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 $12,292.0 million by 2024 with a CAGR of 4.0% from 2019 to 2024. 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, medium density fiber board, plywood, particle board, adhesive, molding compound, and others are used for urea formaldehyde resin manufacturing for applications. 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 urea formaldehyde resin 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 and others are among the major suppliers of urea formaldehyde resin.
Lucintel, a leading global market research firm has analyzed growth opportunities in the global urea formaldehyde resin market by application, end use industry, and region has compiled a comprehensive research report entitled “Growth Opportunities in the Global Urea Formaldehyde Resin Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing 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 2013 – 2024):
• Medium density fiber board
• Plywood
• Particle board
• Adhesives
• Molding compounds
• Others

By End Use Industry (Volume (Million Pounds) and $M shipment analysis for 2013 – 2024):
• Furniture
• Building and Construction
• Transportation
• Electrical and Electronics
• Others
By Region (Volume (Million Pounds) and $M shipment analysis for 2013 – 2024):
• North America
• Europe
• APAC
• ROW
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 click on this link https://www.lucintel.com/urea-formaldehyde-resin-market.aspx or [email protected].
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers 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, high-growth opportunities for 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 the emerging trends in this market and 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 product substitution?
Q.11 What M&A activity has occurred in the last 5 years?