Worldwide melamine market is expected to accrue around US $10.55 billion by the year 2026, expanding at a CAGR of over 4.0% during 2019-2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts to 2026.
The global melamine market is segmented into two major product types – melamine resins & melamine foams. The two product types are similar to a great extent in terms of chemical content and are utilized based on the application. Melamine is basically a chemical compound which is deployed extensively for its high-class mechanical, chemical & flame-retardant properties. In addition to this, Melamine is widely used in laminates & wood adhesives.
According to the latest study, burgeoning expenditure on construction, coupled with rising disposable income of consumers, has resulted in enhanced melamine adoption. Owing to recovery & developments in emerging nations, there has been significant increase in consumer spending on luxury furniture and home décor products, which has in turn, augmented the demand for wood adhesives & laminates.
The escalated demand for melamine is subsequent to development levels in the economies, which implies that demand in maximum number of downstream sectors is affected by general economic conditions. The end-use segments of this market include automotive production, remodeling, original equipment manufacturers (OEMs), and construction. The report also affirms that technological trends, for instance, reduction of formaldehyde emissions, are most likely to propel the growth of the melamine market, given that melamine is a strong formaldehyde-binding agent.
An exhaustive analysis of the global melamine market has been offered in the latest report, explicating multiple market drivers, dynamics, as well as both existing & future trends of the market. The report further investigates numerous opportunities and restraints prevailing in the market, which influence the commercialization scope of this industry over the forecast period. The industry analysis highlighted in the report takes into account Porter’s five forces that include degree of competition, bargaining power of buyer, bargaining power of supplier, threat of substitute, and threat of new entrant.
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The geographical landscape of the worldwide melamine market covers five major regions including Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. The European market is broadly divided into the United Kingdom, France, Germany, and rest of Europe, while the North American market cover the United States and Canada. The Latin American market is bifurcated into Brazil, Mexico, and the rest of Latin America, and the Asia Pacific region comprises India, Japan, China, and the rest of Asia-Pacific.
On the basis of regional outlook, Asia Pacific is the most profitable regional segment for the global melamine market, where China is the sole major contender, holding a market share of over 40 percent. Based on the recent findings of the report, China is projected to experience speedy growth through 2022, with expected rise in production & additional capacities. The rapidly growing real estate market is estimated to propel nation’s melamine consumption. In comparison to the automobile coatings segment, which is likely to face rather slower growth, melamine consumption in surface coatings for metal containers & appliances is expected to grow speedily.
However, Europe is the second-biggest regional market player, with about 28 percent of the market share. As compared to the rest of Europe, Eastern & Central Europe is likely to experience higher growth, on account of greater consumption of melamine. Western Europe is likely to observe moderate growth, given the growth of vehicle production, residential remodeling & construction, floor innovations, along with do-it-yourself projects.
The global melamine industry comprises a multitude of domestic & international market players that include Hexion Specialty Chemicals, BASF SE, OCI Melamine, Borealis AG, Mitsui Chemicals Inc., Sichuan Golden Elephant Chemical Co. and Qatar Melamine Co. among others.