Melamine formaldehyde market stood
at $410 million in 2015 and is expected
to reach $655 million by 2022,
registering a CAGR of 6.9% during 2016-2022, according to a new report
published by Allied Market Research. Laminates dominated the market and is expected
to continue this trend during the forecast period.
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Melamine formaldehyde is a thermal resistant polymer used in the
manufacturing of laminates, decorative panels, wood adhesives, molding
compounds, and as cross linking agent in surface coatings. The market is
segmented based on applications and geography. The raw material for melamine
formaldehyde comprise melamine, formaldehyde, alkalis, tetrahydrofuran, and
other chemicals.
In 2015, the laminates segment held more than
two-fifths share and is expected to continue this trend during the forecast
period. This is due to the extensive need for protection of furniture from
severe environmental conditions that is provided by melamine formaldehyde
coating, due to its excellent heat and thermal resistance.
Fluctuation in prices of raw material and government regulations related to
melamine & formaldehyde could hamper the market growth. Moreover, surge in
demand for melamine formaldehyde in the automotive industry and replacement of
urea formaldehyde in various products could create growth opportunities for the
market players. In 2015, the wood adhesives segment of application accounted
for second largest share of this market, in terms of revenue. However, the
surface coating segment is anticipated to grow at the highest CAGR, in terms of
value and volume.
"Upsurge in furniture and construction
industries, increase in disposable income in the emerging economies, and
increased focus of government bodies on controlled formaldehyde emission are
the prime factors that propel the demand for melamine formaldehyde. However,
availability of substitutes at lesser cost have the potential to hamper the
market growth during the forecast period.",
according to Eswara Prasad, Team Lead,
Chemical & Materials at Allied Market Research.
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Key Findings of Melamine Formaldehyde Market:
- Surface coating is anticipated to
be the fastest growing application segment in terms of value, growing at a
CAGR of 7.7%, during 20162022.
- Asia-Pacific is
expected to dominate the global melamine formaldehyde market in terms of
value and volume.
- LAMEA is the fastest growing
region in terms of revenue with CAGR of 7.7% during the forecast period.
- In 2015, the others application
segment comprising floor tiles, overlay materials, and particleboards
occupied the third largest market share, in terms of revenue.
- China has
the highest demand and supply for melamine formaldehyde.
Asia-Pacific accounted
for about half of the total melamine formaldehyde market, both in terms of
revenue and volume and is expected to maintain its dominance during the
forecast period. The upsurge in automotive demand and the massive growth in
construction industry specifically in India, China, and other emerging countries employing the
products of melamine formaldehyde have contributed significantly to the market
growth.
Major companies profiled in the report includes
Allnex Belgium SA/NV, BASF SE, Chemiplastica SA, Georgia-Pacific Chemicals LLC,
Hexza Corporation Berhad, Hexion Inc., INEOS Group, Mitsui Chemicals Inc.,
Nissan Chemical Industries, Ltd., and Pacific Texchem Pvt. Ltd.
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About Us
Allied Market
Research (AMR) is a market research and business-consulting firm of Allied
Analytics LLP, based in Portland, Oregon. AMR offers market research reports,
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achieve sustainable growth in their market domains. We are equipped with skilled
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