The Asia Pacific region experienced an initial surge in the prices of urea formaldehyde resins due to high demand and limited supply, fueled by the revival of Chinese market activities post-covid restrictions. However, the second quarter saw a decline in prices due to reduced support from the feedstock market, oversupply of the product, and decreased demand from downstream industries. In Europe, declining feedstock costs and subdued demand led to falling prices in both quarters. Similarly, in North America, weak feedstock performance, increased supply, and low demand from industries like furniture and wood contributed to declining urea formaldehyde resin prices in the first and second quarters of 2023.
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Definition
Urea formaldehyde resin is a thermosetting synthetic polymer formed by the reaction of urea and formaldehyde. It exhibits excellent adhesive properties, high heat resistance, and water resistance, making it widely used in various industries. These resins are commonly utilized as adhesives in wood and furniture manufacturing due to their strong bonding capabilities. Urea formaldehyde resins are known for their ability to improve crease resistance in textiles and provide adhesion in coatings. They play a crucial role in the production of composite wood products, textiles, paper, and coatings due to their versatile properties.
Key Details About the Urea Formaldehyde Resins Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Urea Formaldehyde Resins in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Urea Formaldehyde Resins Price chart, including India Urea Formaldehyde Resins price, USA Urea Formaldehyde Resins price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Urea Formaldehyde Resins Price Trend:
Urea formaldehyde resins find extensive application in various industries due to their versatile properties. In the wood and furniture industry, these resins are commonly used as adhesives in the manufacturing of particleboard, plywood, and other composite wood products. They provide strong bonding and water resistance, making them suitable for construction and interior applications. Additionally, urea formaldehyde resins are used in the production of textiles, paper products, and coatings. Their ability to enhance crease resistance and durability in textiles, as well as provide adhesion and gloss in coatings, makes them valuable components in these industries.
Key Players:
- BASF SE
- Hexion
- ADVACHEM
- Kronoplus Limited
- Georgia-Pacific Chemicals
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