The Global Market for Melamine Formaldehyde Products Is Predicted To Reach a Valuation of US$ 1.21 Billion by the End of 2032, Owing To High Demand from the Automotive, Construction, Furniture and Paints & Coatings Industries
United States, Rockville MD, June 22, 2022 (GLOBE NEWSWIRE) -- As per a new report by Fact.MR, a market research and competitive intelligence provider, the global melamine formaldehyde market is currently valued at US$ 645.1 million and projected to expand at a high CAGR of 6.5% over the forecast period (2022 to 2032). The market registered 4.8% CAGR between 2017 and 2021.
The paints and coatings industry's rising need for melamine formaldehyde is likely to provide profitable opportunities for market players. The market's rise may also be ascribed to the paint and coatings industry's rapid expansion, which is being fuelled by rising building activity around the world. Furthermore, the increased need for high-performance coatings and paints is expected to boost melamine formaldehyde market growth.
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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.
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.
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Key Segments Covered in the Melamine Formaldehyde Industry Survey
Melamine Formaldehyde Market by Form :
Liquid Melamine Formaldehyde
Powder Melamine Formaldehyde
Melamine Formaldehyde Market by End Use :
Other End Uses
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.
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Key players in the Melamine Formaldehyde Market
Prefere Resins Holding GmbH
Georgia Pacific Chemicals
Qatar Melamine Company
Chimica Pomponesco S.p.A
Allnex Belgium S.A.
Key Takeaways from Melamine Formaldehyde Market Study
Wood adhesives are estimated to account for a market share of 23.3% in 2022, accounting for a sales value of US$ 150.4 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 31.4% of the global market share in 2022.
Key market players are expected to focus on collaborations & partnerships to enhance their market stance.
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