Rockville, MD -- (SBWIRE) -- 07/15/2019 -- A recently compiled Fact.MR report, titled "Urea Formaldehyde Market Forecast, Trend Analysis & Competition Tracking –Global Review 2018 to 2027" gives a comprehensive analysis on the global urea formaldehyde market. Size of the global urea-formaldehyde market has been evaluated for the forecast period 2019-2027, and is offered in terms of value (US$ Mn) and volume (kilo tons). The report also offers a detailed analysis and forecast on key segments and the competitive landscape of the global urea-formaldehyde market.
The report on urea formaldehyde market is a comprehensive amalgam of highly useful and actionable insights. The Fact.MR report provides an extensive assessment on the urea formaldehyde market, which manifests research on noteworthy dynamics, such as lucrative opportunities, key insights, trends, growth drivers, and restraints for the urea formaldehyde market. The report evaluates the size of the urea formaldehyde market in terms of volume (Kilo Tons) and value (US$ Mn).
Urea formaldehyde sales are highly influenced by increasing demand from the building and construction industry. The growing use of formaldehyde as an important chemical to manufacture building materials and several household products has been identified as a key factor likely to fuel urea formaldehyde market growth. The urea formaldehyde market surpassed 14,000 kilo tons sales in 2018 and will record nearly 4% y-o-y growth in 2019, according to a recent Fact.MR report.
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The Fact.MR study estimates healthy gains from the wood industry, owing to the sustainability benefits of urea formaldehyde resins in wood panel and board products, in terms of forest resource conservation and waste reduction. For example, composite wood panels, such as particleboard, are generally composed of recovered wood waste, which is otherwise disposed of in a landfill. Not only does formaldehyde-based chemistry result into greater utilization of wood, but it helps forming robust, highly durable building materials compared to wood, thereby witnessing high demand from particle board manufacturers.
Applications in Automotive and Aircraft Sector Create Sustained Opportunities
As formaldehyde has numerous useful chemical properties, it is increasingly gaining traction as an important chemical building block in a wide range of applications. The growing intermediate applications of formaldehyde-based resins in automotive, aircraft, construction, clothing and healthcare industries continues to create growth opportunities for the players in urea formaldehyde market.
Several formaldehyde-based resins and chemicals are witnessing growing adoption in manufacturing surface coatings, decorative laminates, molded automobile components, etc. for a wide range of end products, such as tires, engine parts, fuel system components, brake pads, vehicle interiors, foams in car seats body part adhesives, bumpers, and engine lubricants. These resins are also gaining demand from aircraft sector for the manufacturing of high performance thermoplastics, neopolyol esters, phenol composites, and PUFs for various end products, such as tyres, turbine lubricants, interior paneling, seat foam, brake pads, and seatbelts. Glues composed of formaldehyde-based chemistry are excellent bonding agents, and deliver high-quality performance that is extremely economical.
APEJ Held Over 50% Urea Formaldehyde Sales in 2018
According to Fact.MR study, APEJ held over 50% sales of urea formaldehyde in 2018, and will record a 5.0% Y-o-Y in 2019. The urea formaldehyde market in APEJ continues to remain driven by their bolstering demand in diverse end-use industries, particularly in the construction and building industry. Gains will also be healthy in Europe, on the account of growing adoption of formaldehyde resins by particle board, and medium-density fireboard manufacturing industries in the region.
Key urea formaldehyde manufacturers are focusing on developing and upgrading their products with lower formaldehyde emissions through resin formulation/composition innovation and novel manufacturing techniques. Some of the notable developments in the urea formaldehyde market are,
Chemicals giant and a key manufacturer of urea resins and formaldehyde resins, Ineos Group, is building a new chemical plant in Antwerp, Belgium, for the gas-altering facilities at a cost of US $3.42 billion. The hefty investment is expected to change the picture of chemical sector and will offer varied benefits to the Belgium and other European economies.
A leading player in urea formaldehyde market, Georgia-Pacific Chemicals LLC, has recently introduced a novel line of resins, specially designed to cater to the needs of the powder coating manufacturers. Earlier, Georgia-Pacific Chemicals LLC created a resin that can help manufacturers offer coatings composed of lower volatile organic compounds (VOC).
BASF SE, one of the leading urea formaldehyde manufacturers, is investing Rs. 16,000 crore in setting up a petrochemical production hub in Gujarat, as a part of a joint venture with Adani Group, which is the largest private thermal power producer in India.
Some of the key players operating in the global urea formaldehyde market are BASF SE, Advachem, Ashland Inc., Ineos Group, Georgia-Pacific, Acron Group, Hexion Inc., CHIMICA POMPONESCO S.P.A., OJSV "Perechin timber and chemical plant", PJSC METAFRAX, Achema, Asta Chemicals Sdn. Bhd., etc.
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