(MENAFN- Ameliorate Digital Consultancy)
According to a recent analysis by Fact.MR, a supplier of market research and competitive information, the global market for melamine formaldehyde is presently valued at US$ 645.1 million and is anticipated to grow at a rapid CAGR of 6.5% from 2022 to 2032. The market saw a 4.8% CAGR from 2017 to 2021.
Melamine formaldehyde's expanding demand from the paints and coatings sector is projected to present lucrative prospects for market participants. The rapid growth of the paint and coatings sector, which is being fueled by an increase in global building activity, may also be attributed to the market's growth. Additionally, the demand for high-performance coatings and paints is anticipated to drive the melamine formaldehyde market's expansion.
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Over the forecast period, rising consumption of melamine formaldehyde in the automotive industry is predicted to provide significant market opportunities. Ornamental laminates for car interiors, lightweight polyurethane foam for automobile door insulation, and vulcanised rubber tyres are all made with it. As a result, new applications of melamine formaldehyde in the automotive industry are expected to boost market growth over the coming years.
Key Projections
Wood adhesives are estimated to account for a market share of 23.3% in 2022, accounting for a sales value of US$ 4 million. In terms of geography, North American consumers are predicted to spend the most on melamine formaldehyde products, and the market is expected to hold around 4% of the global market share in 2022. Key market players are expected to focus on collaborations & partnerships to enhance their market
Competitive Landscape
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 plioneers
BASF SE Hexion Arclin Prefere Resins Holding GmbH Georgia Pacific Chemicals Qatar Melamine Company Chimica Pomponesco p.A Chemplastica Allnex Belgium A.
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.
Industry Survey
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Liquid Melamine Formaldehyde Powder Melamine Formaldehyde
by End Use :
Laminates Wood Adhesives Molding Powders Coatings Other End Uses
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