is likely to seek paraformaldehyde as a versatile and eco-friendly option, enhancing its overall market presence. As global industrial activities ramp up, the chemical industry's reliance on paraformaldehyde will remain strong, solidifying its status as a key user.

Agriculture :

The agriculture sector is increasingly adopting paraformaldehyde for its effectiveness in pest control and soil fumigation. Agrochemicals formulated with paraformaldehyde offer solutions that are essential for enhancing crop productivity and ensuring food security. As the global population continues to rise, the agricultural sector faces increasing pressure to produce more food sustainably, further driving the demand for effective agrochemical solutions. The trend towards precision agriculture and integrated pest management strategies will likely bolster the use of paraformaldehyde-based products. Additionally, as farmers become more aware of environmentally friendly practices, the role of paraformaldehyde in modern agriculture is expected to grow significantly.

Healthcare :

In the healthcare sector, paraformaldehyde is utilized for its antiseptic and sterilizing properties, making it an essential component in various medical applications. Its role in the production of vaccines and as a preservative in biological specimens highlights its importance in maintaining hygiene and safety standards. With the growing emphasis on public health and the rising demand for healthcare services globally, the usage of paraformaldehyde in healthcare settings is expected to expand. Additionally, the ongoing development of new medical technologies and treatments will likely increase the consumption of paraformaldehyde, as it serves as a crucial ingredient in numerous pharmaceutical processes. The healthcare sector's increasing focus on research and development further underscores the vital role of paraformaldehyde in ensuring effective medical solutions.

By Region

The regional analysis of the paraformaldehyde sales market indicates that North America and Europe are currently the leading markets, accounting for a significant share of the overall market. North America is projected to maintain its dominance, driven by robust growth in the chemical and healthcare sectors. The region's focus on advanced manufacturing techniques and regulatory compliance is expected to enhance the demand for high-quality paraformaldehyde products. Europe, on the other hand, is experiencing growth due to the increasing need for sustainable practices within the chemical industry and the rise of the agrochemical sector. The CAGR for the European market is anticipated to be around 4.8% during the forecast period, supported by innovations in product applications and environmentally friendly alternatives.

In contrast, the Asia Pacific region is poised for significant growth, driven by rapid industrialization and an expanding agricultural sector. The increasing investments in the chemical and manufacturing industries across countries like China and India are expected to propel the demand for paraformaldehyde. Moreover, the rising population and food security concerns are fueling the need for effective agrochemical solutions in the region. The Asia Pacific paraformaldehyde market is projected to grow at a CAGR of 6.0%, reflecting the increasing pace of industrial activities and the demand for high-performance materials. Latin America and the Middle East & Africa are also witnessing gradual growth, supported by advancements in agriculture and the chemical industry, albeit at a slower pace than the leading regions.

Opportunities

The paraformaldehyde sales market presents numerous opportunities for growth, particularly in the area of sustainable product development. As environmental concerns take center stage in global industries, manufacturers are increasingly focusing on creating eco-friendly alternatives to traditional chemicals. Paraformaldehyde, being a versatile compound, offers potential for innovation in formulations that meet higher safety and environmental standards. The ongoing research into its applications in bioplastics and biodegradable products is poised to open new market avenues. Additionally, as industries seek to reduce their carbon footprint, there is potential for paraformaldehyde to be utilized in the production of lower-impact materials, aligning with global sustainability goals.

Furthermore, the expansion of the healthcare sector, particularly in developing regions, presents significant opportunities for the paraformaldehyde market. As countries enhance their healthcare infrastructure and invest in pharmaceuticals and biotechnology, the demand for paraformaldehyde as an essential component in medical applications is set to rise. Additionally, the growing trend towards personalized medicine and innovations in drug development will likely increase the utilization of paraformaldehyde-based products. The potential for strategic partnerships and collaborations among manufacturers, researchers, and healthcare providers can further bolster market growth, creating a dynamic landscape for the paraformaldehyde sales market.

Threats

The paraformaldehyde sales market faces several threats that could impact its growth trajectory. One of the primary concerns is the increasing scrutiny over formaldehyde and its derivatives due to environmental and health-related regulations. The potential for adverse health effects associated with formaldehyde exposure has led to stricter regulations and guidelines, which may hinder the production and sales of paraformaldehyde-based products. Additionally, the rise of alternative chemicals and materials that serve similar functions can pose competitive threats to paraformaldehyde, especially as industries seek safer and more environmentally friendly options. The growing awareness among consumers regarding chemical safety and environmental sustainability could further challenge the position of paraformaldehyde in various applications.

Moreover, fluctuations in the prices of raw materials used in the production of paraformaldehyde can also act as a restraining factor for market growth. As the cost of manufacturing rises due to volatile raw material prices, manufacturers may face challenges in maintaining competitive pricing for their products. This could lead to decreased profit margins and potential market share losses to competitors who can offer more cost-effective solutions. The combination of regulatory pressures, competition from alternative materials, and raw material price volatility creates an uncertain environment for the paraformaldehyde sales market, necessitating ongoing strategic adaptations by market players.

