Urea formaldehyde (UF), chemically known as urea methanol, is a chemical composition of urea and formaldehyde and is set to witness high surge in demand in next couple of years primarily due to its high tensile strength, flexural modulus and scratch resistant properties that makes it suitable for being used as adhesives in various end–use industries. The urea formaldehyde market is a double-digit billion dollar industry and is expected to grow at a very impressive rate during the forecast period. The UF resins are economically cost-effective in nature than other resins such as phenol-formaldehyde resins, thus making it more popular among industries such as textiles, papers, foundry, etc.
Urea Formaldehyde Industry: Drivers & Restraints
The demand for good quality and economically viable adhesives and resins is expected to fuel the market of urea formaldehyde. Most of the demand is expected to generate from automobiles and electrical appliances globally. Challenges include government legislation promoting sustainable products in lieu of UF adhesives and resins.
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Urea Formaldehyde Market: Segmentation
On the basis of end-use industries, the global urea formaldehyde market is segmented into,
- Electrical Appliances
- Home Appliances (Furniture)
Most of the demand is expected to generate from home appliances and electrical appliances, however, its usage in agriculture is gaining momentum, particularly as a source of nitrogen fertilizer.
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On the basis of end-use applications, urea formaldehyde market is segmented into
- Particle board
- Roofing mats
Particle board followed by adhesives and plywood are the key applications of urea formaldehyde. High growth is expected in adhesive applications, primarily due to increasing penetration in automobiles and electrical appliances industries during the forecast period.
Urea Formaldehyde Market: Region-wise Outlook
On the basis of region urea formaldehyde finds its market scope in North America, Latin America, Middle East & Africa, Europe and Asia-Pacific. North America and Europe dominates the urea formaldehyde market in terms of consumption, however, Asia Pacific and Latin America are expected to be the most promising region in terms of incremental opportunities lying ahead for generating high revenue. High production cost coupled with prolonged economic crisis in developed regions of Europe has led to the shifting of urea formaldehyde market to Asia Pacific. Economic reforms in Malaysia, China and India along with high GDP growth rate is fuelling the urea formaldehyde market in these regions. Though Asia Pacific is lucrative in terms of revenue generation, volatility exists mainly due to the unorganized end-use industries in two large market bases-china and India.
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Urea Formaldehyde Market: Key Players
Company needs to meet the stringent quality norms before marketing their product especially in developing regions of Asia Pacific.
Some of the market participants in the global urea formaldehyde market are BASF SE, The Dow Chemical Company, Ashland Inc., DuPont, Kronospan Ltd., Advachem SA, etc.
Going through these points, there is no doubt that urea formaldehyde market hold good market prospects in near future, thereby is anticipated to grow at impressive CAGR during the forecast period, 2015–2025.