Urea Formaldehyde Market Set for Exponential Growth Owing to Rising Construction Activities
Urea Formaldehyde Market Demand The urea formaldehyde market has witnessed substantial growth in recent years owing to increasing construction activities across the globe. Urea formaldehyde is mainly used for manufacturing particleboard and medium density fiberboard which finds major applications in flooring, furniture, and cabinetry in residential and commercial construction. The product provides advantages such as affordability, moisture resistance, and ease of working over substitute materials. With growing urbanization and rising disposable incomes, the global construction industry has expanded rapidly thereby driving the demand for wood composite panels and subsequently urea formaldehyde resins. The Global urea formaldehyde market is estimated to be valued at US$ 17521.61 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the urea formaldehyde market are Taiwan Semiconductor Manufacturing Com...