The global urea formaldehyde market is estimated to be valued at US$ 33,116.80 million in 2024. The market is projected to reach a value of US$ 41,572.36 million by 2034, reflecting a CAGR of 1.8% over the assessment period.
Global Trends in the Urea Formaldehyde Industry
Attributes | Key Insights |
---|---|
Estimated Urea Formaldehyde Market Size (2024E) | US$ 33,116.80 million |
Projected Market Value (2034F) | US$ 41,572.36 million |
Value-based CAGR (2024 to 2034) | 1.8% |
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Historical CAGR (2019 to 2023) | 2.30% |
---|---|
Forecasted CAGR (2024 to 2034) | 1.80% |
During the historical period, the urea formaldehyde market was valued at US$ 32,142.36 million in 2019. By 2023, the market size reached a valuation of US$ 32,457.29 million.
The market grew at a snail pace due to inflation and the oversupply of urea formaldehyde in the top markets like the United States and Europe. The price of urea formaldehyde dropped in March 2023 due to reduced demand from various downstream industries.
Additionally, US bank crunch led to lower consumer spending. Conclusively, the urea formaldehyde industry observed reduced demand as consumers became less able or willing to purchase them.
Over the forecast period, the market growth is anticipated to further slowdown, as businesses invest in developing alternatives to urea formaldehyde to reduce their impact on the environment. By 2034, the urea formaldehyde market is expected to attain US$ 41,572.36 million, expanding at a CAGR of 1.80% over the forecast period.
In the following table, emerging trends and opportunities influencing the urea formaldehyde market, the agrochemical additive market, and the plywood market have been highlighted. Growth opportunities are comparatively higher in the plywood industry as construction activities are increasing at a full-blown pace.
The agrochemical additives market is projected to register a consistent expansion rate, due to the flourishing agriculture sector. The main market, i.e., the urea formaldehyde market is anticipated to record a sluggish growth rate, alluding to market disruptions caused by new and cost-effective alternatives over the projection period.
Urea Formaldehyde Market:
Attributes | Urea Formaldehyde Market |
---|---|
CAGR (2024 to 2034) | 1.8% |
Growth Factor | Increasing furniture and construction activities |
Opportunity | Ongoing research and development |
Key Trends | Growing popularity of controlled-release fertilizers |
Agrochemical Additive Market:
Attributes | Agrochemical Additive Market |
---|---|
CAGR (2024 to 2034) | 4.60% |
Growth Factor | Increasing consumption of additives in pesticides and fertilizers |
Opportunity | Opportunities are cropping up in the market as farm loans are available in abundance and at low interest rates |
Key Trends | Rising focus on crop health |
Plywood Market:
Attributes | Plywood Market |
---|---|
CAGR (2024 to 2034) | 6.00% |
Growth Factor | Rising demand for specialty plywood |
Opportunity | Key players have the opportunity to leverage unique manufacturing techniques to differentiate from their competitors |
Key Trends | Emerging trend of sustainability |
The use of urea formaldehyde in the United States and Germany is expected to record sluggish CAGRs, as these countries are forward in innovating and developing alternatives of urea formaldehyde. Countries like China, India, and Australia are projected to experience a stark contrast to the developed countries in terms of market growth.
Countries | Forecast CAGR (2024 to 2034) |
---|---|
United States | 2.50% |
Germany | 3.30% |
China | 7.40% |
India | 8.70% |
Australia | 6.60% |
In the United States, the demand for urea formaldehyde is anticipated to register a CAGR of 2.50% through 2034. The top factors that back the industry’s progress include:
In Germany, the urea formaldehyde industry is projected to advance at a CAGR of 3.30% from 2024 to 2034. Listed below are the current market dynamics:
The China urea formaldehyde market is expected to record a CAGR of 7.40% through 2034. The market is projected to grow due to following reasons:
The consumption of urea formaldehyde formula in India is anticipated to surge at a CAGR of 8.70% over the forecast period. The market is propelled forward by:
The market in Australia is projected to record a CAGR of 6.60% over the forecast period. In the next ten years, the market is expected to grow on the ground of:
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Attributes | Details |
---|---|
Top End use | Fertilizer |
Market Share in 2024 | 91.20% |
The fertilizer segment is estimated to acquire a market share of 91.20% in 2024. Key factors that are supplementing the segment’s growth are:
The urea formaldehyde industry is crowded with prominent medium- and small-scale players. Thus, the market is considered semi-fragmented in nature. The highly competitive nature of urea formaldehyde rests on the constant new releases of technologies, which is emerging from the research and development activities.
