Urea Formaldehyde Resin Market Size, Share, Development by 2023
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.
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Global Urea Formaldehyde Resin Market: Forecast by Type / Application / Region
Currently, urea-formaldehyde resin industry concentration is low, mainly concentrated in Asia and Europe, where yields in Europe is relatively stable, while the world's fastest growing regions is Asia, mainly because of the rapid development of infrastructure in Asia.
Since the main application of urea-formaldehyde resins are downstream wood processing industries, due to the low demand for manufacturing process of the product, So many wood-based panel companies have their own plant to produce urea-formaldehyde resins, few external sales. Only supply to them.
On the other hand, as many countries and regions to strengthen the requirements for free formaldehyde content in wood-based panels, they developed a more stringent industry standards, so many manufacturers to give up the business.
Over the next five years, LPI(LP Information) projects that Urea Formaldehyde Resin will register a 1.6% CAGR in terms of revenue, reach US$ 9340 million by 2023, from US$ 8470 million in 2017.
Global Urea Formaldehyde Resin Market: Key Players
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Global Urea Formaldehyde Resin Market Research Report 2018
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