Urea formaldehyde resins offer high reactivity and outstanding performance at affordable prices, which make it more favorable for the end users as compared to its substitutes. The demand for UFR has continued to remain strong across the globe. The continuous upsurge in UFR demand can be attributed to the growth in the construction and furniture industries as well as high existing production capacities of UFR. Rising demand for wood-based panels and growing attention towards roofing mats and other wood-based applications are also contributing towards the growth of this market.
However, energy intensive operations of the industry, coupled with rising environmental concerns towards formaldehyde emissions, may hinder the growth of the UFR market in coming years. Awareness regarding the negative impacts of formaldehyde has already put the UFR usage under regulations in various countries, which may lead to its decreased demand and consumption.
The UFR market caters to various applications, such as particleboard, MDF, plywood, molding powder, and adhesives & coatings, among others. The particleboard application segment dominated the global urea formaldehyde resin market in 2013.
Asia-Pacific is the largest consumer of UFR with approximately 40% consumption share, followed by Europe and North America. The UFR market in Asia-Pacific was valued at $2.7 billion in 2014, while in Europe it was valued at $2.3 billion.
Key players active in the global urea formaldehyde resin market are BASF Chemicals (Germany), Hexion (Ohio), INEOS (Switzerland), Chemiplastica SpA (Italy), Allnex SA (Belgium), Chimica Pomponesco SpA (Italy), Hexza Corporation Berhad (Malaysia), Advachem SA (Belgium), Tembec Inc. (Canada), and Kronospan (Cyprus).
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