Established market players are going for increased production capacities to have a competitive edge. New, small, and medium-sized firms are focusing on providing cost-effective products to accelerate their local market penetration.
Market players are eyeing the markets that have high growth potential, especially in developing economies where the furniture and construction sectors are thriving. Additionally, players are collaborating with distributors, raw material suppliers, or downstream users to develop synergies and enhance their supply chains.
Industry participants are also consolidating their market share via strategic mergers and acquisitions to enjoy economies of scale and access to new technologies. Additionally, players are zeroing in on research and development activities to drive innovation.
New Developments Impacting the Urea Formaldehyde Market
The market is estimated to be worth US$ 33,116.80 million in 2024.
The urea formaldehyde industry is projected to register a CAGR of 1.8% over the forecast period.
By 2034, the urea formaldehyde industry is forecast to be worth US$ 41,572.36 million.
India is expected to observe significant market growth.
Fertilizers are projected to capture a prominent market share.
Key players in the urea formaldehyde market include Kronoplus Limited, Foresa, and Sadepan.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2019 to 2023 4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2024 to 2034 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Form 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Form, 2019 to 2023 5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Form, 2024 to 2034 5.3.1. Liquid 5.3.2. Powder 5.3.3. Solid 5.4. Y-o-Y Growth Trend Analysis By Form, 2019 to 2023 5.5. Absolute $ Opportunity Analysis By Form, 2024 to 2034 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-Use 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By End-Use, 2019 to 2023 6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By End-Use, 2024 to 2034 6.3.1. Furniture 6.3.1.1. Plywood 6.3.1.2. Laminates 6.3.1.3. Particle Board 6.3.1.4. Wood Adhesives 6.3.1.5. Medium Density Fibreboard 6.3.2. Automotive 6.3.2.1. Decorative Laminates 6.3.2.2. Plywood 6.3.2.3. Molding Compounds 6.3.2.4. Abrasives 6.3.2.5. Tires 6.3.3. Electrical Appliances 6.3.3.1. Electronic Adhesives 6.3.3.2. Coatings 6.3.3.3. Molding Compounds 6.3.3.4. Plywood 6.3.4. Agriculture 6.3.5. Building and Construction 6.3.5.1. Plywood 6.3.5.2. Particle Board 6.3.5.3. Wood Adhesives 6.3.5.4. Roofing 6.3.5.5. Foundry Sand Molds 6.3.6. Textile 6.3.6.1. Wrinkle-Resistant fabrics 6.3.6.2. Cotton Blends 6.3.7. Others 6.3.7.1. Paper 6.3.7.2. Paints 6.3.7.3. Surface Coatings 6.4. Y-o-Y Growth Trend Analysis By End-Use, 2019 to 2023 6.5. Absolute $ Opportunity Analysis By End-Use, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2019 to 2023 7.3. Current Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Region, 2024 to 2034 7.3.1. North America 7.3.2. Latin America 7.3.3. Western Europe 7.3.4. Eastern Europe 7.3.5. South Asia and Pacific 7.3.6. East Asia 7.3.7. Middle East and Africa 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 8.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 8.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Form 8.2.3. By End-Use 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Form 8.3.3. By End-Use 8.4. Key Takeaways 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 9.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Form 9.2.3. By End-Use 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Form 9.3.3. By End-Use 9.4. Key Takeaways 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 10.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. UK 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Western Europe 10.2.2. By Form 10.2.3. By End-Use 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Form 10.3.3. By End-Use 10.4. Key Takeaways 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 11.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 11.2.1. By Country 11.2.1.1. Poland 11.2.1.2. Russia 11.2.1.3. Czech Republic 11.2.1.4. Romania 11.2.1.5. Rest of Eastern Europe 11.2.2. By Form 11.2.3. By End-Use 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Form 11.3.3. By End-Use 11.4. Key Takeaways 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 12.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 12.2.1. By Country 12.2.1.1. India 12.2.1.2. Bangladesh 12.2.1.3. Australia 12.2.1.4. New Zealand 12.2.1.5. Rest of South Asia and Pacific 12.2.2. By Form 12.2.3. By End-Use 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Form 12.3.3. By End-Use 12.4. Key Takeaways 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 13.