Urea Formaldehyde Resin Market Strong Development By Major Eminent Players, Technology and Forecasts to 2025
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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.
In terms of end-user, the urea formaldehyde resin market can be segmented into adhesives, particle board, plywood, roofing mats, and others. Urea formaldehyde resin is largely employed in particle boards, adhesives, and plywood. High growth in the use of adhesive is expected in the automobile sector during the forecast period.
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Based on geography, the urea formaldehyde resin market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. In terms of consumption, North America and Europe dominate the urea formaldehyde resin market. However, Asia Pacific and Latin America are projected to be the promising regions in terms of incremental opportunities for generating high revenue. However, high production cost combined with prolonged economic crisis in developed regions of Europe has led to the shifting of urea formaldehyde market to Asia Pacific. Improvement of the economy in Malaysia, China, and India along with high GDP growth rate is boosting the urea formaldehyde market in these countries. Instability exists in the market in Asia Pacific primarily due to the unorganized end-use industries in two large market bases: China and India.
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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