The global urea formaldehyde market is currently valued at US$ 6.57 billion and is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.4% from 2022 to 2032, reaching a market size of US$ 10.13 billion by the end of this period. This steady growth reflects the increasing demand for urea formaldehyde products across various industries, driven by factors such as its versatility in applications and the growing emphasis on sustainable and eco-friendly materials.
Urea formaldehyde resins are used for adhesion of several products like plywood, firewood, particle board, and likewise, especially to suffice the automotive and construction verticals. The properties of urea formaldehyde include low absorption of water, higher tensile strength, higher heat distortion temperature, higher surface hardness, and likewise.
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Particle board comes across as one of the eco-friendly materials. It is made from sawdust, wood chips, and wood shavings – all mixed with a resin to have boards. This urea formaldehyde resin could be found in several grades based on size of particles used in material. Smaller the particles, stronger the particle board. Urea formaldehyde resins also prove to be cost-effective as compared to the other formaldehyde-based resins like phenol-formaldehyde resin. In construction vertical, particle boards find their presence in the form of web plates for beams, as base material to cover strips, parquet floors, and in fittings and fixtures.
At the same time, there are certain limitations on the part of urea formaldehyde; like – the chances of higher emission of formaldehyde at the time of production can’t be ignored. Also, there could be swelling on coming in contact with water. This actually renders it misfit for outdoor applications. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Urea Formaldehyde Market’.
Key Takeaways from Urea Formaldehyde Market
- The Asia-Pacific holds more than 50% of the market share. This could be credited to unprecedented growth of automobile, electronics and electrical manufacturing sectors, and also the furniture vertical. Urea formaldehyde is being preferred due to better reactivity, lower price, and high class performance. India and China are dominating the Asia-Pacific.
- Europe holds the second-largest market share due to extensive demand for urea formaldehyde from Germany, Italy, and Russia. Germany is subject to expansion in the automotive sector, which is expected to keep the hopes high for urea formaldehyde market.
- LATAM and Central America are witnessing an ever-increasing demand for urea formaldehyde from end-use applications like healthcare, cosmetics, food & beverages, and oil & paint verticals.
- North America is at the matured stage of urea formaldehyde market and would continue with this streak even in the forecast period.
Competitive Gist
- Hexion Inc., in July 2022, came up with bio-based methanol to produce formaldehyde as an inevitable part of ‘sustainable product development process’.
- Bakelite Synthetics has its standard portfolio of formaldehyde products that does offer aa wide spectrum of grades, whereas robust in-house technical expertise facilitates tailor-made grades to cater to specific needs. Silver and MO-catalyzed process are used herein.
- Capital Resin comes across as one of the manufacturers of urea formaldehyde resin, which, on regular basis, does develop custom amino acids to address specific applications. It has been into business since the year 1976, specializing in creation and development of specialty chemicals for numerous verticals.
- Siva Chemical Industries produces polyvinyl butyral resins, which have been into use across the industrial belts of India.
“Urea formaldehyde is in great demand from verticals like textiles, foundry sand, paper, agriculture, electrical appliances, and wood glue. This factor is bound to accelerate the urea formaldehyde market in the near future”, says an analyst from Future Market Insights.
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What’s more with Urea Formaldehyde Market?
- Future Market Insights offers an exclusive perspective and various real-time insights on the urea formaldehyde market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on form (liquid, powder, and solid), by end-use (furniture (plywood, laminates, particle board, wood adhesives, and medium density fibreboard), automotive (decorative laminates, plywood, molding compounds, abrasives, and tires), electrical appliances (electronic adhesives, coatings, molding compounds, and plywood), agriculture, building and construction (plywood, particle board, wood adhesives, roofing, and foundry and molds), textile (wrinkle resistant fabrics and cotton blends), and others (paper, paints, and surface coatings).
- Growing demand for particle board, especially from furniture sector coupled with construction vertical asking for MDF (medium density fibreboard) is expected to help the urea formaldehyde market go great guns in the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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