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Urea Formaldehyde Resin Market Is Anticipated To Generate Significant Revenues By 2025
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The global urea formaldehyde resin market is driven by the rise in demand for good quality and economically viable adhesives and resins in automobile and electrical appliances. Other drivers of the urea formaldehyde resin market include rapid industrialization due to the increase in standard of living of consumers, increase in demand for roofing mat application, and growth in demand for wood-based products. The U.S. and various countries in Europe have enacted regulations on the usage of urea formaldehyde resins. Furthermore, implementation of government legislation promoting sustainable products instead of urea formaldehyde resin is negatively impacting the urea formaldehyde resin market. As a result, manufacturers need to meet the stringent quality norms before marketing their products, especially in various developing regions.
Based on application, the urea formaldehyde resin market can be segmented into automobiles, electrical appliance, home appliances (furniture), agriculture, and others. Adhesives are used to glue wood together in industries that deal in textile, paper, foundry sand molds, wrinkle resistant fabrics, cotton blends, rayon, corduroy, etc. Urea formaldehyde resin glues are used in the aircraft industry for gluing plywood and wooden aircraft structures. It is also primarily used in electrical appliances for casing. Urea formaldehyde resin is used in agricultural field as a source of nitrogen fertilizer to increase the productivity of crops.
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Key players operating in the global urea formaldehyde resin market are BASF SE, The Dow Chemical Company, Ashland Inc., DuPont, Kronospan Ltd., and Advachem SA.
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