The global melamine formaldehyde market is expected to grow at a moderate rate during the forecast period. At present, Asia-Pacific holds the largest share of the market in terms of value & volume, followed by Europe. This growth is attributed to developments in construction, furniture, and packaging industries as well as high demand for MF in China.
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Melamine formaldehyde market or melamine resin is an aminoplast resin formed from polymerization of melamine and formaldehyde. It is used in furniture, automobile, construction, textile, paper, electrical, household, and other industries due to its enhanced fire & thermal resistance, as well as its ability to provide protection against moisture, scratch, and chemicals.
Furthermore, it can be modified into foam and used as a soundproofing material too.
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However, the fluctuation in raw material prices and the carcinogenic nature of the resin could restrict the market growth. Moreover, rise in demand for MF resin in automobile industry and effective substitution of urea formaldehyde are expected to provide growth opportunities.
The global melamine formaldehyde market size was valued at $430 million in 2015, and is anticipated to grow at a CAGR of 6.9% to reach $687 million by 2022.
The melamine formaldehyde market is segmented based on application and geography. On account of applications, it includes laminates, wood adhesives, molding compounds, surface coatings, and others.
Moreover, according to experiments conducted by Mei Xuan et al in 2013, it can act as a solid sorbent for removal of toxic metal; and as a recyclable oil adsorbent based on work done by Yu Yang et al in 2014. In addition, the polymer can also be used in combination with polyvinyl alcohol and nano silver as wound dressings for diabetic foot disease according to studies conducted in 2015.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an extensive analysis of the current and emerging market trends in the global melamine formaldehyde market from 2014 to 2022, in terms of value and volume, to identify prevailing market opportunities.
- Geographically, the melamine formaldehyde market is analyzed based on various regions such as North America, Europe, Asia-Pacific, and LAMEA.
- The report highlights the strategies adopted by key companies.
- Comprehensive analysis of factors that drive and restrict the market growth assist to identify the imminent investment pockets.
- Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
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