Urea formaldehyde resin is a non-transparent, cross-linked thermoset resin or plastic obtained by chemical combination of urea and formaldehyde. It offers properties such as high tensile strength, flexural modulus, scratch resistance, high heat distortion temperature, low water absorption, mold shrinkage, high surface hardness, elongation at break, and volume resistance urea formaldehyde resins are used as adhesives in various end-use industries. Urea formaldehyde resin is a rigid odorless synthetic material that is used in electrical fittings, adhesives, laminates, and finishes for textiles. These resins are economically cost-effective than other resins such as phenol-formaldehyde resins. This makes it more popular among industries such as textiles, papers, and foundry. The urea formaldehyde resin market is expected to expand at a significant pace during the forecast period.
The global urea formaldehyde resin market is driven by the rise in demand for good quality and economically viable adhesives and resins in automobile and electrical appliances. Other drivers of the urea formaldehyde resin market include rapid industrialization due to the increase in standard of living of consumers, increase in demand for roofing mat application, and growth in demand for wood-based products. The U.S. and various countries in Europe have enacted regulations on the usage of urea formaldehyde resins. Furthermore, implementation of government legislation promoting sustainable products instead of urea formaldehyde resin is negatively impacting the urea formaldehyde resin market. As a result, manufacturers need to meet the stringent quality norms before marketing their products, especially in various developing regions.
Based on application, the urea formaldehyde resin market can be segmented into automobiles, electrical appliance, home appliances (furniture), agriculture, and others. Adhesives are used to glue wood together in industries that deal in textile, paper, foundry sand molds, wrinkle resistant fabrics, cotton blends, rayon, corduroy, etc. Urea formaldehyde resin glues are used in the aircraft industry for gluing plywood and wooden aircraft structures. It is also primarily used in electrical appliances for casing. Urea formaldehyde resin is used in agricultural field as a source of nitrogen fertilizer to increase the productivity of crops. In terms of end-user, the urea formaldehyde resin market can be segmented into adhesives, particle board, plywood, roofing mats, and others. Urea formaldehyde resin is largely employed in particle boards, adhesives, and plywood. High growth in the use of adhesive is expected in the automobile sector during the forecast period.
Based on geography, the urea formaldehyde resin market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. In terms of consumption, North America and Europe dominate the urea formaldehyde resin market. However, Asia Pacific and Latin America are projected to be the promising regions in terms of incremental opportunities for generating high revenue. However, high production cost combined with prolonged economic crisis in developed regions of Europe has led to the shifting of urea formaldehyde market to Asia Pacific. Improvement of the economy in Malaysia, China, and India along with high GDP growth rate is boosting the urea formaldehyde market in these countries. Instability exists in the market in Asia Pacific primarily due to the unorganized end-use industries in two large market bases: China and India. Key players operating in the global urea formaldehyde resin market are BASF SE, The Dow Chemical Company, Ashland Inc., DuPont, Kronospan Ltd., and Advachem SA.
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