According to a new market report published by Lucintel, the future in the urea formaldehyde resin market looks promising with opportunities in the furniture, building and construction, transportation, and electrical & electronics industries. The urea formaldehyde resin market is expected to reach an estimated $12,292.0 million by 2024 with a CAGR of 4.0% from 2019 to 2024. The major growth drivers in this market are 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 101 market data tables and 135 figures spread through 200 pages and in-depth TOC on “Urea Formaldehyde Resin Market"
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In this market, medium density fiber board, plywood, particle board, adhesive, molding compound, and others are used for urea formaldehyde resin manufacturing for applications. Lucintel forecasts that medium density fiberboard will remain the largest application by value and volume over the forecast period because of growing demand for MDF in doors, window boards, shelving, furniture panels, wall linings, baseboards, moldings, and decorative facades. Lucintel predicts that the plywood application segment will witness the highest growth during the forecast period due to growing home renovation activities and increase in new residential and commercial construction.
Within this market, furniture will remain the largest end use industry by value and volume due to changing lifestyle, increase in consumer purchasing power, and growing interest in home decoration. Building and construction are expected to witness the highest growth due to growing population and increasing urbanization.
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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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Emerging trends, which have a direct impact on the dynamics of the urea formaldehyde resin industry, include development of scavenger technology to reduce the VOC content. BASF, Georgia Pacific, Rayonier Advanced Material, Hexion, Ashland, Foresa, INEOS, Advachem SA, Kronospan, and SAFCO and others are among the major suppliers of urea formaldehyde resin.
Lucintel, a leading global market research firm has analyzed growth opportunities in the urea formaldehyde resin market by application, end use industry, and region has compiled a comprehensive research report entitled “Growth Opportunities in the Urea Formaldehyde Resin Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the urea formaldehyde resin market by application, end use industry, and region as follows:
By Application (Volume (Million Pounds) and $M shipment analysis for 2013 – 2024):
Medium density fiber board
Plywood
Particle board
Adhesives
Molding compounds
Others
By End Use Industry (Volume (Million Pounds) and $M shipment analysis for 2013 – 2024):
Furniture
Building and Construction
Transportation
Electrical and Electronics
Others
By Region (Volume (Million Pounds) and $M shipment analysis for 2013 – 2024):
North America
Europe
APAC
ROW
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This 200-page 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-resin-market.aspx or helpdesk@lucintel.com.
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