Urea Formaldehyde Market Growth Accelerated By Rising Demand From Construction And Automotive Industries

 

Urea formaldehyde is a type of formaldehyde resin used in construction, automotive and other industrial applications such as binders, adhesives, and molded or extruded plastic parts. It offers benefits like excellent tensile and compressive strength, moisture resistance and durability. The growing construction activities along with expansion of automotive sector has been augmenting the demand for urea formaldehyde.

The global Urea Formaldehyde Market is estimated to be valued at US$ 17521.61 Bn in 2024 and is expected to exhibit a CAGR of 22.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising demand from the construction and automotive industries has been a key trend driving the growth of the Global Urea Formaldehyde Market Size. Urea formaldehyde resins are widely used in the construction industry for manufacturing particleboards, medium-density fiberboards, and laminated wood products that are used in flooring, doors, roofing, and other applications. Additionally, urea formaldehyde adhesives are used to bind wood, metal, and plastic components in the automotive industry. Supported by rapid urbanization and industrialization in developing regions, the booming construction and automotive sectors have significantly increased the consumption of urea formaldehyde resins and adhesives. This rising end-use demand is expected to continue driving the market over the forecast period.

Segment Analysis

The global urea formaldehyde market is dominated by the construction segment. It accounts for over 50% of the total market share as urea formaldehyde resins are widely used in the manufacturing of wood adhesives for plywood, particle board and fiberboard production. These adhesives offer advantages such as achieving superior strength in a short time period at lower pressing temperatures. Moreover, formaldehyde emissions from these adhesives meet the strict emission standards for use in residential and commercial construction.

Key Takeaways

The global urea formaldehyde market is expected to witness high growth.

Regional analysis- Asia Pacific dominates the global market and is expected to maintain its dominance during the forecast period. This is attributed to rising construction activities and growing woodworking industry in China, India and other Asian countries.

Key players operating in the urea formaldehyde market are Taiwan Semiconductor Manufacturing Company, Ltd., MonolithIC 3D Inc., XILINX, Inc., Elpida Memory, Inc. (Micron Technology, Inc.), The 3M Company, Ziptronix, Inc., STATS ChipPAC Ltd., United Microelectronics Corporation.

Get More Insights On This Topic: https://www.newsstatix.com/urea-formaldehyde-market-size-share-analysis-2023-2030/

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