[FURL=https://www.industryarc.com/Report/16991/urea-formaldehyde-market.html]Urea Formaldehyde Market[/FURL] size is forecast to reach $12 billion by 2025, after growing at a CAGR of 4.5% during 2020-2025. Urea Formaldehyde is a non-transparent thermoset synthetic resin obtained from a chemical mixture of urea and formaldehyde. Increasing construction activities augmented the use of urea formaldehyde as an insulating and adhesive agent. Urea formaldehyde are also used in moulding electrical devices and bottle caps, among others. Exceptional properties of urea formaldehyde such as high strength and ability to withstand high temperature is driving the growth of the market. Surging use of urea formaldehyde as a source of nitrogen fertilizer in agricultural field is also fueling the growth of the urea formaldehyde market.Key Takeaways
China is home to the largest textile production industry with an export value of more than $ 266 million in 2018. Flourishing textile industry in China boosts the growth of urea formaldehyde market.
Increasing restrictions on the use of urea formaldehyde resins and growing popularity for urea formaldehyde alternatives owing to toxicity concerns, are few factors anticipated to hinder the growth of the market.
Outbreak of coronavirus has disrupted the supply chain which in turn slowed the growth of urea formaldehyde market.
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Urea Formaldehyde Market Segment Analysis - Geography
Asia Pacific has dominated the urea formaldehyde market with a share of more than 35% in 2019 followed by North America and Europe. Population growth coupled with rapid industrialization and urbanization is driving the growth of urea formaldehyde in developing nations. Textile fibers are treated with urea formaldehyde to give them all sorts of easy-care properties such as Anti-cling, anti-shrink, Moth proof, Waterproofing, and stain resistance. Increasing demand for apparel and expansion of textile industries across the country is aiding the growth of market.
Urea Formaldehyde Market Drivers
Growing demand from agrochemical industries
Increasing usage of paper and restrictions on plastics
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the urea formaldehyde market report. In 2019, the market of urea formaldehyde has been consolidated by the top 10 companies accounting for xx% of the share. Major players in the urea formaldehyde market are, BASF SE, The Dow Chemical Company, Ashland Global Holdings Inc., DuPont de Nemours, Inc., Kronospan Ltd., Sherwin Williams Co., Hexion Inc., Ercros SA, Chemiplastica AB and Advachem SA., among others.
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