Portland, OR, Jan. 24, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global melamine market generated $1.7 billion in 2020, and is projected to reach $2.5 billion by 2030, witnessing a CAGR of 4.3% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Growth in demand for laminates, rise in consumption of melamine in the wood adhesive industry, and increased construction activities across the globe drive the growth of the global melamine market. However, harmful effects of melamine due to their toxicity restrain the market to some extent. On the other hand, growing demand for decorative laminates presents new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to global lockdown and temporary closure of paints & coatings manufacturing units across various countries. This way, demand for melamine that are widely used in production of surface coatings decreased significantly, thus hampering the growth of the global melamine market.
- Also, the construction of various residential projects was halted amid lockdown. As a result, the demand for melamine from laminates manufacturers across the globe declined too.
The report offers detailed segmentation of the global melamine market based on type, application, and region.
Based on type, the melamine resin segment held the highest market share in 2020, holding more than two-third of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 4.6% from 2021 to 2030.
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Based on application, the laminates segment held the largest market share in 2020, holding more than one-third of the total market share, and is expected to continue its leadership status during the forecast period. However, the wood adhesives segment is projected to register the highest CAGR of 5.0% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding half of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 4.7% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
Leading players of the global melamine market analyzed in the research include Haohua Junhua Group Co, Ltd., OCI Nitrogen, BASF SE, Cornerstone Chemical Company, Qatar Melamine Company, Sichuan Golden Elephant Chemical, Mitsui Chemicals, Inc., Nissan Chemical Industries. Ltd., Methanol Holdings Limited, and Borealis AG.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
