The global urea formaldehyde market is currently estimated to be worth US$ 6,565.6 million in 2022, and it is predicted to grow at a respectable CAGR of 4.4% to reach US$ 10,123.7 million by 2032, according to FMI.
The increased demand for urea formaldehyde, particularly from the furniture, automotive, agricultural, and building and construction industries, is contributing to this expansion. Due to the growing restrictions, producers are making adhesives with lower formaldehyde emissions.
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.
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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.
Top Key Players in the Global Market
- BASF SE
- Hexion, Inc.
- Hexzachem Sarawak Sdn Bhd
- Bakelite Synthetics
- Acron PJSC
- Asta Chemicals
- ARCL Organics Ltd.
- Capital Resin Corporation
- Biqem
- Metadynea
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Urea Formaldehyde Market by Category
By Form:
- Liquid
- Powder
- Solid
By End-Use:
- Furniture
- Automotive
- Electrical Appliances
- Agriculture
- Building and Construction
- Textile
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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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 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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