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Urea Formaldehyde Market - Growth, Trends, and Forecast (2020 - 2025)

Urea Formaldehyde Market - Growth, Trends, and Forecast (2020 - 2025)

  • January 2020
  • 148 pages
  • ID: 5865903
  • Format: PDF
  • By Mordor Intelligence LLP

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Market Overview
The market for urea formaldehyde is expected to register a CAGR of more than 4% during the forecast period. One of the major factors driving the market is the soaring demand for particle board in the furniture sector. Health hazards regarding urea formaldehyde is expected to hinder the growth of the market studied.

- The building and construction segment dominated the market, and is expected to grow during the forecast period.
- Rise in demand for good quality resins in automobile and electrical appliances is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China and India.

Key Market Trends
Particle Board to Dominate the Market

- Particle board is an eco-friendly material, which is made up of wood wastes, such as wood chips, sawdust, and wood shavings, mixed together with a resin to form boards. It can be found in different grades, depending on the size of the particles used in the material. With smaller particles, particle board tends to become stronger. ?
- Urea formaldehyde resin is extensively used as a bonding agent in the particle board industry. While urea formaldehyde stands cheaper than other formaldehyde-based resin, such as phenol-formaldehyde resin, it gives cost-benefit over its substitutes. ?
- However, some of the major limitations of particle boards based on urea-formaldehyde binders are high emission of formaldehyde during both production and usage, and subsequent exploitation of the boards. ?
- Particle board formulated with urea formaldehyde results in thickness swelling if it comes in contact with water, which makes it unsuitable for outdoor application. However, it is preferred for internal applications.?
- Besides, while formaldehyde emissions can be reduced through reducing formaldehyde/urea molar ratio, but it also leads to deterioration of physical and mechanical properties of particle board.
- Particle board still stands to be a common building material, which is used in almost all types of construction projects. In the construction industry, particle boards are used as web plates for beams, as a base material for parquet floors, as a base material for covering strips, and in fixtures and fittings.?
- Further, it is also used in furniture industries for making furniture frames and boards for interior applications. Besides, it can also be used for all structural components, like jambs, shelves, bottoms, and backs of cabinets can be made from particleboard.?
- Hence, with growth in demand for particle board for such applications fueling its production, the consumption of urea formaldehyde in particle board industry is also anticipated to increase simultaneously

Asia-Pacific Region to Dominate the Market

- Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China and India.
- China is the largest producer of urea formaldehyde in the world. With the increasing population, the need and demand for food is increasing on a daily basis, due to which, the advancements in the agriculture activities are changing gradually. To accomplish these changes, fertilizer performance and efficiency are necessary, resulting in increased consumption of urea formaldehyde.
- The furniture industry in China has been rising steadily over the last decade. The production of Chinese furniture industry accounted for around 39% of the world’s furniture production.
- This burgeoning production scenario of the furniture industry is instrumental in propelling the market demand for various products, such as particleboard, medium-density fiberboard (MDF), mold finishes, oriented stranded board (OSB), etc., which in turn, boosts the consumption of urea formaldehyde in the country.
- China is home to the largest textile production industry in the world, and is almost worth one-fourth of the global textile industry. The country is also home to the largest textile export industry in the world, with an export value of more than USD 100 billion. The huge market size of the textile industry is instrumental in promoting the use of urea formaldehyde products in the country.
- Taking all these factors into consideration, the consumption of urea formaldehyde is expected to increase at a decent rate during the forecast period.

Competitive Landscape
The global urea formaldehyde market is a fragmented one. The market includes both the global and local players. The leading players are well established and are operating to acquire a larger share in the market through innovative products that meet all the necessities and achieve inorganic growth. Some of these major players include BASF SE, Hexion Inc., Advachem SA, Kronospan, and Georgia-Pacific Chemicals, among others.

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