Urea Formaldehyde Market, By Application (Particle Board, Wood Adhesives, Plywood, Medium Density Fiberboard, Other Applications), By End User Industries (Automobiles, Electrical Appliances, Agriculture, Building and Construction, Other End User Industries), and By Geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America)-

Published In : Feb 2023

Code : CMI5523

Pages :127

Formats :

Excel and PDF

Industry : Bulk Chemicals

Market Challenges And Opportunities

Global Urea Formaldehyde Market Drivers:

Increasing demand for medium density fiberboard to foster market growth

Urea formaldehyde adhesives are majorly used in the bonding/gluing agent in medium density fiber board applications and growing demand for MDF from various wood working applications is driving the market growth. Recently, wood furniture industry has witnessed significant growth due to growing construction sector. MDFs are widely used as flooring tiles due to their economical nature when compared to other flooring options.

Growing demand for practice board from furniture sector to propel market growth

For instance, furniture manufacturing accounts for about 3.97% of the total manufacturing sector in India, and major part (85%) of the furniture industry in India is unorganized. Remaining (15%) is organized and comprises large manufacturers. Moreover, robust demand from upholstery and bedroom cabinets us further expected to augment the market growth.

Global Urea Formaldehyde Market Opportunities:

The growing use of commercial resins and the discovery of new applications are projected to bring bright market opportunities. Moreover, the demand for well-structured polymers is also contributing to the growth of the market. In addition, the market is expected to witness significant growth in the coming years.

Due to increased government expenditures and the expansion of the commercial market, the demand for urea formaldehyde is likely to increase. Another factor that drives growth of the market is the increasing number of wooden constructions. This is expected to hold potential market opportunities.

Global Urea Formaldehyde Market Restraints:

Negative impact of the Covid-19 is restricting market growth

The growth of the furniture industry is likely to be limited due to the outbreak of COVID-19, which has caused unfavorable conditions for the market growth.

Strict government regulation due to health hazards associated urea is hindering market growth

According to the National Toxicology Program, formaldehyde is a proven human carcinogen as of 2011. Government restrictions on formaldehyde emissions might slow the market's expansion for urea formaldehyde. Emission regulations for formaldehyde from composite wood products are established by the Formaldehyde Standards for Composite Wood Products Act of 2010.