Lucintel Forecasts Urea Formaldehyde Market to Reach $14.2 billion by 2026

According to the recent study the urea formaldehyde market is projected to reach an estimated $14.2 billion by 2026, at a CAGR of 4.8% from 2021 to 2026. Growth in this market is primarily driven by increasing demand for low cost, highly reactive binders for medium density fiber board, plywood, and particle board in the furniture, building, and construction industries

Browse 100 figures / charts and 81 tables in this 166 -page report to understand trends, opportunities and forecast in urea formaldehyde market by applications (medium density fiber board, plywood, particle board, adhesive, molding compound, and others), by end use industry (furniture, building and construction, transportation, electrical and electronics, and others), and region (North America, Europe, Asia Pacific, and Rest of the World).

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“Medium density fiber board market is expected to remain the largest segment during the forecast period.”

Based on application, the urea formaldehyde market is segmented into medium density fiber board, plywood, particle board, adhesive, molding compound, and others. Lucintel forecasts that the medium density fiber board market is expected to remain the largest segment due to growing demand for MDF in doors, window boards, shelving, furniture panels, wall linings, baseboards, moldings, and decorative facades and it is also expected to witness the highest growth over the forecasted period.

“Within the urea formaldehyde market, the furniture segment is expected to remain the largest end use industry”

Based on end use industry the furniture segment is expected to witness the highest growth over the forecast period due to increase in consumer purchasing power, and growing interest in home decoration. Transportation is expected to witness the highest growth over the forecast period.

“Asia pacific will dominate the urea formaldehyde market in near future”

Asia Pacific is expected to remain the largest region by value and volume; this region is also expected to experience the highest growth over the forecast period due to growth in building and construction activities and increasing production of automotive and appliances.

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Major players of urea formaldehyde market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. BASF, Georgia Pacific, Rayonier, Hexion, Ashland, and Foresa are among the major urea formaldehyde providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/urea-formaldehyde-market.aspx or helpdesk@lucintel.com