New York, USA, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Melamine Formaldehyde Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Melamine Formaldehyde Market Information by Type, End-Use, and Region - Forecast till 2030”, the market is estimated to grow at a 6.5% CAGR to reach USD 118.03 Billion by 2030.
Market Synopsis
Melamine formaldehyde can be described as a synthetic resin that is developed, in an alkaline environment, combining melamine and highly reactive formaldehyde gas. Compared to urea-formaldehyde resins, in terms of application and production, melamine formaldehyde resins are stronger, and tougher, while offering impressive resistance to heat, moisture, electricity, scratching, and chemicals.
Melamine formaldehyde finds use in a variety of industrial applications, like particleboards, fire retardants, plywood, surface coatings, molding compounds, laminates, and adhesives.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 118.03 Billion |
| CAGR | 6.5% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The growing demand for Melamine Formaldehyde polymers in automotive, construction and building, electronics |
| Growing demand in end-use industries such as coatings, textiles, paper, plywood, and others. |
Market Competitive Landscape:
The important vendors in the melamine formaldehyde industry include
- BASF SE (Germany)
- Huntsman International LLC (the U.S.)
- Hexion (the U.S.)
- Mitsui Chemicals Inc (Japan)
- Allnex group (Germany)
- INEOS Melamines (the U.K.)
- Chemiplastica SPA (Italy)
- Hexza Corporation Berhad (Malaysia)
- Chemisol Italia s.r.l. (Italy)
- Borealis Agrolinz Melamine GmbH (Austria)
Adoption of advanced manufacturing technologies, extensive R&D activities, and acquisitions are the top strategies used by the players in the market to elevate their standings.
Market USP Covered:
Market Drivers:
Melamine formaldehyde has extensive use in a variety of products, prized for its ease of production and toughness. Therefore, the majority of melamine-formaldehyde resins are customized to cater to the requirements of certain applications. Electrical resistance, mechanical qualities, and thermal stability are decided by the curing behavior as well as the level of cross-linking of the formaldehyde and melamine.
The construction sector’s fast expansion will be extremely favorable for the melamine formaldehyde industry. It is deployed vastly in the development of high-rise skyscrapers and various long-lasting structures as a concrete plasticizer. It is generally blended with wood waste products that are generally used in the construction sector. This helps adhere to the green building criteria. Hence, the thriving construction industry worldwide will bolster the growth rate of the melamine formaldehyde market in the years to come.
The furniture and wood sector has emerged as a major end-user of melamine-formaldehyde resins. As a result, the global melamine-formaldehyde market will surge in tandem with that of the furniture and wood industry. In the upcoming years, the global market will also benefit from the rise in technical innovations, coupled with the escalating demand in the packaging industry.
Market Restraints:
The melamine formaldehyde industry’s growth rate will most likely by hindered by the strict government laws and restrictions as well as the volatile prices of the raw materials.
Browse In-depth Market Research Report (135 Pages) on Melamine Formaldehyde: https://www.marketresearchfuture.com/reports/melamine-formaldehyde-market-4745
COVID 19 Analysis
The COVID-19 outbreak as well as the subsequent lockdown has had a brutal effect on the automotive industry, with the temporary shutdown of manufacturing facilities and a reduction in road traffic. Many industries like packaging, and construction faced revenue losses following the SARS-CoV-2 pandemic due to travel bans and the overall economic downfall worldwide.
Disruptions in supply chains and the fall in demand in various countries following the pandemic outbreak affected the melamine formaldehyde market. Weakened investments and exports are the latest trends, with the trend becoming more pronounced now with the rising trade tensions between countries.
However, with the lockdown now being lifted up and a major focus on curbing the spread of the novel coronavirus, players are now able to continue with their business and also concentrate on strengthening their supply chains. This can mean a quicker recovery for the worldwide market in the upcoming period.
Market Segmentation
By Type
Methylated as well as non-methylated formaldehyde are the key types covered in the report. Out of these, the segment of methylated formaldehyde will be in the lead over the coming years, given the rising use in textiles, coatings, and others.
By End-Use
The major end-users in the market are construction and building, automotive, wood & furniture, electronics, chemicals, packaging, and more.
Between these, the construction and building segment controls the worldwide market thanks to the surging applications polymer materials in a variety of flame-retardant materials, dry base boards, flooring, and others. Most investors in automotive are prompting manufacturers to make use of melamine resins as an alternative to heavy materials owing to their corrosion resistance, durability, and eco-friendly properties. As a result, the segment will see a rapid rise in the years to come, in line with the increasing preference for lighter-weight materials.
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Regional Insights
The Asia Pacific is the global leader, vastly owing to the accelerated demand for melamine formaldehyde polymers in construction and building, electronics, automotive, and more. The construction and building industry is currently thriving in the region, emerging as a major consumer of formaldehyde resins in nations like Japan, India, and China. The automotive industry will also be a significant end-user in the following years, giving a considerable push to the market demand.
North America can observe noteworthy growth in the near future, on account of the intensifying demand for formaldehyde resins in various industries like textiles, coatings, plywood, paper, and more. the packaging industry will be the top end-user in the region, generating significant demand for melamine resins for use in boards, beverage cans, and jar lids. All these factors are especially the case in the U.S., Mexico and Canada, where the market growth will be tremendous in the years ahead.
Europe will make phenomenal progress as well, given the widespread deployment of melamine resins in automotive, construction and buildings, and various other industries. These resins are increasingly being used in these sectors to manufacture efficient, low-cost, durable and high-standard products.
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