Maharashtra, India -- (SBWIRE) -- 10/15/2018 -- Urea Formaldehyde Resins Market
Summary

Market Overview:

Urea-formaldehyde (UFR) resin is non-transparent thermosetting or plastic resin. It is also known as urea-methanal owing to its overall structure and common synthesis pathway. UFR is a blend of urea and formaldehyde and being synthetic, the odorless material is typically used in surfaces, MDF, adhesives, and molded projects. In addition, it is also applied in gluing wood together, as in plywood, and in the production of electrical appliances such as desk lamps. Various end-use sectors make use of UFR as it offers high performance, extended tensile strength, scratch resistance, less water absorption, extra flexibility, high heat distortion temperature, large surface hardness, and increased reactivity comparatively at a low cost.

Despite its advantages, formaldehyde emissions (FE) originated from either composite products bonded by UFR or UFR resin itself is considered to leave a bad impact on human health, especially in the indoor environment. To lower the FE, the mole ratio of formaldehyde/urea is lowered during the synthesis of the UFR resin.

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Market Key Players: BASF SE, Advachem SA, The Dow Chemical Company, DuPont, Momentive Specialty Chemicals, Ashland Inc., Sova Chemicals Co., SADEPAN CHIMICA, Oman Formaldehyde Chemical Company L.L.C., Asta Chemicals.

Growth Affecting Factors: Increasing demand for economical, sustainable, and superior quality resins and adhesives in electrical appliances, as well as automobile, boosts the overall growth of the urea formaldehyde market. Increase standard of living, rising demand for mat roofing application, surging requirement for wood-based products and rapidly establishing industrialization collectively propels the market growth. However, toxic emissions created by formaldehyde and implementation of government legislation promoting sustainable products instead of urea formaldehyde has been the major inhibitor of the market that might restrict further market expansion.

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By Applications: Electrical Appliances, Automobiles, Home Appliances, Agriculture, Others,

By End-User: Adhesives, Particleboard, Roofing Mats, Plywood, Others

Regional Analysis: On the basis of regional segmentation, the global urea formaldehyde market is segmented into North America, Asia-Pacific, Europe, and Latin America, the Middle East & Africa. The growth of urea formaldehyde market in Europe and North America is significant owing to the existence of a large number of market key players. Nonetheless, a release of harmful toxic emissions has led various countries such as U.S. and Europe to put UFR production under regulations and enacted upon government regulations on the usage of urea formaldehyde. Emerging economies, especially regions of Latin America and Asia-Pacific, are anticipated to be the fastest growing regions in terms of incremental opportunities for generating huge revenue.

Countries such as India, China, and Malaysia with high GDP growth rate and amendment in the economy possess the substantial potential to capture a larger share of the market. Besides, high consumption of UFR, owing to constant burgeoning growth in infrastructure and furniture sector, pertaining to growing population and China exporting finished wood products globally fuels the expansion of the market. In addition, extended economic crises coupled with high manufacturing cost in developed regions of Europe has resulted into shifting of urea formaldehyde market to Asia-Pacific.

Competitive Landscape: The global urea formaldehyde market is highly scattered in various regions including huge market players and some local vendors. A number of key vendors are emphasizing on innovations to maintain their position in the market. The companies are highly spending in research and development to improve the emission issues regarding the usage of urea formaldehyde.

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