As per the report published by Fior Markets ,the global urea formaldehyde market is expected to grow from USD XX.XX Million in 2017 to USD XX.XX Million by 2025, at a CAGR of X.XX% during the forecast period from 2019-2025.North America region emerged as the leader in the global urea formaldehyde market with a 34.82% share of the market revenue in 2017. Whereas Asia Pacific region is projected to grow at the highest CAGR of X.XX% over the forecast period.
“Urea Formaldehyde Market by Application (Particle Board, Plywood, Adhesives, Moulding Compounds, Others), End User Industry, Regions”,and Global Forecast 2019-2025.
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Major players in the global urea formaldehydemarket are BASF SE, The Dow Chemical Company, Ashland Inc., DuPont, Kronospan Ltd., Advachem SA, Bayer, SABIC, INEOS Group, Foresa, Georgia-Pacific Chemicals LLC, Hexion Inc., Rayonier Advanced Materials., SAFCO, Eastman Chemicals, Lanxess among others. There is robust demand for the urea formaldehyde as a fertilizer, thus major players are increasingly focusing on this vertical. For instance SABIC in 2018 announced its decision to merge its all its fertilizer holdings into new company called SABIC Agri-nutrient Investments. The company has also signed a Memorandum of Understanding (MoU) with its subsidiary Saudi Arabian Fertilizer Co. (SAFCO), which produces ammonia, urea and urea formaldehyde, to facilitate the integration of the newly formed company into SAFCO.
Application segment is divided into particle board, plywood, adhesives, moulding compounds, roofing mats and others. Owing to theireasy availability, low cost, and excellent thermal property the particle boards are widely utilized in the furniture manufacturing industry. Thus global increase in per capita income and rising building and construction activities are generating an increased demand for the particle boards. Based on all these factors particle boards segment emerged as the leading segment in the global urea formaldehyde market with a 46.83% share of revenue in 2017. Adhesives segment also generated a significant market share in 2017 due to its application in the aircraft industry for joining the plywood and wooden aircraft structure. End user industry is segmented into automotive, furniture, electrical and electronics, building & construction, agriculture and others. Risingutilization of urea formaldehyde for the manufacturing of MDF in doors, window boards, shelving, furniture panels, wall linings, baseboards, and decorative facades propelled Furniture segment to attain the largest market share with a 39.52% share of revenue in in 2017. Owing to rising worldwide demand for automobiles, the automotive end user industry segment is projected to grow at a steady pace over the forecast period.
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Growing demand for urea formaldehyde form the automotive sector as well as speedy growth of the electrical and electronics manufacturing sector are the factors that are driving the global urea formaldehyde market. Whereas increasing restrictions on the use of urea formaldehyde resins and implementation of government legislation promoting sustainable products are projected to dampen the market growth.
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