Urea Formaldehyde Resins Market Size Overview, Dynamics, Seg...| MENAFN.COM

Tuesday, 31 January 2023 12:00 GMT

Urea Formaldehyde Resins Market Size Overview, Dynamics, Segments, Size And Scope 2023-2033


(MENAFN- America News Hour)

The Global Urea Formaldehyde Resins Market size was estimated at around 12.3 million tons
and the market is projected to register a CAGR of over 4% during the forecast period
The market was negatively impacted by COVID-19 in 2020. Urea formaldehyde resins are used for the production of various products, including particle board, fiberboard, plywood, etc., of the construction and automotive industry. It is mainly used for adhesion purposes in these products. Considering the pandemic scenario, the construction and automotive manufacturing activities were stopped temporarily. For example, the global automotive production decreased from 91.7 million units in 2019 to 77.6 million units in 2020, declining with a rate of 16%. Moreover, in April month of 2019, the total residential and non-residential construction in Canada was valued at about USD 12.34 billion and reached about USD 6.86 billion in April 2020, with a decline rate of about 44% mainly due to COVID-19 impact, thus led to a decrease in the demand of products such as fiberboard, particle board, plywood, etc., which in turn negatively impacts the demand for the market studied.

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– Over the short term, the increasing demand for particle board from the furniture sector and 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 unfavourable conditions arising due to the COVID-19 outbreak are expected to hinder the growth of the market studied.
– The building and construction segment dominated the market, and is expected to grow during the forecast period.
– Rise in demand for good quality resins in automobile and electrical appliances is likely to act as an opportunity in the future.
– Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China and India.
Key Market Trends
Particle Board to Dominate the Market

– Particle board is an eco-friendly material, which is made up of wood wastes, such as wood chips, sawdust, and wood shavings, mixed together with a resin to form boards. It can be found in different grades, depending on the size of the particles used in the material. With smaller particles, particle board tends to become stronger.
– Urea-formaldehyde resin is extensively used as a bonding agent in the particle board industry. While urea-formaldehyde resins stand cheaper than other formaldehyde-based resin, such as phenol-formaldehyde resin, it gives cost-benefit over its substitutes. ​
– However, some of the major limitations of particle boards based on urea-formaldehyde binders are high emission of formaldehyde during both production and usage, and subsequent exploitation of the boards. ​
– Particle board formulated with urea-formaldehyde resins results in thickness swelling if it comes in contact with water, which makes it unsuitable for outdoor application. However, it is preferred for internal applications.​
– Besides, while formaldehyde emissions can be reduced by reducing formaldehyde/urea molar ratio, but it also leads to deterioration of physical and mechanical properties of particle board.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific dominated the market across the world, with the largest 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, due to which, 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.

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– The furniture industry in China has been rising steadily over the last decade. The production of the Chinese furniture industry accounted for around 39% of the world's furniture production.
– This burgeoning production scenario of the furniture industry is instrumental in propelling the market demand for various products, such as particleboard, medium-density fiberboard (MDF), mold finishes, oriented stranded board (OSB), etc., which in turn, boosts the consumption of urea-formaldehyde resins in the country.
Competitive Landscape
The global urea formaldehyde resins market is a fragmented one. The leading players are well established and are operating to acquire a larger share in the market through innovative products that meet all the necessities and achieve inorganic growth. Some of the key players include BASF SE, Hexion, ADVACHEM, Kronoplus Limited, and Georgia-Pacific Chemicals, among others.

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 MDF
4.1.2 Soaring Demand for Particle Board in the Furniture Sector
4.2 Restraints
4.2.1 Health Hazards Regarding Urea Formaldehyde Resins
4.2.2 Unfavourable Conditions Arising Due to COVID-19 Outbreak
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

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