Urea Formaldehyde Resin Market is willing to reach USD 10 Billion by 2023
Urea Formaldehyde Resin Market Size and Growth Rate:
According to our Research Report, the Global Urea Formaldehyde Resin Market size is estimated to reach 10 Billion by 2023 with a CAGR of 4% during the forecast period 2017-2023.
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Urea Formaldehyde Resin Market Overview:
Urea formaldehyde resin is a non-transparent crosslinked thermoset resin obtained by a chemical combination of urea and formaldehyde. It offers properties such as high tensile strength, flexural modulus, scratch resistance, high thermal distortion temperature, low water absorption, mold contraction, high surface hardness, and elongation at break and abrasion resistance. Urea formaldehyde resin is a rigid and odorless synthetic material used in electrical accessories, adhesives, laminates and textile finishes. These resins are economically viable compared to other resins such as phenol-formaldehyde resins. This makes it more popular among industries such as textiles, paper and foundry.
Urea Formaldehyde Resin Market Growth Drivers and Restraints:
The global market for formaldehyde urea resins is driven by the growing demand for economically viable and good quality adhesives and resins in automotive and electrical equipment. Other drivers of the urea-formaldehyde resin market include rapid industrialization due to the increase in consumer life standards, the increased demand for carpet applications and the growing demand for plastic products. The United States and several European countries have promulgated regulations on the use of urea formaldehyde resins. In addition, the implementation of government legislation that promotes sustainable products instead of urea formaldehyde resin has a negative impact on the market. As a result, manufacturers must meet strict quality standards before marketing their products, particularly in several developing regions.
Geographical Insights of the Urea Formaldehyde Resin Market:
Geographically, the formaldehyde urea resins market can be separated into North America, Latin America, Asia-Pacific, Europe, and Middle East and Africa. In terms of consumption, North America and Europe dominate the global market. However, Asia-Pacific and Latin America are expected to be the most promising regions in terms of additional opportunities to generate high incomes. However, the high production costs associated with the prolonged economic crisis in the developed regions of Europe have displaced the formaldehyde and urea markets in Asia-Pacific. The improvement of the economy in Malaysia, China and India, as well as the high GDP growth rate, is driving the market in these countries. There is instability in the Asia-Pacific market, mainly due to unorganized end-use industries in China and India.
Key Players of the Urea Formaldehyde Resin Market:
The Dow Chemical Company, BASF SE, DuPont, Ashland Inc., Advachem SA., and Kronospan Ltd,Sanmu, Yuntianhua, Huasen ,Gaoxing Muye, Yuanyea are some of the prominent companies.
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Urea Formaldehyde Resin Market Key Segmentation:
By Product:
- Urea Formaldehyde Resin Powder
- Urea Formaldehyde Resin Solution
By Application:
- Composite Panel Products
- Plastic Product
- Industrial Abrasives
By Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
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