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The urea formaldehyde market remains highly fragmented, with a number of mid-sized and emerging players competing for market share. The growing regulations are influencing market players to develop urea formaldehyde based adhesives with lower formaldehyde emissions. The leading players in the market, including BASF SE, Advachem, Ashland Inc., Ineos Group, Georgia-Pacific, and Hexion Inc account for around 8% - 10% of the urea-formaldehyde market.
Key urea formaldehyde manufacturers are focusing on developing and upgrading their products with lower formaldehyde emissions through resin formulation/composition innovation and novel manufacturing techniques. Some of the notable developments in the urea formaldehyde market are,
- Chemicals giant and a key manufacturer of urea resins and formaldehyde resins, Ineos Group, is building a new chemical plant in Antwerp, Belgium, for the gas-altering facilities at a cost of US $3.42 billion. The hefty investment is expected to change the picture of chemical sector and will offer varied benefits to the Belgium and other European economies.
- A leading player in urea formaldehyde market, Georgia-Pacific Chemicals LLC, has recently introduced a novel line of resins, specially designed to cater to the needs of the powder coating manufacturers. Earlier, Georgia-Pacific Chemicals LLC created a resin that can help manufacturers offer coatings composed of lower volatile organic compounds (VOC).
- BASF SE, one of the leading urea formaldehyde manufacturers, is investing Rs. 16,000 crore in setting up a petrochemical production hub in Gujarat, as a part of a joint venture with Adani Group, which is the largest private thermal power producer in India.
- Acron Group, another prominent player in urea formaldehyde market, has set up a subsidiary Acron Brasil Ltd in Săn Paulo, Brazil, as a part of a strategic plan to deeper penetrate the market. This move is strategically aimed at delivering comprehensive service to customers in Brazil while driving the sales of its own and other third-party products.
- A leading methanol and formaldehyde producer, Metafrax, has inked an agreement with Switzerland-based Casale SA, to jointly build urea, melamine, and ammonia facility in Gubakhka. The substantial part of products will be used onsite to manufacture synthetic gums and UFC as melamine feedstock.
Some of the key players operating in the global urea formaldehyde market are BASF SE, Advachem, Ashland Inc., Ineos Group, Georgia-Pacific, Acron Group, Hexion Inc., CHIMICA POMPONESCO S.P.A., OJSV “Perechin timber and chemical plant”, PJSC METAFRAX, Achema, Asta Chemicals Sdn. Bhd., etc.
Growing Applications in Thriving Wood Industry Generating Opportunities
Urea formaldehyde (UF) products, commonly referred to as aminoplasts, are increasingly gaining traction in the wood industry on account of their cost-effectiveness and robust strength. They are being widely used in the wood industry for manufacturing particleboards, fibrous boards, medium density fiber boards, and granular boards. Owing to their numerous features, such as cost-effectiveness, resistance to mold formation, easy adaptability in diverse curing conditions, low cure temperature, exceptional thermal properties, and excellent water solubility of the (uncured) resin, these resins are gaining prominence as a key wood adhesive.
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Key insights offered on urea formaldehyde market are fully based on dynamic research methodology that is followed by the analysts at FactMR to create the urea formaldehyde market report. The report is amalgam of powerful and through primary and secondary researches to obtain key information about all spheres of the urea-formaldehyde market. Analysts have performed a comprehensive research to obtain the numbers and data mentioned in the report, such as revenue share, CAGR, and y-o-y growth of all the segments in urea formaldehyde market.
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