Melamine Formaldehyde Market
Melamine Formaldehyde Market By Form (Liquid, Powder), By End Use (Laminates, Wood Adhesives, Molding Powders, Coatings) & By Region - Global Forecast 2022 to 2032
Melamine Formaldehyde Market Outlook (2022-2032)
The global melamine formaldehyde market is projected to increase from a valuation of US$ 645.1 million in 2022 to US$ 1.21 billion by the end of 2032, expanding at a CAGR of 6.5%.
Melamine formaldehyde is a synthetic resin made by combining melamine with highly reactive formaldehyde gas in an alkaline environment. When compared to urea-formaldehyde resin in terms of production and application, melamine-formaldehyde resin is tougher, stronger, and offers superior resistance to moisture, heat, chemicals, electricity, and scratching.
Melamine Formaldehyde Market Size (2021A)
US$ 615.5 Million
Estimated Market Value (2022E)
US$ 645.1 Million
Forecasted Market Value (2032F)
US$ 1.21 Billion
Global Market Growth Rate (2022-2032)
North America Market Share (2022)
North America Market Growth Rate (2022-2032)
U.S. Market Growth Rate (2022-2032)
Key Companies Profiled
Thermosetting polymers, also known as amino resins, have great value-added features such as low density, transparency, thermal stability, high gloss, and light fastness.
Melamine formaldehyde has a wide range of industrial applications, including fire retardants, particleboards, surface coatings, plywood, adhesives, moulding compounds, and laminates.
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Worldwide Melamine Formaldehyde Consumption Analysis (2017-2021) Vs. Market Forecast Outlook (2022-2032)
Global melamine formaldehyde sales were valued at around US$ 511.2 million at the end of 2017. The market expanded at a CAGR of 4.8% and reached a valuation of US$ 615.5 million at the end of 2021.
Melamine formaldehyde is utilized in a wide range of products that are prized for its toughness and ease of production. As a result, most melamine-formaldehyde resins are highly customized to meet the needs of specific applications.
Electrical resistance, thermal stability, and mechanical qualities are all determined by the curing behaviour and degree of cross-linking of melamine and formaldehyde. Melamine-formaldehyde resins have a long history of usage in surface coatings, particularly for automotive top coats and metal furniture, thus the demand for melamine formaldehyde in automotive is rising.
Melamine formaldehyde is a non-halogen flame retardant that can be used instead of halogen-based flame retardants. It's mostly found in specialty paints, textiles like fire-fighting gear, and flexible urethane foam, which is utilised in the bedding industry, as well as furniture and electronics.
During the projection period, the worldwide melamine formaldehyde market is likely to be driven by rising demand for melamine formaldehyde in the automotive, construction, and furniture industries.
The global melamine formaldehyde market is set to enjoy a valuation of US$ 645.1 million in 2022, and further expand at a CAGR of 6.5% to reach US$ 1.21 billion by the year 2032.
Which Market Changes are Expected to Benefit Melamine Formaldehyde Suppliers?
“High Consumption of Melamine Formaldehyde in Construction Industry as Concrete Plasticizer”
The construction industry's rapid expansion is a major driver boosting the melamine formaldehyde market growth. It is employed in the construction of high-rise skyscrapers and other long-lasting constructions as a concrete plasticizer.
When combined with wood waste products, which are frequently utilised in the construction industry, helps to meet green building criteria. As a result, an increase in the construction industry is likely to boost melamine formaldehyde market growth.
“High Demand for Melamine-formaldehyde Resins from Furniture Industry”
The wood and furniture sector is a key consumer of melamine-formaldehyde resins, and the worldwide melamine-formaldehyde resins market is likely to rise in tandem with that of the wood and furniture industry.
Over the forecast years, the market is likely to be driven by rising demand and applications for melamine formaldehyde. Furthermore, technical advances in this area, as well as increased usage in the packaging industry, are expected to enhance the market in the future years.
What is Leading to Decreasing Consumption of Melamine Formaldehyde?
“Strict Government Restrictions & Fluctuating Cost of Raw Materials to Impede Melamine Formaldehyde Sales”
The market is projected to be hampered by the fluctuating cost of raw materials used in the manufacturing of melamine formaldehyde. Melamine formaldehyde is generally produced using natural gas or urea as a feedstock.
Because melamine and formaldehyde are exclusively used for surface coatings, global consumption of melamine formaldehyde is slowing.
However, the melamine formaldehyde market is expected to be hindered by stringent government restrictions and fluctuating raw material costs.