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.2. By Form 13.2.3. By End-Use 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Form 13.3.3. By End-Use 13.4. Key Takeaways 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2019 to 2023 14.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2024 to 2034 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Form 14.2.3. By End-Use 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Form 14.3.3. By End-Use 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. USA 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2023 15.1.2.1. By Form 15.1.2.2. By End-Use 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2023 15.2.2.1. By Form 15.2.2.2. By End-Use 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2023 15.3.2.1. By Form 15.3.2.2. By End-Use 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2023 15.4.2.1. By Form 15.4.2.2. By End-Use 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2023 15.5.2.1. By Form 15.5.2.2. By End-Use 15.6. UK 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2023 15.6.2.1. By Form 15.6.2.2. By End-Use 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2023 15.7.2.1. By Form 15.7.2.2. By End-Use 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2023 15.8.2.1. By Form 15.8.2.2. By End-Use 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2023 15.9.2.1. By Form 15.9.2.2. By End-Use 15.10. Poland 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2023 15.10.2.1. By Form 15.10.2.2. By End-Use 15.11. Russia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2023 15.11.2.1. By Form 15.11.2.2. By End-Use 15.12. Czech Republic 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2023 15.12.2.1. By Form 15.12.2.2. By End-Use 15.13. Romania 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2023 15.13.2.1. By Form 15.13.2.2. By End-Use 15.14. India 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2023 15.14.2.1. By Form 15.14.2.2. By End-Use 15.15. Bangladesh 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2023 15.15.2.1. By Form 15.15.2.2. By End-Use 15.16. Australia 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2023 15.16.2.1. By Form 15.16.2.2. By End-Use 15.17. New Zealand 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2023 15.17.2.1. By Form 15.17.2.2. By End-Use 15.18. China 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2023 15.18.2.1. By Form 15.18.2.2. By End-Use 15.19. Japan 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2023 15.19.2.1. By Form 15.19.2.2. By End-Use 15.20. South Korea 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2023 15.20.2.1. By Form 15.20.2.2. By End-Use 15.21. GCC Countries 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2023 15.21.2.1. By Form 15.21.2.2. By End-Use 15.22. South Africa 15.22.1. Pricing Analysis 15.22.2. Market Share Analysis, 2023 15.22.2.1. By Form 15.22.2.2. By End-Use 15.23. Israel 15.23.1. Pricing Analysis 15.23.2. Market Share Analysis, 2023 15.23.2.1. By Form 15.23.2.2. By End-Use 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Form 16.3.3. By End-Use 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. BASF SE 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.1.5.2. Product Strategy 17.1.1.5.3. Channel Strategy 17.1.2. Hexion, Inc. 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.2.5.2. Product Strategy 17.1.2.5.3. Channel Strategy 17.1.3. Hexzachem Sarawak Sdn Bhd 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.3.5.2. Product Strategy 17.1.3.5.3. Channel Strategy 17.1.4. Bakelite Synthetics 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.4.5.2. Product Strategy 17.1.4.5.3. Channel Strategy 17.1.5. Acron PJSC 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.5.5.2. Product Strategy 17.1.5.5.3. Channel Strategy 17.1.6. Asta Chemicals 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.6.5.2. Product Strategy 17.1.6.5.3. Channel Strategy 17.1.7. ARCL Organics Ltd. 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.7.5.2. Product Strategy 17.1.7.5.3. Channel Strategy 17.1.8. Capital Resin Corporation 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.8.5.2. Product Strategy 17.1.8.5.3. Channel Strategy 17.1.9. Biqem 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.9.5.2. Product Strategy 17.1.9.5.3. Channel Strategy 17.1.10. Metadynea 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 17.1.10.5.2. Product Strategy 17.1.10.5.3. Channel Strategy 17.1.11. Advachem SA 17.1.11.1. Overview 17.1.11.2. Product Portfolio 17.1.11.3. Profitability by Market Segments 17.1.11.4. Sales Footprint 17.1.11.5. Strategy Overview 17.1.11.5.1. Marketing Strategy 17.1.11.5.2. Product Strategy 17.1.11.5.3. Channel Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
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