Urea Formaldehyde Resins Market Expected to Rise at A Higher CAGR Value, Driving Factors, Sales and Forecast 2022-2031
The Global Urea Formaldehyde Resins Market size was estimated at around 12.3 million tons in 2020 and the market is projected to register a CAGR of over 4% during the forecast period
The market was negatively impacted by COVID-19 in 2020. Urea formaldehyde resins are used for the production of various products, including particle board, fiberboard, plywood, etc., of the construction and automotive industry. It is mainly used for adhesion purposes in these products. Considering the pandemic scenario, the construction and automotive manufacturing activities were stopped temporarily. For example, the global automotive production decreased from 91.7 million units in 2019 to 77.6 million units in 2020, declining with a rate of 16%. Moreover, in April month of 2019, the total residential and non-residential construction in Canada was valued at about USD 12.34 billion and reached about USD 6.86 billion in April 2020, with a decline rate of about 44% mainly due to COVID-19 impact, thus led to a decrease in the demand of products such as fiberboard, particle board, plywood, etc., which in turn negatively impacts the demand for the market studied.
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– Over the short term, the increasing demand for particle board from the furniture sector and rising demand for medium density fiberboard (MDF) from the construction industry are expected to drive the market’s growth.
– Health hazards regarding urea formaldehyde resins and unfavourable conditions arising due to the COVID-19 outbreak are expected to hinder the growth of the market studied.
– The building and construction segment dominated the market, and is expected to grow during the forecast period.
– Rise in demand for good quality resins in automobile and electrical appliances is likely to act as an opportunity in the future.
– Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China and India.
Key Market Trends
Particle Board to Dominate the Market
– Particle board is an eco-friendly material, which is made up of wood wastes, such as wood chips, sawdust, and wood shavings, mixed together with a resin to form boards. It can be found in different grades, depending on the size of the particles used in the material. With smaller particles, particle board tends to become stronger.
– Urea-formaldehyde resin is extensively used as a bonding agent in the particle board industry. While urea-formaldehyde resins stand cheaper than other formaldehyde-based resin, such as phenol-formaldehyde resin, it gives cost-benefit over its substitutes.
– However, some of the major limitations of particle boards based on urea-formaldehyde binders are high emission of formaldehyde during both production and usage, and subsequent exploitation of the boards.
– Particle board formulated with urea-formaldehyde resins results in thickness swelling if it comes in contact with water, which makes it unsuitable for outdoor application. However, it is preferred for internal applications.
– Besides, while formaldehyde emissions can be reduced by reducing formaldehyde/urea molar ratio, but it also leads to deterioration of physical and mechanical properties of particle board.
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