The global amino resin market is anticipated to witness substantial growth in the coming years, on account of the growing demand from automotive coatings and wood applications. Amino resins are widely used as curing agents in specialized coatings on account of their ability to increase coating hardness and improve solvent resistance. Growth of coatings industry owing to automotive and construction industry growth is expected to have a positive impact on the global amino resins market over the forecast period. Increasing acceptance for melamine formaldehyde resins as construction materials such as binders, hard-surface countertop, and overlay materials is expected to further drive the global market over the next six years. Increasing preference for amino resins in furniture for lamination applications is expected to have a positive impact on the market.
Volatile formaldehyde price is expected to pose challenges to market participants in terms of supply constraints and production costs. Volatile formaldehyde prices can be attributed to fluctuating methanol prices. In 2011, the U.S. National Toxicology Program identified formaldehyde as a carcinogen. Stringent regulations regarding usage of formaldehyde in resin production on account of environmental and human health concerns are expected to hinder the market growth over the next six years. North America and Europe are expected to witness considerable growth rates over the forecast period owing to increasing roofing mat demand in the U.S. and Western European countries respectively. Increasing amino resin consumption in China and India on account of growing construction, automotive and furniture industries is expected to drive the Asia Pacific amino resin market over the next six years.
Increasing amino resin production in China is expected to further drive the Asia Pacific market. Companies operating in the market are involved in widespread R&D to counter market challenges such as environmental effects of amino resins. Moreover, market participants are focused on shifting their focus towards expanding their capacities and entering into exclusive distribution agreements to increase their market share and improve distribution chain respectively. Some of the major companies operating in the global amino resins market include BASF, Chemique Adhesives & Sealants Ltd., Chimica Pomponesco S.p.A., Arclin Inc., Hexza Corporation, Ineos, Georgia-Pacific LLC, Ercros S.A., Cytec Industries Inc., Chemiplastica S.p.A. and Tembec Inc.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.