Melamine Formaldehyde Market Poised to Expand at a Robust Pace in Future

Melamine formaldehyde is derived from the polymerization of melamine and formaldehyde. It is a hard thermosetting plastic that is a highly versatile synthetic polymer which exhibits a range of properties such as high structural stability, high resistance to heat and fire than that compared to polypropylene and polyvinyl chloride. Melamine formaldehyde finds applications in various industries such as construction, furniture, automobile, textile, paper, electrical and household among others. The construction and furniture industry was the major consumer of melamine formaldehyde in 2012.

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The global melamine formaldehyde market latest trends is growing, owing to the huge demand for manufacturing laminates and adhesives. Apart from this, melamine formaldehyde is widely used in the construction industry in the form of sulfonated melamine formaldehyde in concrete plasticizers. Growing population coupled with increase in urbanization drives the overall construction industry, which in turn is expected to boost the growth of the overall melamine formaldehyde market. Increasing demand for laminates and adhesives in China, especially due to the presence of huge secondary processed manufacturing industry in this region, is expected to boost the growth of the melamine formaldehyde market.

Moreover, the increasing population and changing lifestyle also plays a crucial role in boosting the growth of construction and furniture industry and thus, further augments the demand for melamine formaldehyde. However, the volatile prices of melamine are expected to restrain the growth of the market. The huge demand and supply gap for the raw material further increases the price of melamine thus, hampering the growth of melamine formaldehyde market. Development of advanced melamine formaldehyde which offers wide range of benefits in the automobile industry is expected to boost the demand for melamine formaldehyde.

The laminates industry was the largest consumer of melamine formaldehyde and it accounted for over 30% of the overall market in 2012. Adhesives were the second largest consumer of melamine formaldehyde in 2012. Adhesives were followed by paints and coatings industry and the consumption is expected to grow in the forecast period owing to the increasing demand from end-use industries, especially in automobiles. The U.S. Food and Drug Administration (FDA) recently approved the use of melamine formaldehyde in the manufacture of food packaging and this is expected to boost the overall growth of this application. Tableware is expected to be the fastest growing application of melamine formaldehyde during the forecast period. Sanitary ware, electrical and household applications are expected to grow at the same rate during the forecast period as the demand melamine formaldehyde is constantly rising in these applications.

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Asia Pacific exhibited the largest demand for melamine formaldehyde and accounted for 43.9% of the global market in 2012. China being the largest exporter of secondary processed products as well as growing construction and furniture industry owing to the changing lifestyle and developing economies, is expected to be the major driving force for the growth of the Asia Pacific market for melamine formaldehyde. The demand for melamine formaldehyde in North America is expected to grow at a significant rate owing to growing demand in sanitary ware, electrical and household appliances. The overall demand in Rest of the World is expected to increase at a rapid pace due to the absence of stringent regulations in this region as compared to the U.S. and Europe. Europe is expected to exhibit a healthy CAGR of 6.0% between 2013 and 2019.
The global melamine formaldehyde market is highly fragmented with major players such as BASF SE and Borealis Group dominating the market. In 2012, the top five companies of melamine formaldehyde market include BASF SE, Mitsui Chemicals, Borealis Group, Momentive Speciality and INEOS Group captures approximately 20% of the overall market share.

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