Dublin, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The "Melamine Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global melamine market is projected to grow at a CAGR of 5.58% during the forecast period (2024-2029)
To provide durability and moisture resistance, melamine is used in construction for laminates and decorative panels. Melamine is applied as coatings on various surfaces, including particleboard and plywood. With the increased housing needs, the demand for melamine is increasing due to its widespread use in construction. As per the new residential construction statistics stated by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in April 2024, the number of building permits was 1,440,000, whereas the housing completions were 1,623,000.
In addition to this, the Secretariat of Infrastructure in the Planning Commission is involved in creating world-class infrastructure in India by initiating multiple policies. These policies relate to bridges, dams, power, roads, and infrastructure within the urban areas. The former, in tandem with the increase in construction activities, has led to the need to use melamine in construction. Additionally, products made from melamine also prove to be popular as they are cheaper imitations of natural wood in furniture, cabinets, wall panels, and even countertops.
Product innovation in the melamine industry is boosting sustainability through bio-based formulations. TP Melamine has extensive expertise in customizing the specs and models of melamine items such as plates, dishes, and bowls. The company can customize all sorts of product models, designs, or patterns based on the needs of its clients, as well as provide comprehensive bespoke services for all types of dining halls, restaurants, food distribution centers, supermarkets, and so on.
Additionally, improved performance features like scratch resistance and durability broaden the melamine application scope. Advanced coatings provide several design alternatives while retaining inherent properties. Additive innovations address industry-specific issues such as safety and cleanliness. The MaxSignal Melamine ELISA kit, offered by PerkineElmer Inc., is a competitive ELISA created for quantitative analysis of melamine. It enables international and government regulatory agencies, food manufacturers, and processors to detect melamine content in the food sample. These improvements establish melamine as a crucial material in modern manufacturing and construction industries.
GLOBAL MELAMINE MARKET SEGMENT ANALYSIS:
The laminates segment is anticipated to be the fastest-growing segment.
Melamine laminates have top layers of resin that defend the particle's surface from wear, scratch, and abrase. They provide longevity and extra reinforcement. These materials prevent any spoils from water or stains, and thus, they can suitably be upholstered in furniture.
Melamine laminate installation is a simple process accomplished using tools such as saws, laminate cutters, and adhesives. After this, the melamine laminates are cut into appropriate sizes and bonded to the base using special adhesives. Proper installation by a professional, coupled with the correct maintenance and care, assures longevity and adds beauty to any given place.
In the construction industry, the melamine laminates are found to be applicable. According to the figures from the Canadian Construction Association, the nation's construction sector contributes approximately US $151 billion to its economy every year. This stands at roughly 7.4% of Canada's gross domestic product.
The growing application of melamine in the textile industry.
Along with various uses, melamine is majorly utilized in enhancing the fabric-finishing process in the textile industry. Different types of formaldehyde resins, like melamine-formaldehyde, are incorporated in fabrics to give them wrinkle-resistant characteristics and to enhance the fabric's smoothness after washing and regular wearing. Melamine treatments also help reduce shrinkage, enhance the ability to stay the same color as when purchased or bought and make the fabric stronger and more durable.
As stated by the Ministry of Commerce and Industry, the domestic clothing and textile sector in India accounted for around 2% of the country's GDP and 7% of industry production in value terms in 2022. Additionally, India accounted for 4% of the world's textile and clothing trade. Moreover, textiles and apparel accounted for 10.33% of India's entire export basket in 2021-22.
Besides this, melamine compounds have other purposes, such as being used in flame retardant materials for textiles to enhance safety measures in places where the need for fire resistance is imminent. Nevertheless, melamine has a great impact on the functionality, appearance, and safety of textiles, and it meets the needs and expectations of both consumers and producers.
The growing application of melamine in the automotive industry.
Melamine has been adopted widely in the automotive industry owing to its properties. Melamine foam, which is light and readily absorbs sound, is used for soundproofing and insulation in car interiors to minimize noise and enhance comfort.
Further, with the growth in the automobile industry, the market is anticipated to be positively impacted. As per the PIB, two-wheelers moto, and passenger automobiles took the major market shares for the FY 2021-22. The market share was 77% of two-wheelers moto and 18% of passenger automobiles. A significantly large percentage of the passenger automobile divisions can be classified as small and medium. Similarly, the export of autos increased to 5,617,246 in 2021-22 from 4,134,047 in 2020-21.
Melamine-based compounds are also used in thermal insulation to manage the temperature within car interiors. Furthermore, melamine's flame retardant characteristics make it an important component in automobile interiors, raising safety requirements. As light-weighting trends enter the automotive industry, the usage of melamine in automotive is anticipated to grow as the innovations and the extent of its application to vehicles broaden.
Asia Pacific melamine market is anticipated to grow significantly.
The melamine market is expected to grow strongly in the Asia Pacific region due to increasing construction activities and growing usage of laminates, wood adhesives, paint & coatings, especially in China and India. These countries are seeing rapid urbanization and industrialization, as well as the development of work structures and chances to use attractive, decorative, and adaptable materials such as melamine in building and interior design. In April 2022, China Huaneng Group, a major state-owned power business, began building on seven large-scale offshore wind-generating projects in northeast China's Liaoning Province, totaling over 14 billion yuan.
Furthermore, the region's booming furniture and automotive sectors drive melamine usage, emphasizing its critical role in satisfying the rising demand for high-quality, aesthetically attractive products. In addition to this, the Indian government aims to grow the size of the automotive sector to Rs. 15 lakh crores by the end of 2024. Thus, from April 2000 to September 2022, the industry received $33 billion. It ranked third globally with FDI amounting to 77 billion; this equates to 5% of India's two trillion dollars in gross domestic product, as stated by PIB. As economic growth continues and consumer preferences shift, melamine consumption will likely rise further, cementing Asia-Pacific's dominant position in the melamine market.
Market Dynamics
Market Drivers
- Growth in Construction and Infrastructure
- Rising Product Innovation and Development
Market Restraints
- Limited Availability of Raw Materials
- Competition from Substitute Materials
Companies Featured
- BASF SE
- Borealis AG
- Cornerstone Chemical Company
- Prefere Resins Holding GmbH
- Mitsui Chemicals Inc.
- Hexion
- Nissan Chemical Corporation
- Grupa Azoty
- Gujarat State Fertilizers & Chemicals Limited
- OCI Global
Scope of the Report
By Application Type
- Laminates
- Wood Adhesives
- Molding Compounds
- Paints and Coatings
- Others
By End-User Industry
- Construction
- Automotive
- Chemical
- Textile
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/14k3g2
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