Lucintel's latest market report analyzed that urea formaldehyde provides attractive opportunities in the furniture, building and construction, transportation and electrical & electronics industries. The urea formaldehyde market is expected to reach $19.9 billion by 2027 with a CAGR of 5.7%. In this market, furniture is the largest segment by end use industry, whereas Medium density fiber board (MDF) is largest by application. Introduction scavenger technology to reduce the VOC content while using UF adhesive in different application provides strategic growth path in this market.
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Based on end use industry, the urea formaldehyde market is segmented into furniture, building and construction, transportation, electrical and electronics, and others. The furniture segment accounted for the largest share of the market in 2021 and is expected to register the highest CAGR during the forecast period, due to changing lifestyle increase in consumer purchasing power, and growing interest in home decoration.
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The Urea Formaldehyde Market is marked by the presence of several big and small players. Some of the prominent players offering urea formaldehyde include BASF Corporation, Georgia-Pacific Chemicals LLC, Rayonier Advanced Materials, Hexion Inc., Ashland, Foresa, INEOS, Advachem SA, Kronospan Ltd., and SAFCO.
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