The urea formaldehyde market value is expected to rise from US$ 33,116.80 million in 2024 to US$ 41,572.36 million by 2034. The market is expected to expand at a CAGR of 1.80% over the next decade.
The market prospects for urea formaldehyde manufacturers remain high in end-use industries like furniture and construction. These industries are steadily rising, driven by increasing infrastructure development, surging housing demand, and shifting consumer preferences for modern furniture. In the agriculture sector, the demand for specialty fertilizers is increasing as they consistently supply crops with nitrogen. Thus, ensuring high crop yield, especially for grain crops.
The use of urea formaldehyde is increasing in adhesive applications. These applications are common in end-use sectors like construction, automotive, and electrical appliances. Further, the presence of unorganized end-use industries in countries like India and China is propelling sales of urea formaldehyde in Asia Pacific. This is further supported by the growing demand for cost-effective urea formaldehyde formula in price-sensitive markets of Asia Pacific.
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The global market is consistently receding in growth rate, which can be attributed to the research and development activities that are focused on launching sustainable alternatives to urea formaldehyde. Such steps are being taken in light of the high carbon footprint of urea formaldehyde despite its durability and effectiveness.
“Industry players are finding significant growth opportunities in emerging countries where automotive, furniture, and construction sectors are growing at a substantial rate. These industries call for high urea formaldehyde demand. By setting their base in these countries, manufacturers can multiply their profits,” says an analyst at FMI.
Key Takeaways from the Urea Formaldehyde Market Report
- The urea formaldehyde market gained a market value of US$ 32,142.36 million in 2019 and grew to achieve a market valuation of US$ 32,457.29 million in 2023. The market registered a CAGR of 2.30% throughout this period.
- Based on the end use, the fertilizer segment is anticipated to register a market share of 91.20% in 2024.
- The markets in the United States and Germany are projected to expand at CAGRs of 2.5% and 3.3%, respectively, from 2024 to 2034.
- Countries like China, India, and Australia are estimated to record healthy CAGRs of 7.4%, 8.7%, and 6.6%, separately, through 2034.
Competitive Landscape
Key players are optimizing for success in the urea formaldehyde market using different growth tactics. A common expansion strategy is mergers and acquisitions, through which market players gain access to new technologies and expertise. Additionally, players are raising their presence in high-growth geographies, where the construction and furniture sectors are expanding at a pronounced rate. Industry participants are concentrating on product innovation and development to maintain their relevance in upcoming years.
Over the forecast period, market players are projected to focus on optimization of production processes, exploration of waste reduction techniques, and utilization of alternative raw materials. Thus competing on prices with the other players.
Top Key Players
- BASF SE
- Hexion, Inc.
- Hexzachem Sarawak Sdn Bhd
- Bakelite Synthetics
- Acron PJSC
- Asta Chemicals
- ARCL Organics Ltd.
- Capital Resin Corporation
- Biqem
- Metadynea
- Advachem SA
- Kronoplus Limited
- Foresa
- Sadepan
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Urea Formaldehyde Market Segmentation
By Form:
- Liquid
- Powder
- Solid
By End Use:
- Furniture
- Automotive
- Electrical Appliances
- Agriculture
- Building and Construction
- Textile
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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