The global melamine market is driven mainly by the thriving construction and building industry. Another key factor propelling the growth of the melamine market across the globe is the increase in the demand for lightweight automotives so as to ensure low emissions, keeping environmental concerns in mind. Melamine formaldehyde (MF) resins are extensively used for the manufacturing of laminated wooden panels as these resins possess several beneficial characteristics such as resistance to heat, abrasion, stains, and chemical reaction. According to a report published by Transparency Market Research (TMR), the global melamine market is anticipated to be worth US$2.49 bn by 2023 and exhibit a modest growth during the forecast period.
Melamine is being used in textile resins, laminates, molding compounds, adhesives, surface coatings, flame retardants, and paper treatments, and thus the demand for melamine is expected to continue throughout the forecast period. The rising standard of living and rapid urbanization in many of the developing nations is propelling the construction and building industry, which in turn is boosting the demand for melamine. Melamine is water resistant and hard, which makes them useful in the construction industry.
Some of the factors challenging the growth of this market include price fluctuation of the raw materials required for melamine and growing concerns regarding the emission of formaldehyde from the various melamine-based molding compounds. On a positive note however, melamine foams are projected to offer several growth opportunities for the melamine market. This is because melamine foams have the intrinsic property of flame retardancy. In addition to this, these foams have high capacity to absorb sound, which is also expected to drive their demand for use in suspended baffles, buildings, metal ceiling panels, and acoustics panels.
From among various applications of melamine such as adhesives and sealants, laminates, molding compounds, paints & coatings, and others such as flame retardants, concrete plasticizers, textile resins, and paper finish, laminates will contribute the highest towards the growth of the melamine market. The laminates segment was also leading in the past and shall continue to do so, at the fastest pace. Melamine-based adhesives are also likely to see a high demand in the coming years as they are being used extensively in panel laminations, hotline fixing of car seats, headlamps, and various other interior component assemblies in the automotive industry.
On the basis of geography, Asia Pacific accounted for 50% of the market in 2014, trailed by Europe. The thriving construction industry in the region on account of rapid industrialization, high population, and a rise in the disposable income are benefitting the melamine market in Asia Pacific. Some of the leading countries supporting the growth of the market in the region are India, China, Malaysia, New Zealand, and Indonesia.
European melamine market is also expected to witness a growth on account of the shift of production of wood based panels and laminated from the western part to the eastern part of Europe. Countries contributing significantly to the growth of the melamine market in Europe include, Turkey, Poland, and Russia. It is expected that North America will witness a sluggish growth in the coming years, in contrast to Latin America, which is anticipated to witness a higher demand for melamine in paper finish applications and also for laminates.
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