The global melamine formaldehyde market is anticipated to observe vigorous development over the forecast period owing to an increase in demand from a range of end-use market applications. The properties of melamine formaldehyde such as resistance to water, fire, UV, and light are slated to aid the overall market considerably over the forecast period. The construction industry has witnessed a high growth rate in the recent past and is additionally slated to grow.
Melamine formaldehyde is the primary constituent for high-pressure laminates such as Arborite, Formica, and laminate flooring. This chemical is also used on whiteboards. This is slated to boost the overall market over the forecast period. The domestic utensils sector also uses melamine formaldehyde as its primary material for the production of kitchen utensils, plates, bowls, and cups. This sector has observed substantial growth in the past and is anticipated to grow furthermore, thereby aiding the global market over the forecast period. Furniture industry is an important end-use application for this chemical.
Melamine formaldehyde is used for saturating the decorative paper which is laminated under high heat and high pressure. This trend is anticipated to augment the melamine formaldehyde used in the furniture industry over the next seven years. The coatings sector is another end-use industry for this chemical. This chemical is used in surface coatings due to its rigidity. This is likely to aid the global melamine formaldehyde market substantially over the next seven years. Other end-use industry applications include electrical appliances, household appliances, tableware, adhesives, paints, molding powder, laminates, coatings, and sanitary ware.
Volatile raw material prices are slated to hamper the overall melamine formaldehyde market over the next seven years. Increasing health hazards such as intellectual impairment, gastro disorders, respiratory disorders, and neurological disorders related to formaldehyde usage are expected to hinder the overall market over the forecast period. Prominent industry contributors have invested profoundly in R&D projects to develop better-quality and cost-effective melamine formaldehyde products with reduced hazardous impacts. This step is anticipated to create ample opportunities for the overall market.
The Asia Pacific has surfaced as the foremost market for melamine formaldehyde utilization in the recent past. This can be accredited to the ever-increasing demand from the secondary processed products industry over the next seven years. China has dominated the regional market on account of extremely high demand from the secondary manufacturing industry. However, China’s growth is dependent on raw materials such as melamine and formaldehyde. Countries such as India, Vietnam, Korea, Thailand, Malaysia, and Indonesia are expected to witness rapid growth due to growing end-use applications demand over the next seven years.
North America has closely followed the Asia Pacific owing to an increase in demand from the construction industry and coatings industry. The U.S. which has a massive construction demand has guided to such a tendency. Europe is also touted to witness sluggish growth over the next seven years. Africa is predicted to observe rapid growth over the next seven years owing to growing demand from the construction industry, coatings market, and furniture industry. The Middle East region is predicted to observe growth in demand owing to an increase in demand for the automotive industry, thus further boosting the overall regional market. The Central & South American region is expected to experience rapid market development over the forecast period. Economies such as Chile, Argentina, Brazil, and Peru are slated to govern the regional market.
Major industry members include Hexza Corporation Berhad, INEOS Group, BASF SE, OCI Nitrogen BV, and Qatar Melamine Company. Other industry participants include Borealis, Eurotecnica, Mitsui Chemicals, Ineos Melamines, Chimica Pomponesco S.p.A, Chemplastica and Allnex Belgium S.A. Presence of numerous companies has led the market to be highly fragmented.
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