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.
Global melamine formaldehyde market was valued at US$ 21927.41 Million in 2021 in terms of revenue, exhibiting a CAGR of 6.8 % during the forecast period (2022 to 2030).
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. Moreover, 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.
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. High demand for melamine formaldehyde from China is expected to accelerate the market growth.
The COVID-19 outbreak impacted the melamine formaldehyde market negatively. The market witnessed a sharp decline in demand for melamine formaldehyde from various industries, such as furniture, paper and construction industry. The COVID-19 pandemic caused a ban on imports and export, thereby disrupting the supply chain and hampering the melamine formaldehyde market growth.
Figure 1. Global Melamine Formaldehyde Market Value Share (%), By Region, 2021
Market Restraints
The fluctuating price of raw materials used in the production of the melamine-formaldehyde is expected to hinder the market growth. Melamine formaldehyde manufactured by natural gas or urea feedstock
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: | 2021 | Market Size in 2021: | US$ 21927.41 Mn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 6.8 % | Forecast Period: | 2022-2030 |
| 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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Market Trends
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 2. Global Melamine Formaldehyde Market Value Share (%), By Application 2021
On the basis of application in 2021, the laminates segment has accounted the largest market share of 31.2% in terms of value, followed adhesives and paints & coatings respectively
Recent Developments
Competitive Section
Major players operating in the global melamine formaldehyde market include Chang Chun Plastics Co. Ltd., Georgia Pacific Chemicals LLC, Chemiplastica SpA, MPC Ferrostaal GmbH, Chemisol Italia Srl, Mitsui ChemicalsInc, INEOS Group Holdings SA, Nissan Chemical Industries Ltd., Borealis Agrolinz Melamine GmbH, Momentive Specialty Chemicals, Inc, Panasonic Corporation, OCI Nitrogen BV
Melamine formaldehyde is a synthetic resin obtained from melamine and formaldehyde by condensation of two monomers. Melamine formaldehyde is a durable, hard, and versatile thermosetting amino last with good heat and fire resistance. It is also a chemically resistant resin that is employed in particleboard and plywood adhesives, laminated tabletops and countertops, automotive surface coatings, and dishwasher-safe tableware
Market Dynamics
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.
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:
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