North America Urea Formaldehyde Resin Market Worth $981.7 Million by 2019

Thursday 17 November 2016, Amsterdam

The Report, now available on ASDReports,  “North America Urea Formaldehyde Resin Market By Application (Particleboard, Medium Density Fiberboard, Plywood, Molding Powder, Adhesives & Coating, Roofing Mat), By Country (U.S., Canada, Rest of North America) - Analysis & Forecast to 2019” is estimated to reach worth $981.7 million by 2019, growing at a CAGR of  6.6% from 2014 to 2019.

UFR is a non-transparent cross-linked thermosetting resin or plastic, which is a chemical mixture of urea and formaldehyde. UFR is widely favored for its appreciable reactivity and performance at low investment. Its main applications are in wood-based products and its demand is highly influenced by the furniture and infrastructure industries. UFR is also consumed for electrical applications, such as electric switches and circuit breakers.

The drivers of the industry have been identified as the rising demand for wood-based panels and the growing applications in the infrastructure and furniture industries. The particleboard segment is the largest application segment of the market, in terms of consumption. The increasing attention towards roofing mats in the U.S. is expected to further promote the UFR market growth in North America. In addition, UFR’s appreciable reactivity and performance at low investment will give UFR a potential market and sustainability advantage, relative to other resins. Moreover, rapid industrialization is expected to enhance the demand for UFR in North America. The major restraining factor in the UFR market is identified as the toxic emission properties of UFR, which has led the U.S. EPA (United States Environmental Protection Agency) to put formaldehyde emissions under stringent regulations. However, it will not impact the market growth in the short and medium run.

The U.S. dominated the North America UFR market, having accounted for a share of 66.8% of the total consumption in 2014. The Canadian market is expected to grow at a CAGR of 6.7% from 2014 to 2019, in terms of value.

The major companies active in the North America UFR market include BASF S.E. (Germany), Momentive Specialty Chemicals (U.S.), INEOS (U.K.), Allnex (Belgium), Tembec Inc. (Canada), and Georgia-Pacific LLC (U.S.), among others.