The increasing demand for furniture will be one of the latest trends that will gain traction in the urea formaldehyde market during the next four years.
Albany, NY -- (SBWIRE) -- 09/29/2017 -- Urea formaldehyde is a naturally occurring substance in our environment and cannot be avoided. It is, however, also added to many household products as a preservative, from clothing to furniture. According to the latest analysis, the increasing demand for furniture will be one of the latest trends that will gain traction in the urea formaldehyde market during the next four years. Market Research Hub (MRH) has recently announced the addition of a new market intelligence study to its growing repository, which is titled as "Global Urea Formaldehyde Market 2017-2021". The research report presents a comprehensive assessment of the market and contains attentive insights, facts, historical data and statistically buoyed market data. It also covers projections using a suitable set of assumptions and methodologies.
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Urea formaldehyde (UF), chemically known as urea methanol, is a chemical composition of urea and formaldehyde and is set to witness high surge in demand in next couple of years primarily due to its high tensile strength, flexural modulus and scratch resistant properties that makes it suitable for being used as adhesives in various end-use industries. Urea formaldehyde is formed by reacting urea and formaldehyde in the presence of some mild base such as pyridine. These are the most important type of adhesive resins for the production of wood-based panels.
At first, the study describes the scope of the analysis along with the current market overview on urea formaldehyde. Also, it briefly highlights the present scenario and growth prospects of the global market, with a prime focus on key regions such as North America, Europe, APAC and ROW. As per the analyst's findings, the global urea formaldehyde market to grow at a CAGR of 6.63% during the period 2017-2021. With the growing demand for furniture, the demand for urea formaldehyde will subsequently increase in the coming years. Nowadays, it is increasingly used for interior materials that include flooring and paneling. This offers significant growth opportunities to the vendors in this market space.
Moreover, the research study also incorporates competitive scenario in the considered regions. A detailed qualitative analysis of the factors responsible for driving and restraining growth of the global urea formaldehyde market and future opportunities has been provided. In terms of geographic regions, North America will be the major revenue contributor to the market by 2021, mainly due to the rising housing construction. Another market driver is the cost-effectiveness of the product. The report further also analyzes that the APAC market will see remarkable growth in the coming years.
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The report then provides details of the market segmentation by application and geography. Major applications include Particle boards, Decorative Laminates, Plywood, Molding compounds; Adhesives and coatings. Of these, the particle boards segment accounted for the major shares and of this market in 2016.
Key vendors operating in this market include ARCL Organics, Hexion, MRI, BASF and INEOS. Some other prominent vendors are Ashland, Georgia-Pacific Chemicals, Chemiplastica, Kronospan, HEXZA etc.
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