What Will be the Urea Formaldehyde Market Size in 2025

Urea formaldehyde sales are highly influenced by increasing demand from the building and construction industry. The growing use of formaldehyde as an important chemical to manufacture building materials and several household products has been identified as a key factor likely to fuel urea formaldehyde market growth.

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The global urea formaldehyde market surpassed 14,000 kilo tons sales in 2018 and will record nearly 4% y-o-y growth in 2019,according to a recent Fact.MR report. 

Urea formaldehyde resins are gaining significance as easily available, time-effective curing resins for varied applications in the wood industry, apart from being sought-after wood adhesives for fibrous boards, medium density fiber boards, particleboards, and granular boards. Building and construction continues to remain a lucrative end-use area for urea formaldehyde, accounting for nearly 60% volume sales in 2018. This can be attributed to the fact that urea formaldehyde is a vital building block in construction materials, often used in various converted forms. Adoption of urea formaldehyde in the building and construction sector remains influenced by their integral role in manufacturing composites and engineered wood products for commercial as well as residential applications.

The Fact.MR study estimates healthy gains from the wood industry, owing to the sustainability benefits of urea formaldehyde resins in wood panel and board products, in terms of forest resource conservation and waste reduction. For example, composite wood panels, such as particleboard, are generally composed of recovered wood waste, which is otherwise disposed of in a landfill. Not only does formaldehyde-based chemistry result into greater utilization of wood, but it helps forming robust, highly durable building materials compared to wood, thereby witnessing high demand from particle board manufacturers.

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Segmentation 

The report provides a through analysis and estimate on urea formaldehyde market on the basis of segmental analysis. The key segments identified in urea formaldehyde market include region, application, and end-use.

Fact.MR analysts have analyzed the urea formaldehyde market segments, thereby, providing an explicit comparison between key market data, including the market share, revenue, volume, and Y-o-Y growth.  The report also carries regional performance of urea formaldehyde market, classifying the market into North America, Europe, Japan, Asia-Pacific excluding Japan (APEJ), Middle East & Africa (MEA), and Latin America.

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APEJ Held Over 50% Urea Formaldehyde Sales in 2018

According to Fact.MR study, APEJ held over 50% sales of urea formaldehyde in 2018, and will record a 5.0% Y-o-Y in 2019. The urea formaldehyde market in APEJ continues to remain driven by their bolstering demand in diverse end-use industries, particularly in the construction and building industry. Gains will also be healthy in Europe, on the account of growing adoption of formaldehyde resins by particle board, and medium-density fireboard manufacturing industries in the region.

Fact.MR’s study provides an accurate forecast on the urea formaldehyde market for the period between 2018 and 2027. The urea formaldehyde market has been envisaged to record a moderate CAGR of over 4.0% through 2027.

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