Urea Formaldehyde Resin Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Urea Formaldehyde Resin Market Analysis
The Global Urea Formaldehyde Resins Market is projected to register a CAGR of over 4.5% during the forecast period.
The COVID pandemic negatively affected the market for Urea Formaldehyde Resins. However, post-COVID, the rising demand from the construction, automotive, and agriculture industries is expected to revive the region's adhesives market.
- Over the short term, the increasing demand for particle boards from the furniture sector and the rising demand for medium-density fiberboard (MDF) from the construction industry are expected to drive the market's growth.
- Health hazards regarding urea-formaldehyde resins and unfavorable conditions arising from the COVID-19 outbreak are expected to hinder the market's growth.
- The building and construction segment dominated the market and is expected to grow during the forecast period.
- Asia-Pacific dominated the market across the world, with the most significant consumption from countries such as China and India.
Urea Formaldehyde Resin Market Trends
This section covers the major market trends shaping the Urea Formaldehyde Resins Market according to our research experts:
Building and Construction End-User industry to Dominate the Market
- Urea-formaldehyde market growth is widely influenced by the performance of the building and construction sector, owing to the extensive use of particle boards, plywood, and medium-density fiberboard.
- Owing to this, the demand and production of such building products also increase with growth in construction activities. While urea formaldehyde is extensively used in boards and plywood, it also influences the consumption and growth of the urea formaldehyde market.
- Asia-Pacific and North American regions have been witnessing strong growth in residential construction. Asia-Pacific is witnessing strong growth in residential construction in countries such as India, China, the Philippines, Vietnam, and Indonesia. Besides, in North America, high housing demand due to the growing population demand for homes, increased immigrants, and the trend of nuclear families are some factors driving residential construction in the region.
- China recovered from the pandemic doom. Many residential constructions kick-started in the country. China's Evergrande Group committed to building 600,000 homes in 2022. The housing authorities of Hong Kong launched several measures to push start the construction of low-cost housing. The officials aim to provide 301,000 public housing units in 10 years till 2030.
- According to the US Census Bureau and the US Department of Housing and Urban Development, in May 2022, housing in North America was completed at an annual rate of 1,465,000, which was 9.3% more than the annual rate of May 2021, which was 1,340,000.
- In Canada, various government projects, including the New Building Canada Plan (NBCP), the Affordable Housing Initiative (AHI), and Made in Canada, have supported the residential sector's expansion.
- Thus, the building and construction segment to dominate the market in the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominated the market across the world, with the most significant consumption from countries such as China and India.
- China is the largest producer of urea-formaldehyde resins in the world. With the increasing population, the need and demand for food are increasing daily, so the advancements in agriculture activities are changing gradually. To accomplish these changes, fertilizer performance and efficiency are necessary, resulting in increased consumption of urea-formaldehyde resins.
- China is one of the largest construction markets in the region. Non-residential infrastructure is likely to expand significantly. The country's aging population necessitates the construction of additional healthcare facilities and hospitals. The Chinese government approved 26 infrastructure projects worth approximately USD 142 billion in 2019, with completion due in 2023. The country boasts the world's largest construction market, accounting for 20% of all global construction investments. By 2030, the country will spend over USD 13 trillion on construction.
- China is the world's largest furniture manufacturer, exporter, and consumer. China's high furniture consumption is due to its large population and the growing disposable income of urban households. More than 35% of the world's furniture trade originates from China, and 40% of the world's metal furniture exports and over 60% of upholstered wooden and metal seats are produced in China. Chinese furniture manufacturers are primarily located in Guangdong, Zhejiang, Hunan, Guangxi, Jiangxi, and Shandong.
- Urea-formaldehyde resin is also used in fiberboard production. Fiberboard is used in the automotive industry to create free-form shapes, such as dashboards, rear parcel shelves, and inner door shells. China's automotive market for passenger vehicles is the largest in the world, as it accounted for 21.41 million units in 2021 compared to other major global players such as Japan, the United States, and Germany.
- Thus, the Asia-Pacific region is expected to dominate the market during the forecast period.
