North America MUF Market is Estimated to Grow at a CAGR of 10.2%

Date: 2015-08-17

“The North America MUF market is estimated to grow at a CAGR of 10.2% from 2014 to 2019. The U.S. holds the largest share of the North American market, while the Canadian market is expected to grow at the fastest CAGR of over 12% during the given forecast period. 

In this report, the North America MUF market has been broadly classified on the basis of application and country. The applications covered in the report are particleboard, plywood, Medium Density Fiberboard (MDF), and Oriented Strand Board (OSB). On the basis of country, the market has been segmented into the U.S., Canada, and Rest of North America. 

The particleboard segment is the fastest-growing application segment, projected to grow at the fastest CAGR of over 10% during the forecast period of 2014 to 2019, followed by the MDF segment, which is estimated to grow at a CAGR of 10.1% during the given period. MUF is widely used as an alternative for Urea Formaldehyde (UF) and Melamine Formaldehyde (MF) resins, owing to its low cost, which is thereby driving the growth of the MUF market in North America. In addition, the urbanization of the furniture industry is also driving the growth of this market.
The North America MUF market is a highly competitive market with a number of market players. As of 2014, the North America MUF market is majorly dominated by Momentive Specialty Chemicals (U.S.), AkzoNobel (Netherlands), Ineos Melamine Company, Allnex Belgium S.A., BASF SE (Germany), Georgia-Pacific LLC, Tembec Inc., and Cytec Industries Inc., among others. New product launches, agreements & collaborations, expansions, and joint ventures are among the major strategies adopted by most market players to achieve growth in the North America MUF market.

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