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Melamine Formaldehyde Market Value to Increase $655 Million by 2022 : AMR Study

06-21-2019 12:49 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Melamine Formaldehyde Market

Melamine Formaldehyde Market

Melamine formaldehyde market stood at $410 million in 2015 and is expected to reach $655 million by 2022, registering a CAGR of 6.9% during 2016-2022, According to a new report published by Allied Market Research. Laminates dominated the market and is expected to continue this trend during the forecast period.

"Upsurge in furniture and construction industries, increase in disposable income in the emerging economies, and increased focus of government bodies on controlled formaldehyde emission are the prime factors that propel the demand for melamine formaldehyde. However, availability of substitutes at lesser cost have the potential to hamper the market growth during the forecast period."

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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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Key Findings of Melamine Formaldehyde Market

• Surface coating is anticipated to be the fastest growing application segment in terms of value, growing at a CAGR of 7.7%, during 20162022.
• Asia-Pacific is expected to dominate the global melamine formaldehyde market in terms of value and volume.
• LAMEA is the fastest growing region in terms of revenue with CAGR of 7.7% during the forecast period.
• In 2015, the others application segment comprising floor tiles, overlay materials, and particleboards occupied the third largest market share, in terms of revenue.
• China has the highest demand and supply for melamine formaldehyde.

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 includes 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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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client's insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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