The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Urea Formaldehyde market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply.
The global urea formaldehyde market is set to estimate a valuation of US$ 6.9 billion in 2023 and it is anticipated to grow at a CAGR of 4.5% to reach US$ 10.7 billion by the end of 2033.
This newly published and insightful report sheds light on Market Insights of Urea Formaldehyde, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Urea Formaldehyde Market. Urea formaldehyde sales are highly influenced by increasing demand from the building and construction industry. The growing use of formaldehyde as an important chemical to manufacture building materials and several household products has been identified as a key factor likely to fuel urea formaldehyde market growth.
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Urea formaldehyde resins are gaining significance as easily available, time-effective curing resins for varied applications in the wood industry, apart from being sought-after wood adhesives for fibrous boards, medium density fiber boards, particleboards, and granular boards. Building and construction continues to remain a lucrative end-use area for urea formaldehyde, accounting for nearly 60% volume sales in 2018. This can be attributed to the fact that urea formaldehyde is a vital building block in construction materials, often used in various converted forms. Adoption of urea formaldehyde in the building and construction sector remains influenced by their integral role in manufacturing composites and engineered wood products for commercial as well as residential applications.
Key urea formaldehyde manufacturers
Key urea formaldehyde manufacturers are focusing on developing and upgrading their products with lower formaldehyde emissions through resin formulation/composition innovation and novel manufacturing techniques. Some of the notable developments in the urea formaldehyde market are,
- Chemicals giant and a key manufacturer of urea resins and formaldehyde resins, Ineos Group, is building a new chemical plant in Antwerp, Belgium, for the gas-altering facilities at a cost of US $3.42 billion. The hefty investment is expected to change the picture of chemical sector and will offer varied benefits to the Belgium and other European economies.
- A leading player in urea formaldehyde market, Georgia-Pacific Chemicals LLC, has recently introduced a novel line of resins, specially designed to cater to the needs of the powder coating manufacturers. Earlier, Georgia-Pacific Chemicals LLC created a resin that can help manufacturers offer coatings composed of lower volatile organic compounds (VOC).
- BASF SE, one of the leading urea formaldehyde manufacturers, is investing Rs. 16,000 crore in setting up a petrochemical production hub in Gujarat, as a part of a joint venture with Adani Group, which is the largest private thermal power producer in India.
- Acron Group, another prominent player in urea formaldehyde market, has set up a subsidiary Acron Brasil Ltd in Sãn Paulo, Brazil, as a part of a strategic plan to deeper penetrate the market. This move is strategically aimed at delivering comprehensive service to customers in Brazil while driving the sales of its own and other third-party products.
- A leading methanol and formaldehyde producer, Metafrax, has inked an agreement with Switzerland-based Casale SA, to jointly build urea, melamine, and ammonia facility in Gubakhka. The substantial part of products will be used onsite to manufacture synthetic gums and UFC as melamine feedstock.
key players operating in the global urea formaldehyde market
- Achema
- Ashland Inc.
- BASF SE
- Ineos Group
- MKS Marmara
- OJSV Perechin timber and chemical plant
Segmentation
- By Form :
- Liquid
- Powder
- By Application :
- Plywood Manufacturing
- Particle Board Manufacturing
- Medium Density Fiberboard Manufacturing
- Molding Components Manufacturing
- Others
- By End-use Industry :
- Furniture
- Transportation
- Electrical & Electronics
- Building and Construction
- Agriculture
- Textile
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
APEJ Held Over 50% Urea Formaldehyde Sales in 2018
According to Fact.MR study, APEJ held over 50% sales of urea formaldehyde in 2018, and will record a 5.0% Y-o-Y in 2019. The urea formaldehyde market in APEJ continues to remain driven by their bolstering demand in diverse end-use industries, particularly in the construction and building industry. Gains will also be healthy in Europe, on the account of growing adoption of formaldehyde resins by particle board, and medium-density fireboard manufacturing industries in the region.
Fact.MR’s study provides an accurate forecast on the urea formaldehyde market for the period between 2018 and 2027. The urea formaldehyde market has been envisaged to record a moderate CAGR of over 4.0% through 2027.
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More Valuable Insights on Urea Formaldehyde Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Urea Formaldehyde, Sales and Demand of Urea Formaldehyde, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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