Rockville, May 09, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a company that conducts market research and competitive intelligence, the global urea formaldehyde market will be worth US$ 6.9 billion in 2023 and will grow at a 4.5% CAGR from 2023 to 2033.
Urea formaldehyde is widely used in the wood processing industry for manufacturing medium-density fiberboards, particleboards, plywood, and fiber boards. Urea-formaldehyde products have properties such as high resistance as well as cost-effectiveness due to which they are increasingly gaining traction in the wood industry. Currently, in building and construction projects the demand for such wood components is high for finishing which gives an aesthetic site to buildings.
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Along with this, urea formaldehyde is majorly used as an adhesive as they have numerous features, such as low cure temperature, resistance to mold formation, exceptional thermal properties, easy adaptability in diverse curing conditions, and excellent water solubility of the (uncured) resin. Owing to such factors market for urea formaldehyde is anticipated to expand, during the assessment period.
| Report Attributes | Details |
| Urea Formaldehyde Market Size (2023) | US$ 6.9 Billion |
| Forecasted Market Value (2033F) | US$ 10.7 Billion |
| Global Market Growth Rate (2023–2033) | 4.5% |
| North America Market Share (2023) | 25.9% |
Key Takeaways from Market Study
- The global urea formaldehyde market is projected to grow at 4.5% CAGR and would reach US$ 10.7 billion by 2033
- The market experienced a 3.2% growth rate in the historic period of 2018–2022
- By Application, the Plywood manufacturing segment is projected to expand at a growth rate of 4.3% by 2033
- East Asia dominates the consumption of urea-formaldehyde in the global market by accounting for about 29.3% share in 2023
- In 2033, Europe is estimated to dominate the global urea formaldehyde market with a 23.7% share
Urea-formaldehyde is Vital as a Coating for Electrical Appliances, its Demand for cotton blends Production is Likely to increase, says a Fact.MR analyst.
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Market Growth Strategies
The urea formaldehyde market is a highly fragmented Market. Many of the small, emerging as well as medium players compete for market share around the globe. The key players in the urea formaldehyde market account for a large market share in the total global market.
Key urea formaldehyde producers are concentrating on creating and updating their products with lower formaldehyde emissions through novel production processes and resin formulation/composition innovation.
Along with prominent players in the market, the market is flooded with the existence of other medium-scale and small players in the market, the global urea formaldehyde market is semi-fragmented. Prominent urea formaldehyde manufacturers acquire approximately 40–45% share of the global market.
Although small and medium-sized manufacturers concentrate on offering cost-effective products to increase their local market penetration, as compared to that well-known manufacturers are aiming to increase their production capacities.
Key Companies Profiled
- Achema
- Ashland Inc.
- BASF SE
- Ineos Group
- MKS Marmara
- OJSV “Perechin timber and chemical plant
Segmentation of Urea Formaldehyde Industry Research
- 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
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the urea formaldehyde market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of form, (liquid, powder), application (plywood manufacturing, particle board manufacturing, medium density fiberboard manufacturing, molding components manufacturing, others), end use industry (furniture, transportation, electrical & electronics, building and construction, agriculture, textile, and others), and across major regions of the world.
Key Questions Covered in the Urea Formaldehyde Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Urea Formaldehyde sales grow until 2033?
- Which are the factors hampering the Urea Formaldehyde demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Urea Formaldehyde Market during the forecast period?
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