Market Overview:
Urea formaldehyde is a thermosetting plastic made from urea and formaldehyde. It is mainly used as an adhesive in the production of medium density fibreboard (MDF), particleboard, and plywood. These adhesives provide excellent water and heat resistance at economical costs.
Market key trends:
Growing construction industry globally is majorly driving the growth of urea formaldehyde market. Urea formaldehyde is widely used adhesive in the manufacturing of fiberboard, particleboard and plywood that are extensively used in construction of floors, roofs, and furniture. According to World Bank, the global construction spending is projected to grow at 3.7% annually till 2025. Furthermore, increasing inclination towards compact and lightweight wood panel products along with rising adoption of MDF in high-end applications such as furniture is also projected to boost the demand for urea formaldehyde over the forecast period.
The global Urea Formaldehyde Market Share is estimated to be valued at US$ 15,209.73 Mn in 2023 and is expected to exhibit a CAGR of 3.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global urea formaldehyde market can be segmented based on application and region. Based on application, the market is divided into particleboard, plywood, medium density fiberboard, and others. The particleboard segment dominates the market and accounted for around 42% share in 2022. Particleboard has wide usage in furniture and building industry due to its excellent physical and mechanical properties such as strength, durability, cost-effectiveness, and moisture resistance.
Key Takeaways
The global urea formaldehyde market is expected to witness high growth, exhibiting CAGR of 3.2% over the forecast period, due to increasing demand from the construction industry.
Regional analysis:
Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period. Rapid urbanization and strong growth in the construction sector in emerging countries like China and India are majorly driving the market in the region.
Key players
Key players operating in the urea formaldehyde market are Hexion, BASF SE, Georgia-Pacific Chemicals, Hexza Corporation Berhad, Metadyena, Jiangsu sanmu group Co. Ltd, Ashland, ARCL Organics Ltd., Kronoplus Limited, Advachem, Qafco, Sabic, Acron Group, Asta Chemicals, Melamin KemiÄna Tovarna D.D. KoÄevje, and Arclin Inc.
Read More: https://www.dailyprbulletin.com/the-growth-of-urea-formaldehyde-market-trend-and-share-analysis/
