Global Melamine Formaldehyde Market 2017-2021
About Melamine Formaldehyde
Melamine is a heterocyclic organic compound that has nitrogen as its key component. The high nitrogen content makes melamine products extremely flame retardant. Melamine, when reacted with formaldehyde, forms melamine formaldehyde. Melamine formaldehyde exhibits good properties such as durability and resistance to heat when cross-linked with other chemical products.
Technavio’s analysts forecast the global melamine formaldehyde market to grow at a CAGR of 5.93% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global melamine formaldehyde market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price for the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Melamine Formaldehyde Market 2017-2021
Technavio recognizes the following companies as the key players in the global melamine formaldehyde market: allnex, BASF, Chemiplastica, HEXZA CORPORATION, BERHAD, and INEOS Melamines.
Other Prominent Vendors in the market are: Chemisol Italia, Chimica Pomponesco, Eternal Resin, EUROTECNICA Contractors and Engineers, Hexion, Georgia-Pacific Chemicals, Mitsui Chemicals, and Qatar Melamine.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is growing demand for melamine from automotive industry. The increasing demand for melamine from the automotive industry is presenting the global melamine market with notable growth opportunities. Properties such as thermal insulation and excellent chemical resistance make melamine formaldehyde an ideal material for use in surface coatings and decorative laminates of automobile interiors. Emerging automotive applications of melamine listed below will fuel the demand and adoption of melamine in the automotive industry during the forecast period.”
According to the report, one of the major drivers for this market is increasing demand from construction industry. Most countries, especially the emerging ones in APAC, the Middle East, and Africa, have significantly increased their expenditure on the construction industry. This is attributable to the rise in disposable income, improved standards of living, and the need for infrastructure development. Melamine-formaldehyde resins are used for manufacturing and processing construction materials, including wood, glass, and plastics. This factor has significantly increased the demand for melamine-formaldehyde resins, thereby driving the market growth.
Further, the report states that one of the major factors hindering the growth of this market is volatility in raw material prices. The price volatility of raw materials used in for manufacturing melamine is a major restraint faced by the vendors in the global melamine formaldehyde market. Melamine is formed from methane, which is produced as a byproduct of petroleum refining.
allnex, BASF, Chemiplastica, HEXZA CORPORATION, BERHAD, INEOS Melamines, Chemisol Italia, Chimica Pomponesco, Eternal Resin, EUROTECNICA Contractors and Engineers, Hexion, Georgia-Pacific Chemicals, Mitsui Chemicals, and Qatar Melamine.