Melamine formaldehyde is a type of resins that is produced by condensation polymerization. It has excellent corrosion, UV, and thermal resistance. Moreover, it also has resistance to fire and highly durable properties. All these attributed makes it ideal engineering materials for various application such as construction and building, wood &furniture, chemicals packaging, and electronics.
The global melamine formaldehyde market is estimated to account for US$ 20,620.1 Mn in terms of value and 15,571.5Kilo Tons in terms of volume by the end of 2019.
The expansion of the furniture industry around the globe is expected to foster the market growth of the melamine formaldehyde. Due to melamine formaldehyde excellent surface finishes properties it is widely used in the furniture industry. It is used in the various applications such as particleboards, plywood, and fiberboards. Thus the expansion of the furniture industry is projected to augment the market growth of the melamine formaldehyde.
Increasing demand for adhesives from various end-use applications is expected to serve major growth opportunities for the market of melamine formaldehyde in the near future. Moreover, adhesives are broadly used across a wide range of industries for bonding two-component. They are also used for sealing of areas in order to prevent corrosion and oxidations. Hence, growing demand for the adhesives is projected to bolster market growth over the forecast period.
Strict rules and regulations over melamine and formaldehyde are expected to hamper the market growth over the forecast period. Melamine and formaldehyde exhibit various potential environmental as well as health threat which can cause various health issues to terrestrial as well as aquatic species.
Global melamine formaldehyde market was valued at US$ 20,620.1 market in 2019 and is forecast to reach a value of US$ 33,743.1 by 2027 at a CAGR of 6.3% between 2019 and 2027.
Laminates segment dominated the global melamine formaldehyde market in 2019, accounting for 31.2% share in terms of value, followed BY adhesives and paints & coating respectively.
Increasing spending on the lavish home decor products by consumers is a growing trend and this is expected to augment the market growth of the melamine formaldehyde. Improving standard of living of the consumers due to growing disposable income coupled with the rapid urbanization is driving demand for luxury furniture such as sofa and couches is projected to bolster the market growth of the melamine-formaldehyde over the forecast period.
Growing use of melamine formaldehyde chopsticks, across dinnerware, and dairy product containers is one of the current trends in the market. This is attributed to its exceptional abrasion resistance, durability, and low-density materials properties. Also, growth in the polymer industry due to the growing consumption and production of plastic across various end-user industries is again projected to bolster the market growth of the melamine formaldehyde.
COVID-19 Impact on Melamine Formaldehyde Market
The sudden emergence of the coronavirus has impacted almost every industry in the world. The demand for paints and coatings industry is expected to increase by the end of the forecast period as consumers are becoming hygiene conscious. Hence, the demand for such products will increase. Thereby, increasing the demand for melamine formaldehyde market over the forecast period.
Few Recent Developments
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.