Albany, NY, Dec. 4, 2014 (GLOBE NEWSWIRE) -- According to a research report, "Melamine Formaldehyde Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019" by U.S.-based market firm - Transparency Market Research (TMR), the global melamine formaldehyde (MF) market worth US$13.45 billion in 2012 will likely generate a revenue of US$20.62 billion in 2019, with a 6.3% CAGR during the forecast period of 2013-2019.
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The demand for melamine formaldehyde is driven by the global construction industry. Especially, the growing construction industry in China is boosting the growth of the global melamine formaldehyde MF market. According to the data from TMR analysts, China was the leading consumer of construction chemical in 2013. In terms of volume, China dominated 42% of the global construction chemical market in 2013. However, expanding furniture industry along with growing demand from other Chinese industries (automotive, paper, textile, paints and coatings, etc.) is also driving the global melamine formaldehyde market. This high demand of melamine formaldehyde from China made Asia-Pacific as the leading consumer. Europe is forecasted to be a major consumer of melamine formaldehyde by the end of 2019. The European market for MF will display a compound annual growth rate of 5.6% between 2013-2019. Rest of the World (RoW) is anticipated to reach maximum growth figures by capturing a melamine formaldehyde market share of around 8% by the end of the forecast period.
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The demand for melamine formaldehyde is expected to grow further due to advancement of different technologies that facilitate cross-linking of MF with other chemicals. Melamine formaldehyde due to its properties such as high structural stability and high resistance to heat and fire finds its applications in a broad range of industries. During the past few years, laminate industry was the largest consumer of MF, and accounted for more than 30% of the overall melamine formaldehyde market in 2012. Adhesives took the second spot in terms of consumption of MF in 2012, which was followed by paints and coatings industry. Automobile application-segment is expected to grow at a CAGR of 6.2% during the forecast period. USFDA recently approved MF use in the manufacture of food packaging, which has propelled the overall growth of the application segment of MF in this sector. Tableware melamine formaldehyde application segment is expected to be the fastest growing application of MF during the forecast period, while sanitary ware, electrical, household melamine formaldehyde applications will demonstrate the same rate growth during the forecast period.
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The global melamine formaldehyde industry is highly fragmented in nature, with top five companies holding 23% share of the melamine formaldehyde market in 2012. However, new entrants particularly in the Asia-Pacific melamine formaldehyde market will boost the supply of MF which will narrow the gap between supply and gap substantially. Currently, major players such as Borealis Group and BASF SE dominate the market. Some of other top corporations in the global MF market include Mitsui Chemicals, INEOS Group, and Momentive Specialty.
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