Albany, New York, Nov. 20, 2018 (GLOBE NEWSWIRE) -- The global melamine market is expected to experience high competition, among the major players dominating the global market. The increasing concentration on research and development, along with active participation by the key players are estimated to contribute in the growth of the global melamine market in the forthcoming years. The improvement in the innovations and product portfolio are also foreseen to provide the scope of growth for the new and established players, both. Xinji Jiuyuan Chemical Co., Ltd., Qatar Melamine Company (QMC), Grupa Azoty Zaklady Azotowe Pulawy S.A. (ZAP), BASF SE, Borealis AG, Methanol Holdings (Trinidad) Limited (MHTL), Cornerstone Chemical Company, and OCI N.V. are some of the major firms leading in the global melamine market.
According to Transparency Market Research, the melamine market is expected to grow at a CAGR of 4.305% within the forecast period from 2015 to 2023. In 2014, the market was valued to be worth of US$1.72 bn. This figure is foreseen to grow around the value of worth US$2.49 bn by the end of 2023.
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In 2014, the global melamine market was dominated by laminate segment. The market is estimated to continue growing within the forecast period from 2015 to 2023. The leading segment held around half of the share of melamine market across the globe, in 2014. Geographically, the region of Asia Pacific is expected to dominate the global market, with major market share, and sustain its key position. The increasing demand for melamine due to increasing development in construction sector is estimated to fuel the demand in Asia Pacific region in the coming years.
Fire Resistance Property of Melamine to Fuel its Demand in Market
Melamine has 66% of nitrogen by mass. As a result, it offers fire resistant properties when blended with resins. MF resins emits nitrogen gas when charred or burned. Melamine is utilized in a various applications, for example, laminates, molding compounds, adhesives, paper treatments, surface coating, paper treatments, flame retardants, and textile resins. Increase in urbanization, improved way of living, and rise in disposable income are the key factors adding to strong development of the construction and building industry. This fills in as one of the key drivers for the melamine market. MF pitches are broadly utilized in the making of laminated wooden boards. These resins show immense protection from stain, heat, chemical reaction, and abrasion. As a result of this, it is used widely in construction industry.
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Fluctuation in Price of Raw Material to Hamper Global Demand
Instability in the price of raw material and rising concerns of the buyers regarding emission of formaldehyde, from melamine-based molding compounds are key inhibitors for the market. Nevertheless, melamine foams are foreseen to offer development scope as they display high sound retention limit and have a natural property of fire reduction. As a result, these froths can be utilized in suspended baffles, buildings, metal ceiling panels, and acoustic panels.
The surging demand for melamine in the automobile industry is another real pattern in the worldwide melamine market. However, level of toxicity related to melamine holds a major threat to the market’s growth.
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The review is based on the findings of a report by Transparency Market Research, titled “Melamine Market for Adhesives & Sealants, Laminates, Molding Compounds, Paints & Coatings, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
This report segments the global melamine market as follows:
Melamine Market – Application Analysis
- Adhesives & sealants
- Laminates
- Molding compounds
- Paints & coatings
- Others (flame retardants, textile resins, concrete plasticizers, paper finish, etc.)
Melamine Market – Regional Analysis
- North America
- U.S.
- Rest of North America
- Europe
- France
- U.K.
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- South Africa
- Rest of Middle East & Africa
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