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

Urea Formaldehyde MarketSize and Trends

The global urea formaldehyde market size was valued at US$ 14,716.7 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 3.27% from 2023 to 2030. The global urea formaldehyde market is witnessing strong growth on the account of growing use of commercial resins and the discovery of new applications. Moreover, the increasing demand for well-structured polymers is also contributing to growth of the market. In addition, the market is further expected to witness significant growth in the coming years due to rapid urbanization and industrialization.

Global Urea Formaldehyde Market Trends:

Rapid urbanization and increasing population

The growing population is driving growth of the furniture and construction industries in developing countries. This is uplifting market growth. As a result, the demand for urea formaldehyde in particle boards is increasing. Hence, propelling market growth.

Increasing demand for consumer electronic and automobile is a trend

There is a high demand for good quality resins in automobile and electronic will favor the market growth. For instance, urea formaldehyde is used in various electrical applications, such as knobs, desk lamps, fuse boxes, switches, etc. Growing construction activities, along with house renovation activities across the world, is projected to augment the demand for urea formaldehyde resins in the electrical sector.