According to
a new market report published by Lucintel, the future in the global urea formaldehyde resin market looks promising with opportunities
in the furniture, building and construction, transportation, and electrical
& electronics industries. The
global urea formaldehyde resin market is expected to reach an estimated $11.7 billion by 2023 with
a CAGR of 4.1% from 2018 to 2023. The major growth drivers in this market are
increasing demand for low cost, highly reactive binders for medium density
fiber board, plywood, and particle board in the furniture, building, and
construction industries.
In this
market, urea formaldehyde resin is utilized to
manufacture particle board, plywood, medium density fiberboard, adhesive, and
molding compounds. On the basis
of our comprehensive research, Lucintel forecasts that medium density
fiberboard will remain the largest application by value and volume over
the forecast period because of growing demand for MDF in doors, window boards, shelving, furniture
panels, wall linings, baseboards, moldings, and decorative facades. Lucintel predicts that the plywood
application segment will witness the highest
growth during the forecast period due to
growing home renovation activities and increase in new residential and
commercial construction.
Within this
market, furniture will remain the largest end use industry by value and volume due
to changing lifestyle, increase in consumer purchasing power, and growing
interest in home decoration. Building and construction are expected to witness the
highest growth due to growing population and increasing urbanization.
Asia Pacific is expected to remain the largest
region by value and volume; this region is also expected to experience the
highest growth over the forecast period due to growth in building and
construction activities and increasing production of automotive and appliances.
Emerging trends, which have a direct impact
on the dynamics of the industry, include development of scavenger technology to
reduce the VOC content. BASF, Georgia Pacific, Rayonier Advanced Material,
Hexion, Ashland, Foresa, INEOS, Advachem SA, Kronospan, and SAFCO are among the
major suppliers of the global urea formaldehyde resin market.
Lucintel, a
leading global strategic consulting and market research firm, has analyzed growth opportunities of global composites in mass transportation and
off road equipment market by vehicle
type, intermediate material, application, and region. Lucintel has prepared a
comprehensive research report entitled
“Growth
Opportunities in
the Global Urea Formaldehyde Resin Market 2018-2023: Trends, Forecast, and Opportunity
Analysis.” The
Lucintel report serves as a catalyst for growth strategy as it provides a
comprehensive data and analysis on trends, key drivers, and directions. The
study includes a forecast for the global urea formaldehyde resin market by application, end use industry, and region as follows:
By Application (Volume (Million Pounds) and $M
shipment analysis for 2012 – 2023):
- Medium
density fiber board
- Plywood
- Particle
board
- Adhesives
- Molding
compounds
- Others
By End Use Industry (Volume (Million Pounds) and
$M shipment analysis for 2012 – 2023):
- Furniture
- Building and Construction
- Transportation
- Electrical and Electronics
- Others
By Region (Volume (Million Pounds) and $M
shipment analysis for 2012 – 2023):
·
North America
·
Europe
·
Asia Pacific
·
The Rest of the World
This
200 page research report will enable you to make confident business decisions
in this globally competitive marketplace. For a detailed table of contents,
contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Chemical Market Research Reports, Chemical Industry Analysis Report, Opportunity Screening and Analysis, Strategic Growth Consulting and Capital Investment Analysis.
About
Lucintel
Lucintel,
the premier global management consulting and market research firm, creates
winning strategies for growth. We offer market assessments, competitive
analysis, opportunity analysis, growth consulting, M&A, and due diligence
services to executives and key decision-makers in a variety of industries. For
further information, visit www.lucintel.com.
This
report answers following 11 key questions:
Q.1 What are some of the most promising
potential, high-growth opportunities for composites in the global urea
formaldehyde resin market by end use industry (furniture, building and
construction, transportation, electrical and electronics, and others), applications
(medium density fiber board, plywood, particle board, adhesive, molding
compound, and others), and region (North America, Europe, Asia Pacific, and the
Rest of the World)?
Q.2 Which
segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace
and why?
Q.4 What are the key factors affecting market
dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to
the market?
Q.6 What are emerging trends in this market
and the reasons behind them?
Q.7 What are some changing demands of
customers in the market?
Q.8 What are the new developments in the
market? Which companies are leading these developments?
Q.9 Who are the major players in this market?
What strategic initiatives are being implemented by key players for business
growth?
Q.10 What are some of the competitive products
and processes in this area and how big of a threat do they pose for loss of
market share via material or product substitution?
Q.11 What M & A activities have taken
place in the last 5 years in this market?
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