The melamine formaldehyde market size was valued at $652.6 million in 2020 and is projected to reach $1,160.1 million by 2030, growing at a CAGR of 6.0% from 2021 to 2030.
Melamine formaldehyde is a synthetic resin obtained from melamine and formaldehyde by condensation of two monomers. Melamine formaldehyde is a durable, hard, and versatile thermosetting aminoplast with good heat and fire resistance. It is also a chemically-resistant resin that is employed in particleboard and plywood adhesives, laminated tabletops and countertops, automotive surface coatings, and dishwasher-safe tableware.
Melamine formaldehyde has high nitrogen content. The sublimation of melamine absorbs substantial heat energy and is therefore, used as a heat sink in fire situations. Hence, melamine formaldehyde is an alternative to halogen-based flame retardants. It is primarily used in specialized paints, textile products such as firefighting apparel, and flexible urethane foam that is useful in the bedding industry and furniture and electronics products. The growing demand for melamine formaldehyde in automotive, furniture, and construction industries is expected to drive the global melamine formaldehyde market during the forecast period. However, strict government regulations and fluctuation in the cost of raw materials are expected to hamper the melamine formaldehyde market growth. Moreover, melamine formaldehyde has replaced urea formaldehyde, creating another growth opportunity for this market during the forecast period.
Melamine formaldehyde resin is similar to urea formaldehyde resin in its applications and processing, but melamine resins are harder, stronger, and moisture resistant. Melamine moldings are glossy, retain a dust-free surface, and are one of the hardest plastics. These benefits led to the replacement of the urea formaldehyde with melamine formaldehyde in molded plastic plates and food containers. Melamine-based polymers are widely used as cross-linking agents in baked-on surface coating systems. Melamine formaldehyde has various industrial applications, such as surface coating for automobile topcoats and metal furniture. Melamine formaldehyde improves wrinkle resistance and adds flame retardant properties. Paper treated with melamine resin is more resistant to wrinkle and impregnated against moisture. For instance, banknotes, despite intensive use for many years, do not wrinkle much and survive washing machines.
The melamine formaldehyde market is classified into form, application, and region. On the basis of form, the market is segmented into powder and liquid. By application, the market is segmented into laminates, wood adhesives, molding compounds, surface coatings, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The melamine formaldehyde market share is analyzed across all significant regions and countries.
The key players operating in the global melamine formaldehyde market include Allnex GMBH, Arclin Inc., BASF SE, Georgia-Pacific Chemicals LLC, Hexion, Hexza Corporation Berhad, Mitsui Chemicals, Inc., Pacific Texchem Private Limited, Prefere Resins Holding GmbH, and Sprea Misr.
Melamine Formaldehyde Market, by form
The powder segment held a significant share in the melamine formaldehyde market in 2020 and is estimated to grow with a CAGR of 5.3% during the forecast period. It is useful for the impregnation of decorative paper in the manufacture of high-pressure laminates.
By Form
Powder is projected as the most lucrative segment.
Melamine Formaldehyde Market, by Application
The laminates segment held a significant share in the melamine formaldehyde market in 2020 and is expected to grow at a CAGR of 6.3% during the forecast period. The products made thereof, are widely used in residential and non-residential construction as well as for renovation and furniture application. The melamine formaldehyde laminates exhibit strong resistance to heat, stain, moisture, and damage, resulting in their large-scale use in various end-use industries, such as in flooring tiles and furniture meant for houses, offices, and hospitals.
By Application
Laminates is projected as the most lucrative segment.
Melamine Formaldehyde Market, by Region
Asia-Pacific garnered the highest share in the melamine formaldehyde market in 2020, in terms of revenue, and is expected to maintain its dominance during the forecast period. Rise in industrialization and increase in construction activities are projected to drive the melamine formaldehyde demand during the forecast period. Increase in sales of automobiles owing to rise in disposable income is another factor that fuels the market growth. Thus, high growth in automotive and construction industries in the Asia-Pacific region is estimated to present great opportunities for melamine formaldehyde market during the forecast period.
By Region
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Key Benefits For Stakeholders
- The report includes an in-depth analysis of different segments and provides melamine formaldehyde market estimations between 2021 and 2030.
- The melamine formaldehyde market size is provided in terms of revenue and volume.
- A comprehensive analysis of the factors that drive and restrict the growth of the melamine formaldehyde market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecasts are based on factors impacting melamine formaldehyde market growth, in terms of $million and kilotons.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current silicone in melamine formaldehyde market trends and future estimations from 2021 to 2030, which helps to identify the prevailing market opportunities.
COVID-19 Impact on Market
- The COVID-19 outbreak impacted the melamine formaldehyde market negatively. The market witnessed a sharp decline in demand for melamine formaldehyde from various industries, such as furniture, paper, and construction industry.
- The COVID-19 pandemic caused a ban on imports and export, thereby disrupting the supply chain and hampering the melamine formaldehyde market growth.
- Lockdowns imposed by the governments globally have largely impacted the construction sector as many of the construction projects have been halted or postponed, which impacted the growth of the melamine formaldehyde market.
- There was a huge supply and demand gap created due to the COVID-19 pandemic.
- Fluctuation in prices of melamine during COVID-19 was a major hindrance to the market.
Melamine Formaldehyde Market, by Form Report Highlights
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Analyst Review
The global demand for melamine formaldehyde is heading into a period of growth stabilization in its business life cycle. Major driving factor for melamine formaldehyde market is the growth in the construction industry, which is employing melamine formaldehyde as one of its key applications. Also, the construction industry faces tremendous development, specifically in regions of Asia-Pacific and LAMEA, which implies that it is expected to contribute majorly to expand the business of melamine formaldehyde. The progress of the global furniture industry also adds a significant share of revenue to the melamine formaldehyde market due to the increase in the trend of luxurious furniture and multifunctional versatile furniture.
However, demand for melamine formaldehyde in China is very high due to the upsurge in its end-use industries. Also, the last few years have recorded a rise in the export quantity of the resin from the country. Thus, high production and demand in China are expected to positively affect the growth of the melamine formaldehyde market. Lastly, the rise in the packaging industry drives the global melamine formaldehyde market, as well, by employing the thermosetting polymer as a constituent of the coatings applied to different packaging.
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