DUBLIN, Sept. 8, 2023 /PRNewswire/ — The “Urea Formaldehyde Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global urea formaldehyde market has experienced robust growth, reaching a size of US$ 9.5 billion in 2022, and is poised to continue its upward trajectory, projected to reach US$ 12.1 billion by 2028. This growth is marked by a commendable compound annual growth rate (CAGR) of 4.11% from 2022 to 2028.
Urea formaldehyde, a thermoset synthetic resin derived from the chemical combination of urea and formaldehyde, finds diverse applications across industries. It serves as a fundamental component in the production of plastics, particle boards, bottle caps, and even artificial snow for use in movies and amusement parks.
Notably, urea-formaldehyde foams exhibit excellent insulating properties, making them indispensable as thermal insulators in construction, especially within walls, where conventional insulation is essential. The rapid growth in construction activities driven by an expanding global population contributes significantly to the increased demand for urea formaldehyde.
Furthermore, urea formaldehyde plays a vital role in agriculture, functioning as a source of slow-release nitrogen fertilizer. It enhances soil permeability, binds soil particles, regulates release rates, and fosters the development of a well-structured soil framework, supporting healthy plant growth.
In addition to its agricultural application, urea formaldehyde fertilizers are environmentally beneficial as they decompose in the soil through microbial action, ultimately breaking down into urea and formaldehyde. This breakdown supplies nitrogen, promoting foliage and fruit development.
Another key driver for the market is the rising utilization of urea formaldehyde in papermaking, where it enhances paper wet strength and minimizes the production of lackluster paper sheets, addressing concerns related to plastic’s environmental impact. Moreover, the automotive and electronics industries increasingly demand high-quality, cost-effective adhesives and resins, further propelling the growth of the urea formaldehyde market.
Key Questions Answered in This Report:
- What was the size of the global urea formaldehyde market in 2022?
- What is the expected growth rate of the global urea formaldehyde market during 2023-2028?
- What are the key factors driving the global urea formaldehyde market?
- What has been the impact of COVID-19 on the global urea formaldehyde market?
- What is the breakup of the global urea formaldehyde market based on the application?
- What is the breakup of the global urea formaldehyde market based on the end use industry?
- What are the key regions in the global urea formaldehyde market?
- Who are the key players/companies in the global urea formaldehyde market?
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- AB Achema (Koncernas Achemos Grupe)
- Acron Group
- Asta Chemicals Sdn. Bhd.
- BASF SE
- Borealis AG (OMV AG)
- Gruppo Frati S.p.A
- Hexion Inc.
- Mansoura for Resins & Chemical Industries Co. (MRI)
- Metafrax Chemicals.
Key Market Segmentation:
Breakup by Type:
- Urea Formaldehyde Powder
- Urea Formaldehyde Solution
Breakup by Application:
- Particle Board
- Medium Density Fibreboard
- Adhesives and Coatings
- Molding Compounds
Breakup by End Use Industry:
- Building and Construction
- Electrical and Electronics
For more information about this report visit https://www.researchandmarkets.com/r/1v608l
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