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Which Regional Markets Generate High Revenue for Melamine Formaldehyde Manufacturers?
“Rapid Growth in Industrialization & Construction Driving Sales Growth of Asia Pacific Melamine Formaldehyde Market”
North America followed by Europe has a large market for melamine formaldehyde. Currently, North America and Europe are expected to account for 31.4% and 26.5% of the global market share, respectively.
The presence of key market players and rapid growth of the packaging and automotive industry consumes high melamine formaldehyde for production purposes.
Sales of melamine formaldehyde in the Asia Pacific are likely to expand at a high CAGR of 6.9% from 2022 to 2032. Compared to other regional markets Asia Pacific melamine formaldehyde market is expected to expand at a high growth rate during the forecast period.
During the projection period, growth in industrialization and construction activity is expected to enhance melamine formaldehyde demand. Another element driving market expansion is an increase in automotive purchases due to rising disposable income.
As a result, the Asia Pacific region's rapid growth in the automotive and construction industries is expected to create significant potential for the melamine formaldehyde market over the forecast period.
Compared to other regional markets Latin America and MEA markets are expected to expand at a slighter lower rate and currently are likely to hold 8.1% and 4.9% of the global market share respectively.
Why are Melamine Formaldehyde Sales Increasing in China?
“High Use of Melamine Formaldehyde in Furniture Production”
China is one of the world's largest industries for furniture. It is also one of the largest furniture producers, users, and exporters. The manufacturing sector of the China furniture industry accounts for roughly 40% of global furniture production.
The availability and creation of a significant number of new domestic furniture goods in various styles and material combinations contribute to the high demand for melamine formaldehyde for production purposes.
China's high demand for melamine formaldehyde is projected to drive market expansion. The rapid increase in housing projects, combined with massive population growth, is expected to boost the market for melamine formaldehyde forward.
Furthermore, the rising demand for laminates in China as a result of fast urbanization and industrialization is expected to boost the melamine formaldehyde market growth.
How is Demand for Melamine Formaldehyde Products Shaping Up in the U.S.?
“High Demand for Melamine Formaldehyde Products from Various End-use Industries for Manufacturing Purposes”
In terms of consumption, the United States is the leading market for melamine formaldehyde in North America, followed by Canada. In 2022, the U.S. is expected to account for 90.2% of the North America market share.
Increasing demand from end-use industries such as packaging, building and construction, vehicles, and consumer products, among others, can be attributable to this substantial proportion. Furthermore, the rise of the aforementioned end-use sectors is expected to boost melamine formaldehyde sales in the coming years.
How is Demand for Melamine Resins Driven by the Laminates Segment?
“Easy-to-Install & Durability Qualities Driving Sales of Melamine Laminated Sheets”
Melamine-formaldehyde resins are primarily employed in the production of high-pressure melamine formaldehyde laminates, which are used in flooring, tabletops, kitchen cabinets, and furniture, among other applications.
Melamine resins provide hardness, clarity, high durability, discoloration resistance, and general durability. Melamine resin is transparent, wear-resistant, and clear, making it a better choice for decorative uses than phenolic resins, which are dark coloured and opaque.
Decorating paper, surface paper, and bottom paper make up the multilayer structure of melamine laminated sheets. The purpose of the surface paper is to protect the ornamental paper's patterns and designs, to brighten, solidify, and harden the surface, and to improve wear resistance and durability.
The market for laminated flooring and, by extension, the demand for melamine-formaldehyde resins are being driven by considerations such as high longevity and ease of installation.
In the Asia Pacific region, there has been a considerable undersupply of housing to satisfy demand. A comparable situation exists in India, China, South Korea, and European countries such as Poland and Germany.
The laminates category is likely to dominate the global market over the projected timeframe, considering the aforementioned factors.
Global laminate sales in the melamine formaldehyde market are currently valued at around US$ 265.8 million and are anticipated to surge at a CAGR of 7.2% to reach US$ 533.5 million by 2032.
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The melamine formaldehyde market is fairly fragmented, with both, large and small competitors participating in this space.
To improve their position in this market, major players are using a variety of organic and inorganic growth tactics such as mergers and acquisitions, new product development, investments, collaborations, partnerships, alliances, and others.
Key Segments Covered in Melamine Formaldehyde Industry Research
Melamine Formaldehyde Market by Form :
- Liquid Melamine Formaldehyde
- Powder Melamine Formaldehyde
Melamine Formaldehyde Market by End Use :
- Wood Adhesives
- Molding Powders
- Other End Uses
Melamine Formaldehyde Market by Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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