Global Melamine Formaldehyde Market is estimated to be valued at US$ 26.72 Billion in 2022, according to the Global Melamine Formaldehyde Market Report, by Application (Tableware, Laminates, Paints & Coatings, Adhesives, Sanitary Ware, Electrical & House, Others), and by Region (North America, Asia Pacific, Latin America, Middle East & Africa ), published by Coherent Market Insights.
Global melamine formaldehyde market was valued at US$ 26.72 Billion in 2022and is expected to register a CAGR of 7.7% over the forecast period (2023–2030) to reach US$ 48.53 Billion by 2030.
Key Trends and Analysis of the Global Melamine Formaldehyde Market:
- Melamine formaldehyde is a resin with melamine rings separated by formaldehyde which is derived by numerous hydroxyl groups. This is then employed in advanced materials to form a complex with alkyd, acrylic, epoxy, and polyester resins. Melamine formaldehyde's has properties such as heat tolerance, which allows it to be more chemical resistant, with high adhesion strength. Melamine detailed integrated coatings are used to enhance wooden aesthetics and longevity. The molding compositions also make the body durable and have traits that make it feasible for the of various end user products.
- Rapid growth in the housing projects coupled with the tremendous growth in the population is again anticipated to foster the market growth of the melamine formaldehyde. High demand for melamine formaldehyde from China is expected to accelerate the market growth.
- Expanding production capacity of the manufacturer is a key trend in the market. For instance, March 2022: BASF SE provides melamine-based coatings that are applied to wood to improve its appearance and durability. Its molding components also make the surface robust, with properties including hardness, heat resistance, and chemical resistance, making it ideal for making wiring equipment and serving trays.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/melamine-formaldehyde-market-4101
Key Takeaways of the Global Melamine Formaldehyde Market:
- Adhesives are estimated to account for a market share of 23.3% in 2022. In terms of geography, North American consumers are predicted to spend the most on melamine formaldehyde products, and the market is expected to hold around 31% of the global market share in 2022. Key market players are expected to focus on collaborations & partnerships to enhance its market stance.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the melamine formaldehyde are key strategies adopted by players in the global melamine formaldehyde market.
