The latest research study “Urea Formaldehyde Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global urea formaldehyde market size reached US$ 9.08 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 11.66 Billion by 2027 exhibiting a growth rate (CAGR) of 4.10% during 2022-2027.
Urea formaldehyde, alternatively known as urea-methanal, refers to non-transparent thermoset synthetic resins obtained from a chemical mixture of urea and formaldehyde. They are available in powdered and solution forms. These urea formaldehyde categories have extreme tensile strength, flexural modulus, low water absorption properties, and efficient ability to withstand high temperatures.
They prove effective as an insulating and adhesive agent in molding various electrical devices to prevent electric shocks and are utilized in the manufacturing of plastics, foams for artificial snow, particle boards, bottle caps, etc. As a result, urea formaldehyde compounds find extensive applications across several sectors, such as furniture, building and construction, transportation, electrical and electronics, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Urea Formaldehyde Market Trends and Drivers:
The growing utilization of plywood and medium-density fiberboard in construction activities across countries is primarily driving the urea formaldehyde market. In addition to this, the increasing product employment as a potent source of slow-release nitrogen fertilizer in the agriculture segment to improve soil permeability, bind the particles closely, facilitate slow-release rates, promote the formation of an aggregated soil structure, and support the healthy growth of fruit and foliage is also positively influencing the global market.
Apart from this, the shifting preferences toward using paper-based products, owing to the elevating consciousness about the harmful effect of plastics on the environment, and the escalating usage of synthetic resins in papermaking to enhance the wet strength of the papers and minimize the production of dull sheets are acting as significant growth-inducing factors.
Moreover, the rising need for good quality and economically viable resins and adhesives in the automotive and electronics industries is expected to propel the urea formaldehyde market over the forecasted period.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
• Urea Formaldehyde Powder
• Urea Formaldehyde Solution
Breakup by Application:
• Particle Board
• Medium Density Fibreboard
• Plywood
• Adhesives and Coatings
• Molding Compounds
• Others
Breakup by End Use Industry:
• Furniture
• Building and Construction
• Transportation
• Electrical and Electronics
• Others
By Geography:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
The major players in the market are
• AB Achema (Koncernas Achemos Grupe),
• Acron Group
• Asta Chemicals Sdn. Bhd.
• BASF SE
• Borealis AG (OMV AG)
• Foresa
• Gruppo Frati S.p.A
• Hexion Inc.
• Mansoura for Resins & Chemical Industries Co. (MRI)
• Metafrax Chemicals.
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