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The global melamine formaldehyde market exhibited moderate growth during 2015-2020. Melamine formaldehyde refers to a white, odorless and tasteless thermosetting plastic that hardens and strengthens upon heating. It is manufactured by the polymerization of formaldehyde with melamine and exhibits resistance against scratches, impact, moisture, heat and chemicals. In comparison to other thermoplastics, such as acetate, once melamine sets, it does not soften or melt and can retain its strength and shape upon reheating. It is commonly used in the production of laminates for surface walls, cabinets, sanitary ware, counters and household crockery items, such as cups, glasses, bowls and plates. It can also be converted into a foam with distinctive pore structures and used as an insulating and soundproofing material.
Rapid industrialization across the globe is one of the key factors driving the growth of the market. Furthermore, a significant increase in the demand for melamine formaldehyde from various industries, such as construction, automotive, furniture, chemical and packaging, is providing a boost to the market growth. In line with this, in the construction industry, melamine formaldehyde is used for saturating decorative papers that are laminated under high heat and pressure. Owing to its various advantageous properties, such as thermal insulation and chemical resistance, it is also being used for manufacturing automobile interiors in the form of decorative laminates and surface coatings, which is acting as another growth-inducing factor. Other factors, including rapid urbanization, along with the utilization of melamine formaldehyde and bamboo mixture for producing environment-friendly products, are projected to drive the market further. Looking forward, IMARC Group expects the global melamine formaldehyde market to grow at a CAGR of around 5% during 2021-2026.
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The report has also analysed the competitive landscape of the market 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 Chemicals, Mitsui Chemicals, Hexion Inc. (Formerly- Momentive Performance Materials Holdings LLC), Nissan Chemical Industries Ltd., etc.
We expect the global melamine formaldehyde market to exhibit a CAGR of around 5% during 2021-2026.
The expanding usage of melamine formaldehyde across various industries, such as construction, automotive, furniture, chemical, packaging, etc., represents one of the factors driving the global melamine formaldehyde market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries of melamine formaldehyde.
Based on the grade, the global melamine formaldehyde market can be bifurcated into industrial grade and reagent grade. Currently, industrial grade holds the majority of the total market share.
Based on the application, the global melamine formaldehyde market has been divided into laminates, molding powder, paints, surface coatings, adhesives, thermal insulation foams, and others. Among these, laminates represent the largest application segment.
Based on the end-use industry, the global melamine formaldehyde market can be segmented into construction and building, packaging, electronics, wood and furniture, automotive, chemicals, and others. Currently, the wood and furniture sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
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