Global Melamine Formaldehyde Market to Grow at 4.4% During 2023-2028, Bolstered by Investments in Eco-Friendly Variants

As per the latest report by IMARC Group, titled “Melamine Formaldehyde Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global melamine formaldehyde market reached a volume of 1,415 Kilo Tons in 2022. Melamine formaldehyde (MF), with the chemical formula C4H6N6O, is a thermoset plastic that is hard, durable and versatile with good heat and fire resistance. Also known as melamine resin, it is made from the polymerization of formaldehyde with melamine. The melamine reacts with formaldehyde under slightly alkaline conditions to form mixtures of various methylolmelamines. MF can be converted to foam structures with a distinctive pore structure and is also used as an insulating and soundproofing material.
 

Global Melamine Formaldehyde Market Trends:

The growing applications of melamine formaldehyde in diverse industries represent one of the major factors bolstering the market growth. Melamine formaldehyde is used to make household crockery items, such as glasses, cups, bowls and plate moldings, as they are heat-, scratch- and impact-resistant. In the automotive sector, it is utilized to manufacture automobile interiors in the form of decorative laminates and surface coatings. Furthermore, various manufacturers are using melamine formaldehyde and bamboo mixture for producing environment-friendly products with the increasing environmental consciousness. Moreover, several leading players are making considerable investments in research and development (R&D) projects to manufacture cost-effective and better-quality melamine formaldehyde products. On account of these factors, the market is expected to grow at a CAGR of 4.4% during 2023-2028.
 

Market Summary:

• Based on the product type, the market has been bifurcated into methylated and non-methylated formaldehyde.
• On the basis of the grade, the market has been segmented into industrial and reagent grades.
• The market has been categorized based on the application into laminates, molding powder, paints, surface coatings, adhesives, thermal insulation foams and others.
• Based on the end-use industry, the market has been classified into construction and building, packaging, electronics, wood and furniture, automotive, chemicals and others.
• Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (India, China, Japan, Australia, Indonesia, South Korea and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. 
• The competitive landscape of the market has also been examined, with some of the key players being Allnex Netherlands B.V., BASF SE, Borealis AG, Chimica Pomponesco S.p.A (Gruppo Frati S.p.A), Eurotecnica Contractors and Engineers S.p.A. (Proman Holding AG), Hexza Corporation Berhad, Georgia-Pacific Chemicals LLC, INEOS Capital Limited, Mitsui Chemicals, Hexion Inc. (Formerly- Momentive Performance Materials Holdings LLC) and Nissan Chemical Industries Ltd.

Report Scope:

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