Newark, NJ, March 05, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global urea formaldehyde market is expected to grow from USD 6.53 billion in 2017 to USD 12.51 billion by 2025, at a CAGR of 8.06% during the forecast period from 2018-2025.
Urea formaldehyde market growing at a rapid growth rate from the past few years. It is gaining the traction in the various end use sectors on account of their cost-effectiveness and robust strength. Urea formaldehyde it is widely being used in the wood industry for the manufacturing fibrous boards, granular boards, and particle boards. It is one of the most popular adhesives for particleboards. The popularity of urea-formaldehyde resins as the main adhesive for wood products has several reasons, including ease of use under a variety of curing conditions, versatility, low cost, excellent thermal properties, low cure temperature, resistance to mold formation, lack of colour of the cured product, and excellent water solubility of the (uncured) resin.
Urea formaldehyde is a synthetic resin obtained by the chemical combination of urea and formaldehyde. It is a non-transparent thermosetting resin. Urea formaldehyde exhibits various superior properties such as flexural modulus, high tensile strength, high heat distortion temperature, scratch resistance, low water absorption, mold shrinkage, high surface hardness, elongation at break, and volume resistance. These resins are widely utilized the production of finishes, adhesives, medium-density fiberboard (MDF), particle board, and molded objects. It is also used in the agriculture industry as a source of nitrogen fertilizer.
Global urea formaldehyde market is expected to witness rapid growth over the forecast period, owing to growing demand for urea formaldehyde form the automotive sector as well as speedy growth of the electrical and electronics manufacturing sector. In addition to this, rising demand for good quality and economically viable adhesives and resins, further driving the growth of market. Whereas increasing restrictions on the use of urea formaldehyde resins and growing preference for urea formaldehyde alternatives owing to toxicity concerns, are some of the factors is anticipated to hinder the market growth over the forecast period. However, development of low VOC emission urea formaldehyde resins and increasing demand for urea formaldehyde from developing countries is expected to offer the growth opportunities in the upcoming years.
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Key players operating in the global urea formaldehyde market are BASF SE, The Dow Chemical Company, Ashland Inc., DuPont, Kronospan Ltd., Advachem SA, Bayer, SABIC, INEOS Group, Foresa, Georgia-Pacific Chemicals LLC, Hexion Inc., Rayonier Advanced Materials., Eastman Chemicals, and Lanxess among others. To enhance their market position in the global urea formaldehyde market, the key players are now focusing on adopting the strategies such as product innovation, recent developments, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance BASF SE in 2016, announced the decision to combine marketing and production of its wood binder business based on MDI, melamine formaldehyde and urea formaldehyde into a single unit from January 2016.
- In November 2018, SABIC announced that is consolidating all its equity shares and assets in companies producing fertilizers into one new company called SABIC Agri-nutrient Investments, to strengthening its ambition to grow its fertilizer business into a global leader.
Particle board segment held the largest market share of 46.83% in 2017
Application segment is divided into plywood, adhesives, particle board, moulding compounds, roofing mats and others. Particle board segment emerged as the largest application segment in the global urea formaldehyde market with a 46.83% share of the market revenue in 2017. Particle boards are in increasing demand form furniture manufacturing industry due to their easy availability, low cost, and excellent thermal property. Particle boards are used for various application such as for making furniture frames and boards for interior applications. Hence, with growth in demand for particle board for various application boosting its production, resulting into increasing the consumption of urea formaldehyde in particle board industry, driving the growth of market.
Furniture segment accounted for the major market share of 39.52% in 2017
End user industry is segmented into automotive, furniture, electrical and electronics, building & construction, agriculture and others. Furniture segment emerged as the largest segment for the largest share of global urea formaldehyde market with a 39.52% share of the market revenue in 2017. Growing use of urea formaldehyde for the production of MDF in doors, window boards, shelving, furniture panels, wall linings, baseboards, and decorative facades was responsible for this increased share.
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Regional Segment Analysis of the Urea Formaldehyde Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region emerged as the largest market for the urea formaldehyde with a 34.82% share of the market revenue in 2017. Living standards and high per capita income levels in the region are generating an increased demand for the household furniture. Additionally rise in development of the office spaces as well as reconstruction and renovation of the existing housing structures is driving the market growth within the North America region. Asia Pacific region is anticipated to grow at the highest growth rate over the forecast period. This increased growth can be attributed to the rapid growth of the furniture, automobile, and electrical & electronics manufacturing industry in the region.
About the report:
The global urea formaldehyde market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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