According to the recent study the urea formaldehyde market is projected to reach an estimated $19.9 billion by 2027 from $14.2 billion in 2021, at a CAGR of 5.7% from 2021 to 2027. Growth in this market is primarily driven by 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 100 figures / charts and 81 tables in this 205 -page report to understand trends, opportunities and forecast in urea formaldehyde market by applications (medium density fiber board, plywood, particle board, adhesive, molding compound, and others), by end use industry (furniture, building and construction, transportation, electrical and electronics, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Furniture market is expected to remain the largest segment during the forecast period.”
Based on end use industry, the urea formaldehyde market is segmented into furniture, building and construction, transportation, electrical and electronics, and others. Lucintel forecasts that the furniture market is expected to remain the largest segment due to changing lifestyle increase in consumer purchasing power, and growing interest in home decoration.
“Within the urea formaldehyde market, the Medium density fiber board (MDF) segment is expected to remain the largest application”
Based on application the Medium density fiber board (MDF) segment is expected to witness the highest growth over the forecast period because of growing demand for MDF in doors, window boards, shelving, furniture panels, wall linings, baseboards, moldings, and decorative facades.
“Asia pacific will dominate the urea formaldehyde market in near future”
Asia Pacific is expected to remain the largest region and witness 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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Major players of urea formaldehyde market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. BASF Corporation, Georgia-Pacific Chemicals LLC, Rayonier Advanced Materials, Hexion Inc., Ashland, Foresa, INEOS, Advachem SA, Kronospan Ltd., and SAFCO are among the major urea formaldehyde providers.
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