Melamine Market Poised to Expand at a Robust Pace Over 2023

Transparency Market Research has published a new report titled “Melamine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023.” According to the report, the global melamine market was valued at US$1.72 bn in 2014 and is anticipated to reach US$2.49 bn by 2023, expanding at a CAGR of 4.3% between 2015 and 2023.

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Melamine is a white crystalline powder with 99.8% purity and is commonly used in the production of melamine-formaldehyde (MF) resins. Melamine-based resins are moisture-resistant and hard. Melamine contains nearly 66% nitrogen by mass. Thus, it offers flame-retardant properties when mixed with resins. MF resins release nitrogen gas when burned or charred. Melamine is used in a broad range of applications such as laminates, adhesives, molding compounds, surface coatings, paper treatments, textile resins, and flame retardants. Rapid urbanization, increase in disposable income, and rise in standard of living are key factors contributing to robust growth of the building and construction industry. This serves as one of the key drivers for the melamine market. MF resins are widely employed in the manufacture of laminated wooden panels. These resins exhibit strong resistance to heat, stain, abrasion, and chemical reaction; thus, these are extensively employed in construction applications. Volatility in raw material prices and increasing consumer concern toward formaldehyde emission from melamine-based molding compounds are key inhibitors for the market. However, melamine foams are anticipated to offer growth opportunities as they exhibit high sound absorption capacity and possess an intrinsic property of flame retardancy. Thus, these foams can be used in buildings, suspended baffles, acoustic panels, and metal ceiling panels.

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Laminates was the dominant segment of the global melamine market in 2014. A similar trend is expected to continue between 2015 and 2023. The segment accounted for more than 50% share of the global melamine market in 2014 and is anticipated to be the fastest-growing market during the forecast period. Adhesives & sealants and others are projected to play a crucial role in growth of the global melamine market from 2015 to 2023. Melamine-based adhesives are largely used in hotline fixing of car seats, panel laminations, headlamps, and other interior component assemblies in the automotive industry.

The global melamine market is fragmented. The top seven players in the global melamine market accounted for more than 35% share in 2014. Key players operating in the market include OCI N.V., Borealis AG, BASF SE, Grupa Azoty Zaklady Azotowe Pulawy S.A. (ZAP), Methanol Holdings (Trinidad) Limited (MHTL), Qatar Melamine Company (QMC), Cornerstone Chemical Company, and Xinji Jiuyuan Chemical Co., Ltd.

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