Competitor Outlook

• Sigma-Aldrich Corporation
• BASF SE
• Hexion Inc.
• Huntsman Corporation
• Formosa Plastics Corporation
• Indorama Ventures Public Company Limited
• Shandong Hualu-Hengsheng Chemical Co., Ltd.
• Waldan Chemical
• Advanced Chemical Company
• Chemstar Products Company
• Koninklijke DSM N.V.
• Solvay S.A.
• Eastman Chemical Company
• Olin Corporation
• Shree Renuka Sugars Ltd.

The competitive landscape of the paraformaldehyde sales market is characterized by the presence of numerous players, each vying for market share through innovation, strategic partnerships, and expansion efforts. Major companies in this sector are increasingly investing in research and development to explore new applications for paraformaldehyde, catering to the evolving needs of industries such as healthcare, agriculture, and chemicals. The market is also witnessing a trend towards consolidation, with larger players acquiring smaller entities to enhance their product portfolios and customer bases. This ongoing consolidation is likely to result in intensified competition, as companies strive to differentiate themselves through product quality and customer service.

Among the market leaders, Sigma-Aldrich Corporation is recognized for its extensive range of chemical products and commitment to quality and innovation. The company has established a strong reputation in the pharmaceutical industry, leveraging its expertise to introduce high-performance paraformaldehyde formulations. BASF SE, another significant player, focuses on sustainability and eco-friendly formulations, positioning itself as a leader in the development of innovative paraformaldehyde applications. Hexion Inc. and Huntsman Corporation are also noteworthy competitors, actively engaging in R&D to create advanced materials that meet the safety and performance needs of modern industries.

Moreover, companies like Formosa Plastics Corporation and Indorama Ventures are capitalizing on their strong manufacturing capabilities to deliver high-quality paraformaldehyde products at competitive prices. Their strategic investments in production technologies allow them to enhance efficiency and reduce costs, thereby strengthening their market position. The increasing focus on sustainable practices across the industry is pushing companies to explore eco-friendly alternatives to traditional paraformaldehyde applications, further shaping the competitive dynamics of the market. As the paraformaldehyde sales market continues to evolve, the interplay between innovation, sustainability, and competitive strategies will play a crucial role in determining the future landscape of this industry.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BASF SE
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Hexion Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Solvay S.A.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Waldan Chemical
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Olin Corporation
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Huntsman Corporation
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Koninklijke DSM N.V.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Eastman Chemical Company
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Shree Renuka Sugars Ltd.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Advanced Chemical Company
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Chemstar Products Company
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Sigma-Aldrich Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Formosa Plastics Corporation
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Indorama Ventures Public Company Limited
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Shandong Hualu-Hengsheng Chemical Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Paraformaldehyde Sales Market, By User
    • 6.1.1 Chemical Industry
    • 6.1.2 Agriculture
    • 6.1.3 Healthcare
    • 6.1.4 Others
  • 6.2 Paraformaldehyde Sales Market, By Application
    • 6.2.1 Resins
    • 6.2.2 Agrochemicals
    • 6.2.3 Pharmaceuticals
    • 6.2.4 Chemical Intermediates
    • 6.2.5 Others
  • 6.3 Paraformaldehyde Sales Market, By Product Type
    • 6.3.1 Prilled Paraformaldehyde
    • 6.3.2 Granular Paraformaldehyde
    • 6.3.3 Powder Paraformaldehyde
    • 6.3.4 Fine Particle Paraformaldehyde
    • 6.3.5 Low Dust Paraformaldehyde
  • 6.4 Paraformaldehyde Sales Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Indirect Sales

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Paraformaldehyde Sales Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Paraformaldehyde Sales market is categorized based on

By Product Type

• Prilled Paraformaldehyde
• Granular Paraformaldehyde
• Powder Paraformaldehyde
• Fine Particle Paraformaldehyde
• Low Dust Paraformaldehyde

By Application

• Resins
• Agrochemicals
• Pharmaceuticals
• Chemical Intermediates
• Others

By Distribution Channel

• Direct Sales
• Indirect Sales

By User

• Chemical Industry
• Agriculture
• Healthcare
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Sigma-Aldrich Corporation
• BASF SE
• Hexion Inc.
• Huntsman Corporation
• Formosa Plastics Corporation
• Indorama Ventures Public Company Limited
• Shandong Hualu-Hengsheng Chemical Co., Ltd.
• Waldan Chemical
• Advanced Chemical Company
• Chemstar Products Company
• Koninklijke DSM N.V.
• Solvay S.A.
• Eastman Chemical Company
• Olin Corporation
• Shree Renuka Sugars Ltd.