Urea Formaldehyde Resin Market is Anticipated to Reach $9.3 Billion by 2019

Jul 29, 2015, 10:15 ET from MicroMarket Monitor

FORT WORTH, Texas, July 29, 2015 /PRNewswire/ --

According to the new Market Research Report "Urea Formaldehyde Resin Market, By Application (Particle Board, MDF, Plywood, Molding Powder, Adhesives and Coatings, Roofing Mats, Others), By Geography (North America, Europe, Asia Pacific, RoW), Forecasts to 2019", The global urea formaldehyde resin market is expected to reach a value of $9.3 billion by 2019 and is projected to grow at a CAGR of 7.3% between 2014 and 2019.

Browse through the TOC of Urea Formaldehyde Resin Market for an in-depth analysis of the industry trends and segments, with help of various tables and figures.

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Urea formaldehyde resin is a non-transparent, cross-linked thermoset resin or plastic, which is a chemical mixture of urea and formaldehyde. It is used extensively in different end-user industries as it provides high reactivity and performance at a relatively low cost. The overall demand for this resin type is highly influenced by the infrastructure and furniture industry.

The global urea formaldehyde resin market is driven by the growing demand from furniture industry and increasing consumption by end use applications, such as plywood, medium density fiberboard, adhesives and coatings, and particle board.

Rapid growth in Asia-Pacific's infrastructure sector poses huge opportunity for the urea formaldehyde resin market. Asia-Pacific dominates the UFR market with a consumption share of approximately 40%. Continuous growth in furniture and infrastructure industry due to the growing population is a key driver for global urea formaldehyde resin market globally wherein developing economies like China and India present high growth potential for the market. China has accounts for the largest consumption share of urea formaldehyde resin as it is also indulged in exporting finished wood products worldwide.

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Key Players of Urea Formaldehyde Resin Market include:  

BASF Chemicals (Germany), Hexion (Ohio), INEOS (Switzerland), Chemiplastica SpA (Italy), Allnex SA (Belgium), Chimica Pomponesco SpA (Italy), Hexza Corporation Berhad (Malaysia), Advachem SA (Belgium), Tembec Inc. (Canada), and Kronospan (Nicosia)

Other drivers for this market are rapid industrialization due to increase in living standards of customers, growing attention towards roofing mat application, and growing demand for wood-based products. However, one major inhibitor for this market is the toxic emission property of formaldehyde, which has led various countries, for instance the U.S. and Europe, to put UFR production under regulations. .

Particleboard application segment dominates the global urea formaldehyde resin market globally with a market share of approximately 35%. This huge share of particleboard segment can be attributed to growing number of housing projects across the globe as a result of growing population, coupled with rising economies such as India and China.

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