The global urea formaldehyde market size reached US$ 9.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.1 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
Urea-formaldehyde, also known as urea-methanal, is a non-transparent thermoset synthetic resin obtained from a chemical mixture of urea and formaldehyde. It has high tensile strength, flexural modulus, surface hardness, low water absorption, mold shrinkage, and the ability to withstand high temperatures. It is used as an insulating and adhesive agent in molding electrical devices, such as desk lamps, to prevent electric shocks. Besides this, it is also utilized in manufacturing plastics, particle boards, bottle caps, and foams for creating artificial snow in movies and amusement parks.
Urea Formaldehyde Market Trends:
Urea-formaldehyde foams have good insulating properties and are used as thermal insulators in walls to provide conventional insulation. Thus, the accelerating use of plywood and medium-density fiberboard in construction activities is increasing the use of urea formaldehyde. This, along with the growing global population and consequently increasing construction of residential and commercial buildings, represents one of the key factors positively influencing the market. In addition, urea formaldehyde is used in the agricultural field as a source of slow-release nitrogen fertilizer. It also helps in soil permeability, binding the particles closely, slowing release rates, and promoting the formation of an aggregated soil structure. Apart from this, the increasing use of urea formaldehyde fertilizers degrade in the soil by microbes and breaks down into urea and formaldehyde, where urea is used as a nitrogen source and supports the healthy development of foliage and fruit. Furthermore, the rising use of paper to overcome the environmental impact of plastics is driving the market. The increasing use of this synthetic resin in papermaking enhances the wet strength of paper and minimizes the production of dull sheets. Moreover, the escalating demand for good quality and economically viable adhesives and resins in the automotive and electronics industries is propelling the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global urea formaldehydemarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end use industry.
Breakup by Type:
Urea Formaldehyde Powder
Urea Formaldehyde Solution
Breakup by Application:
Medium Density Fibreboard
Adhesives and Coatings
Breakup by End Use Industry:
Building and Construction
Electrical and Electronics
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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) and Metafrax Chemicals.
Base Year of the Analysis
Type, Application, End Use Industry, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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) and Metafrax Chemicals
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Key Questions Answered in This Report
The global urea formaldehyde market was valued at US$ 9.5 Billion in 2022.
We expect the global urea formaldehyde market to exhibit a CAGR of 3.9% during 2023-2028.
The increasing construction of residential and commercial buildings, along with the rising demand for urea formaldehyde as an insulating and adhesive agent in molding electrical devices, such as desk lamps, to prevent electric shocks, is primarily driving the global urea formaldehyde market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for urea formaldehyde.
Based on the application, the global urea formaldehyde market has been segmented into particle board, medium density fibreboard, plywood, adhesives and coatings, molding compounds, and others. Among these, particle board currently holds the majority of the total market share.
Based on the end use industry, the global urea formaldehyde market can be divided into furniture, building and construction, transportation, electrical and electronics, and others. Currently, the building and construction industry exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global urea formaldehyde market include 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), and Metafrax Chemicals.
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