The Rising Urea Formaldehyde Market is driven by growing demand from construction industry"
Urea formaldehyde is an important chemical used predominantly to manufacture wood adhesives, binders and particleboard. Urea formaldehyde resin or UF resin is a thermosetting phenol-formaldehyde resin whose compounds are used in furniture, plywood subfloors, medium density fiberboard (MDF) and particle board. It improves the strength and hardness of wood and provides moisture and pest resistance. Urea formaldehyde resin exhibits excellent adhesion to wood and moisture resistance. It produces a hard, rigid and durable final product at economical costs.
The Global Urea Formaldehyde Market is estimated to be valued at US$ 17521.61 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the urea formaldehyde market are Taiwan Semiconductor Manufacturing Company, Ltd., MonolithIC 3D Inc., XILINX, Inc., Elpida Memory, Inc. (Micron Technology, Inc.), The 3M Company, Ziptronix, Inc., STATS ChipPAC Ltd., United Microelectronics Corporation, and Tezzaron Semiconductor Corporation. The growing demand for UF resins from the construction industry for manufacturing MDF, particleboard and plywood is expected to drive the market growth during the forecast period. The manufacturers are focusing on expanding their global presence to cater to the growing demand for UF resins across geographies.
Growing demand: The major driver boosting growth in the Urea Formaldehyde Market Demand is the rising demand from the construction industry. UF resins are widely used to manufacture wood panel products like MDF, particleboard and plywood which find extensive application in Flooring, walls, roofing etc. The rapid urbanization and growth in residential and commercial construction activities worldwide have significantly increased the demand for wood panel products, thereby creating high demand for UF resins.
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