Melamine Formaldehyde Market to Garner $1.16 Billion, Globally, By 2030 at 6.0% CAGR, Says Allied Market Research
Advantages of melamine formaldehyde in construction industry and increase in its usage in building and construction industry drive the growth of the global melamine formaldehyde market.
PORTLAND, Ore., May 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Melamine Formaldehyde Market by Form (Liquid and Powder) and Application (Laminates, Wood Adhesives, Molding Compounds, Surface Coatings, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global melamine formaldehyde industry generated $652.6 million in 2020, and is anticipated to generate $1.16 billion by 2030, witnessing a CAGR of 6.0% from 2021 to 2030.
Prime determinants of growth
Advantages of melamine formaldehyde in the construction industry and increase in its usage in paints, furniture, textile, and automotive industries drive the growth of the global melamine formaldehyde market. However, stringent government regulations and fluctuation in the cost of raw materials hinder the market growth. On the other hand, effective solutions for waste management present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global melamine formaldehyde market, owing to a sharp decline in demand for melamine formaldehyde from various industries, such as furniture, paper, and construction.
- The governments imposed a ban on imports and export activities, thereby causing severe disruptions in the supply chain. This, in turn, hampered the melamine formaldehyde market growth to an extent.
- However, the market is going to recover soon as the demand from various industries grows steadily as daily operations begin with full capacity.
The powder segment to maintain its leadership status throughout the forecast period
Based on form, the powder segment held the highest market share in 2020, accounting for more than half of the global melamine formaldehyde market, and is estimated to maintain its leadership status throughout the forecast period. This is due to its increase in use in glazing, and lamination on particleboard flooring. However, the liquid segment is projected to manifest the highest CAGR of 6.8% from 2021 to 2030, attributed to rise in demand from laminates, surface coating, wood adhesives, and molding compounds.
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The laminates segment to maintain its lead position during the forecast period
Based on application, the laminates segment accounted for the largest share in 2020, contributing to more than two-fifths of the global melamine formaldehyde market, and is projected to maintain its lead position during the forecast period. This is due to its wide usage in renovation and furniture applications for residential construction. However, the surface coatings segment is expected to portray the largest CAGR of 7.0% from 2021 to 2030. Its demand from aerospace, auto refinishing, furniture finishing, metal can-coating, paper coating is growing, which in turn, drives the segment.
Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for more than half of the global melamine formaldehyde market. Rise in industrialization and increase in construction activities are projected to maintain leading position in the market over the forecast period. However, the LAMEA region is expected to witness the fastest CAGR of 8.1% during the forecast period, owing to high growth in automotive and construction industries in the region.
Leading Market Players
- Allnex GMBH
- Arclin Inc.
- BASF SE
- Georgia-Pacific Chemicals LLC
- Hexion,
- Hexza Corporation Berhad
- Mitsui Chemicals, Inc.
- Pacific Texchem Private Limited
- Prefere Resins Holding GmbH
- Sprea Misr.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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