Sep 28, 2017   SOURCE: BusinessWire

Top 3 Emerging Trends Impacting the Urea Formaldehyde Market - Technavio

Technavio’s latest report on the global urea formaldehyde market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170928005848/en/

Technavio has published a new report on the global urea formaldehyde market from 2017-2021. (Graphic ...

Technavio has published a new report on the global urea formaldehyde market from 2017-2021. (Graphic: Business Wire)

The global urea formaldehyde market is expected to grow during the forecast period because of its high demand in adhesive applications. Among all the regions, North America is expected to have the highest demand for urea formaldehyde in the coming years. The developing furniture industry fuels the demand in this region. Also, the presence of unorganized end-user industries in countries, such as like China and India, is accelerating the demand for urea formaldehyde in APAC.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

The top three emerging trends driving the global urea formaldehyde market according to Technavio chemicals and materials research analysts are:

  • Remarkable growth in APAC
  • Expanding furniture market worldwide
  • Growing demand for construction materials

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.

Remarkable growth in APAC

Urea formaldehyde is mainly used in the home appliances and furniture industries. As per Technavio, APAC will account for the highest growth in both the industries during the forecast period. Growing working population and their changing preferences to invest in technology to increase comfort are driving the demand for home appliances in APAC. Also, rapid urbanization is another factor for the growth of home appliances in this region.

“APAC is expected to show remarkable growth in the furniture industry in the coming years. This is mainly due to the rising demand for the housing sector in the region. With growing population, the demand for furniture in offices, hospitals, hotels and other places is also increasing, which is driving the urea formaldehyde market in APAC,” says Kurva Samba Sivudu, a lead analyst at Technavio for research on specialty chemicals.

Expanding furniture market worldwide

Products, such as plywood and MDF, are manufactured from wood layers, chips, or flakes. These are held together with the help of glues or resins that are formaldehyde-based. Urea formaldehyde and phenol formaldehyde are mainly used as resins or glues. Their outstanding properties make them more effective in the production of exterior wood products. Urea formaldehyde has less tolerance of excessive moisture, which makes it suitable for use in interior materials that include flooring and paneling.

“The global furniture market is expected to grow in the coming years. This growth is due to the growing trend for home improvement with the increasing population. Thus, with the growing demand for furniture in the global market, the demand for urea formaldehyde will also increase significantly,” adds Kurva.

Growing demand for construction materials

Formaldehyde and its resins are used in various building construction materials such as pressed wood products. Urea formaldehyde is used as an adhesive in these construction materials. It is mixed while constructing home walls, which acts as an insulating agent.

The global construction material market is expected grow during the forecast period. This growth is witnessed due to the growing government expenditure on infrastructure and expansion of commercial and real estate market. Therefore, as the demand for construction material is growing in the global market, the consumption of urea formaldehyde will also be accelerated during the forecast period.

Browse Related Reports:

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.