The purpose of this rich study
presented by FactMR is to elaborate the various market projections impacting
the global urea
formaldehyde market size during the period until 2027. This
assessment delivers high-end statistics concerning market size, Y-o-Y growth in
trends and revenue share (US& Mn) linked to different geographies and
segmentation types. Readers can acquire precise insights about growth trends
along with opportunities that are expected to reshape the overall structure of
the urea formaldehyde market during the forecast period.
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The urea formaldehyde
market remains highly fragmented, with a number of mid-sized and emerging
players competing for market share. The growing regulations are influencing
market players to develop urea formaldehyde based adhesives with lower
formaldehyde emissions. The leading players in the market, including BASF SE,
Advachem, Ashland Inc., Ineos Group, Georgia-Pacific, and Hexion Inc account
for around 8% - 10% of the urea-formaldehyde market.
Key urea formaldehyde
manufacturers are focusing on developing and upgrading their products with
lower formaldehyde emissions through resin formulation/composition innovation
and novel manufacturing techniques. Some of the notable developments in the
urea formaldehyde market are,
- Chemicals giant and a key manufacturer of urea resins
and formaldehyde resins, Ineos Group, is building a
new chemical plant in Antwerp, Belgium, for the gas-altering facilities at
a cost of US $3.42 billion. The hefty investment is expected to change the
picture of chemical sector and will offer varied benefits to the Belgium
and other European economies.
- A leading player in urea formaldehyde market, Georgia-Pacific
Chemicals LLC, has recently introduced a novel line of resins,
specially designed to cater to the needs of the powder coating
manufacturers. Earlier, Georgia-Pacific Chemicals LLC created a resin that
can help manufacturers offer coatings composed of lower volatile organic
compounds (VOC).
- BASF SE, one of the leading urea
formaldehyde manufacturers, is investing Rs. 16,000 crore in setting up a
petrochemical production hub in Gujarat, as a part of a joint venture with
Adani Group, which is the largest private thermal power producer in India.
- Acron Group, another
prominent player in urea formaldehyde market, has set up a
subsidiary Acron Brasil Ltd in Sãn Paulo, Brazil, as a part of a strategic
plan to deeper penetrate the market. This move is strategically aimed at
delivering comprehensive service to customers in Brazil while driving the
sales of its own and other third-party products.
- A leading methanol and formaldehyde producer, Metafrax, has inked an
agreement with Switzerland-based Casale SA, to jointly build urea,
melamine, and ammonia facility in Gubakhka. The substantial part of
products will be used onsite to manufacture synthetic gums and UFC as
melamine feedstock.
Some of the key players
operating in the global urea formaldehyde market are BASF SE, Advachem, Ashland
Inc., Ineos Group, Georgia-Pacific, Acron Group, Hexion Inc., CHIMICA
POMPONESCO S.P.A., OJSV “Perechin timber and chemical plant”, PJSC METAFRAX,
Achema, Asta Chemicals Sdn. Bhd., etc.
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Urea formaldehyde (UF) products, commonly
referred to as aminoplasts, are increasingly gaining traction in the wood
industry on account of their cost-effectiveness and robust strength. They are
being widely used in the wood industry for manufacturing particleboards,
fibrous boards, medium density fiber boards, and granular boards. Owing to
their numerous features, such as cost-effectiveness, resistance to mold
formation, easy adaptability in diverse curing conditions, low cure temperature,
exceptional thermal properties, and excellent water solubility of the (uncured)
resin, these resins are gaining prominence as a key wood adhesive.
Another prominent player in urea formaldehyde market, Georgia
Pacific Chemicals, has introduced LEAF® low-emission resins, a group of wood
adhesive technologies, such as LEAF C2 Resins, LEAF GB resins, etc., that work
in compliance with diverse green building standards and CARB Airborne Toxic
Control Measure (ATCM) for Composite Panels Phase 2 emission requirements.
Based on the requirements and process followed by a manufacture, LEAF C2
adhesives can be a melamine urea formaldehyde or urea formaldehyde formulation.
Manufacturers’ instant action to address such concerns is in turn likely to
maintain buoyancy in the adoption of urea formaldehyde resins.
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