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Press Release: Melamine Formaldehyde Market to reach around US$ 33,743.17 million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Melamine formaldehyde is a hard polymer that appears white in color. It is one of the hardest polymers due to its thermosetting plastic properties. It has excellent UV, chemical, moisture, and thermal resistance properties. Table tops, wood adhesives, surface coatings and laminated countertops are some of the major applications of the melamine formaldehyde.
The global melamine formaldehyde market is estimated to account for US$ 20,620.1 Mn in terms of value and 15,571.5 Kilo Tons in terms of volume by the end of 2019.
Drivers:
Robust growth in the construction industry is a prime factor propelling the market growth of the melamine formaldehyde. It is used as concrete plasticizer in the construction of rising buildings and other durable structures. Also, it helps to comply with green building standards when added to wood waste products which are widely used in the construction industry. Thus, growth in the construction industry is expected to augment the market growth of the melamine formaldehyde.
High demand for melamine formaldehyde from China is expected to accelerate the market growth. Rapid growth in the housing projects coupled with the tremendous growth in the population is again anticipated to foster the market growth of the melamine formaldehyde. Moreover, growing demand for laminates in China due to rapid urbanization and industrialization is further anticipated to accelerate the market growth of the melamine formaldehyde.
Figure 1. Global Melamine Formaldehyde Market Share (%) in terms of Value, By Region, in 2019
Asia Pacific region dominated the global melamine formaldehyde market in 2019, accounting for 40.6% share in terms of value, followed by Europe and North America, respectively.
Market Restraints
The fluctuating price of raw materials used in the production of the melamine-formaldehyde is expected to hinder the market growth. Natural gas or urea feedstock is primarily used in the manufacturing of the melamine formaldehyde.
Limited application of melamine and formaldehyde as they are used only for surface coatings is leading to slow down of the global consumption of melamine formaldehyde.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 20,620.1 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 6.3% | 2027 Value Projection: | US$ 33,743.1 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
BASF SE, Chang Chun Plastics Co. Ltd., Georgia Pacific Chemical LLC, Chemiplastica SPA, MPC Ferrostaal GmbH, Chemisol Italia Srl, Mitsui Chemicals Inc., INEOS Group Holdings SA, Nissan Chemical Industries Ltd., Borealis Agrolinz Melamine GmbH, Momentive Specialty Chemicals, Inc., Panasonic Corporation, and OCI Nitrogen BV |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunities
Rising demand for melamine formaldehyde from paints and coatings industry is expected to offer lucrative opportunities. The market growth is also attributed to rapid growth in the paint and coatings industry driven by increasing construction activities around the globe. Also, the growing demand for high-performance paints and coatings is further anticipated to propel the market growth of the melamine formaldehyde.
Growing demand for melamine formaldehyde from the automotive industry is expected to offer potential market opportunities over the forecast period. They are used in the manufacturing of the lightweight polyurethane foams for automobile door insulation, decorative laminates of car interiors, and vulcanized rubber tires. Thus, such emerging applications of the melamine-formaldehyde from automotive the industry is augmenting the market growth over the forecast period.
Figure 2. Global Melamine Formaldehyde Market– Opportunity Analysis
Market Trends/Key Takeaways
Expanding production capacity of the manufacturer is a key trend in the market. For instance, in December 2019, BASF has expanded its range of the melamine resin foam Basotect: The new grade Basotect UF+ with improved emission properties. It is lightweight and flexible foam which makes it ideal for the insulation of rail vehicles as well as of heating, ventilation, and air-conditioning (HVAC) technology in buildings.
A growing merger and acquisition among manufacturer for business expansion is the current trend. For instance, in April 2019, Prefere Resins acquired INEOS's Melamines and Paraform business segments for an undisclosed amount. Prefere Resins has a total production capacity of 350,000 tonnes/year.
Figure 3. Global Melamine Formaldehyde Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the laminates segment has accounted the largest market share of 31.2% in terms of value, followed adhesives and paints & coatings respectively..
Global Melamine formaldehyde market - Impact of Coronavirus (Covid-19) Pandemic
The sudden outbreak of the novel coronavirus has negatively impacted various industries across the globe. The textile industry is one of the worst affected industries. The pandemic situation has caused closure of many micro and small scale enterprise. In addition, various large textile enterprises are laying off their employees during the current situation. Moreover, electronics industry also has taken a toll due to outbreak of COVID-19 pandemic, across the globe. Globally, hypermarkets, supermarkets, and showrooms of leading brands have been shut down, affecting sales of various consumer electronics products. Due to implication of the measures amid lockdown, enterprises across the globe have adopted remote working as a tool to continue with their business processes. The aforementioned factors are key reasons expected to hinder the market growth.
Value Chain Analysis
Competitive Section:
Company Names
Few Recent Developments
In April 2019, Prefere Resins acquired INEOS's Melamines and Paraform business segments for an undisclosed amount. Prefere Resins has a total production capacity of 350,000 tonnes/year.
Melamine formaldehyde is a hard polymer that appears white in color. It is one of the hardest polymers due to its thermosetting plastic properties. It has excellent UV, chemical, moisture, and thermal resistance properties. Table tops, wood adhesives, surface coatings and laminated countertops are some of the major applications of the melamine formaldehyde.
Market Dynamics
Robust growth in the construction industry is a prime factor propelling the market growth of the melamine formaldehyde. It is used as concrete plasticizer in the construction of rising buildings and other durable structures. Also, it helps to comply with green building standards when added to wood waste products which are widely used in the construction industry. Thus, growth in the construction industry is expected to augment the market growth of the melamine formaldehyde
Growing demand for melamine formaldehyde from the automotive industry is expected to offer potential market opportunities over the forecast period. They are used in the manufacturing of the lightweight polyurethane foams for automobile door insulation, decorative laminates of car interiors, and vulcanized rubber tires. Thus, such emerging applications of the melamine-formaldehyde from automotive the industry is augmenting the market growth over the forecast period
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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