Urea Formaldehyde Resin Industry Overview
The global urea formaldehyde resins market is a fragmented one. Some major players in the market (not in a particular order) include BASF SE, Hexion, Kronoplus Limited, and Georgia-Pacific Chemicals, among others.
Urea Formaldehyde Resin Market Leaders
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Hexion
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BASF SE
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ADVACHEM
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Kronoplus Limited
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Georgia-Pacific Chemicals
*Disclaimer: Major Players sorted in no particular order
Urea Formaldehyde Resin Market News
- The recent developments about the major players in the market are being covered in the complete study.
Urea Formaldehyde Resin Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Medium Density Fiberboard (MDF)
4.1.2 Rising Demand for Particle Board in the Furniture Sector
4.2 Restraints
4.2.1 Health Hazards Regarding Urea Formaldehyde Resins
4.3 Industry Value-chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Feedstock Analysis
4.6 Technological Snapshot
4.7 Trade Analysis
4.8 Regulatory Policy Analysis
4.9 Price Trend Analysis
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Application
5.1.1 Particle Board
5.1.2 Wood Adhesives
5.1.3 Plywood
5.1.4 Medium Density Fiberboard
5.1.5 Other Applications
5.2 End-user Industry
5.2.1 Automotive
5.2.2 Electrical Appliances
5.2.3 Agriculture
5.2.4 Building and Construction
5.2.5 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ADVACHEM
6.4.2 Acron Group
6.4.3 ARCL Organics Ltd.
6.4.4 Ashland
6.4.5 Asta Chemicals
6.4.6 Arclin Inc.
6.4.7 BASF SE
6.4.8 Georgia-Pacific Chemicals
6.4.9 Hexion
6.4.10 Hexza Corporation Berhad
6.4.11 Jiangsu Sanmu Group Co., Ltd.
6.4.12 Kronoplus Limited
6.4.13 Melamin kemicna tovarna d.d. Kocevje
6.4.14 Metadynea Metafrax Group
6.4.15 SABIC
6.4.16 QAFCO
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rise in Demand for Good Quality Resins in Automobile and Electrical Appliances
Urea Formaldehyde Resin Industry Segmentation
Urea-formaldehyde resins are the types of amino resins that are manufactured by polymeric condensation of formaldehyde with urea. It is mainly used as binders in the production of adhered wood products, particleboard, plywood, medium-density fiberboard, and others and also offers high heat distortion temperature, high tensile strength, low water absorption, high surface hardness, and other favorable properties to these products. The urea-formaldehyde resins market is segmented by application, end-user industry, and geography. The market is segmented by application: particle board, wood adhesives, plywood, medium-density fiberboard, and other applications. By end-user industry, the market is segmented into automotive, electrical appliances, agriculture, building and construction, and other end-user industries. The report also covers the market size and forecasts for urea-formaldehyde resins in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kilo tons).
| Application | |
| Particle Board | |
| Wood Adhesives | |
| Plywood | |
| Medium Density Fiberboard | |
| Other Applications |
| End-user Industry | |
| Automotive | |
| Electrical Appliances | |
| Agriculture | |
| Building and Construction | |
| Other End-user Industries |
| Geography | |||||||
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Urea Formaldehyde Resin Market Research FAQs
What is the current Urea Formaldehyde Resins Market size?
The Urea Formaldehyde Resins Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Urea Formaldehyde Resins Market?
Hexion, BASF SE, ADVACHEM, Kronoplus Limited and Georgia-Pacific Chemicals are the major companies operating in the Urea Formaldehyde Resins Market.
Which is the fastest growing region in Urea Formaldehyde Resins Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Urea Formaldehyde Resins Market?
In 2024, the Asia Pacific accounts for the largest market share in Urea Formaldehyde Resins Market.
What years does this Urea Formaldehyde Resins Market cover?
The report covers the Urea Formaldehyde Resins Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Urea Formaldehyde Resins Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Urea Formaldehyde Industry Report
Statistics for the 2024 Urea Formaldehyde market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Urea Formaldehyde analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
