Press release
Melamine Formaldehyde Industry: Find Out Top Impacting Factor of Market Growth By Opportunity and Industry Forecast, 2014-2022
The high demand for melamine formaldehyde in construction, automotive, and furniture industries is anticipated to drive the global melamine formaldehyde market during the forecast period. However, strict government regulations and fluctuation in cost of raw materials could hamper the market growth. Furthermore, melamine formaldehyde has replaced urea formaldehyde, creating another growth opportunity for this market.
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Melamine formaldehyde is a thermal resistant polymer used in the manufacturing of laminates, decorative panels, wood adhesives, molding compounds, and as cross linking agent in surface coatings. The market is segmented based on applications and geography. The raw material for melamine formaldehyde comprise melamine, formaldehyde, alkalis, tetrahydrofuran, and other chemicals.
In 2015, the laminates segment held more than two-fifths share and is expected to continue this trend during the forecast period. This is due to the extensive need for protection of furniture from severe environmental conditions that is provided by melamine formaldehyde coating, due to its excellent heat and thermal resistance.
Fluctuation in prices of raw material and government regulations related to melamine & formaldehyde could hamper the market growth. Moreover, surge in demand for melamine formaldehyde in the automotive industry and replacement of urea formaldehyde in various products could create growth opportunities for the market players. In 2015, the wood adhesives segment of application accounted for second largest share of this market, in terms of revenue. However, the surface coating segment is anticipated to grow at the highest CAGR, in terms of value and volume.
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Asia-Pacific accounted for about half of the total melamine formaldehyde market, both in terms of revenue and volume and is expected to maintain its dominance during the forecast period. The upsurge in automotive demand and the massive growth in construction industry specifically in India, China, and other emerging countries employing the products of melamine formaldehyde have contributed significantly to the market growth.
Major companies profiled in the report include
• Allnex Belgium SA/NV,
• BASF SE,
• Chemiplastica SA,
• Georgia-Pacific Chemicals LLC,
• Hexza Corporation Berhad,
• Hexion Inc.,
• INEOS Group,
• Mitsui Chemicals Inc.,
• Nissan Chemical Industries, Ltd., and
• Pacific Texchem Pvt. Ltd.
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