Global Melamine Market - Segmented by Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global melamine market is estimated to register a CAGR of 4.5% during the forecast period 2018-2023. Asia-Pacific to lead the market accounting for more than half of the share, supported by the growing construction industry in the region. By application, laminates are to dominate the market.
Growing Construction Industry Driving the Market
Melamine is majorly used in laminates, molding components, surface coatings, adhesives, etc. The usage of these products in the construction industry is of great importance. The other feature of melamine, which makes it the best option for the construction industry is its water-resistant property. 2017 was marked as a great year for the global construction industry supported by improvement in technology and infrastructure spending and is expected to continue in the coming years. With the ongoing growth in the demand for prefabricated structures, which is making construction process easy and less time consuming, the market for melamine is expected to grow at a healthy rate.
Laminates to Continue to be the Major Application
Laminates find their application in products including furniture, floors, countertops, kitchen cabinets, and walls. Laminates are found to be the largest application for melamine and are expected to continue the dominance through the forecast period. The factor that is driving the adoption of laminate flooring is its cost advantage over other flooring products. The other attributes for the growth of laminate flooring are the easy installation, low maintenance, innovative designs, etc. The ongoing recovery in the residential and commercial construction sectors would drive the growth of the market.
Asia-Pacific to Lead among Other Regions
Asia-Pacific is the largest and the fastest growing market for melamine. In the region, China holds a strong position with large production capacity and consumption. The market for melamine in the region is driven by the increasing demand from the construction sector. Melamine consumption in wood panels and laminates is to increase owing to propelling demand in the domestic and global market. China is estimated to remain the prime market for melamine during the forecast period due to the growing real estate market.
Notable Developments in the Market
February 2018: Cornerstone Chemical Company announced price increase for melamine.
July 2017: H.I.G. Capital, a leading global private equity investment firm, announced that one of its affiliates has entered into a definitive agreement to sell its portfolio company, Cornerstone Chemical Company, to an affiliate of Littlejohn & Co., LLC.
Major players include BASF SE, Borealis AG, OCI Melamine, Cornerstone Chemical Company, and Hexion Specialty Chemicals, Inc., amongst others.
Reasons to Purchase the Report
To understand the impact of increasingly stringent regulations on the market.
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
To understand the trends in the industries related to the applications of melamine through the forecast period.
Identify the countries expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
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