Melamine Foam Block Market Is Estimated To Witness High Growth Owing To Growing Demand From Building And Construction Sector
Melamine foam block is a rigid polyurethane foam commonly used as an insulator in various industrial and construction applications. It provides excellent thermal insulation and soundproofing properties. Melamine foam blocks help reduce energy costs for heating and cooling buildings by preventing heat transfer. They are increasingly being used in walls, floors, and roofs of residential and commercial buildings for insulation. The global melamine foam block market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing construction industry globally presents a major market opportunity for melamine foam blocks. According to estimates, the global construction industry is expected to grow at over 4% annually until 2030. This rising number of construction projects for buildings and infrastructure is driving the demand for efficient insulation materials like melamine foam blocks. Their superior insulating efficacy helps reduce energy usage and costs for heating, ventilation, and air conditioning in buildings. Furthermore, stringent regulations regarding energy efficiency in the construction of green buildings will further boost the adoption of melamine foam blocks. Their ability to meet sustainability standards while providing insulation makes them an attractive proposition for builders and construction firms.
Porter's Analysis
Threat of new entrants: Moderate threat as the market requires establishing manufacturing and supply chain facilities which requires high initial investments.
Bargaining power of buyers: Moderate to high bargaining power as buyers can switch between different manufacturers based on pricing.
Bargaining power of suppliers: Moderate bargaining power as raw material suppliers hold strategic importance. However, availability of substitutes curbs suppliers' power.
Threat of new substitutes: Low threat as melamine foam offers unique attributes like sound and thermal insulation which are difficult to replicate.
Competitive rivalry: High competitive rivalry due to presence of numerous regional and global players competing on pricing and product development.
SWOT Analysis
Strengths: Unique properties for sound and thermal insulation. Growing applications in automotive, construction and industrial sectors.
Weaknesses: Fluctuating raw material prices increases production costs. Melamine foam production is capital intensive requiring huge investments.
Opportunities: Rising demand for eco-friendly insulation materials drives market growth. Greater research on developing specialized grades expands applications.
Threats: Stringent environmental regulations on foam production limits expansion. Substitution threat from alternative insulation materials.
Key Takeaways
The global Melamine Foam Block Market Share is expected to witness high growth at a CAGR of 7.8% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 1.29 Billion by 2023.
Regional analysis for Asia Pacific comprises largest share of over 35% of the global market in 2023. Rapid industrialization and infrastructure development drives demand for insulation materials in China, India and other developing Asian countries. North America and Europe also contribute significantly to the overall melamine foam block consumption.
Key players operating in the melamine foam block market are Lockheed Martin, Northrop Grumman, Analytical Graphics, ExoAnalytic Solutions, Schafer, Etamax Space, Vision Engineering Solutions, Applied Defense Solutions, Spire Global, and Harris. These players are focusing on new product development and capacity expansions to strengthen their market presence.
For more insights, read- https://cmiinfopiece.blogspot.com/2023/12/melamine-foam-block-market-growth.html
English
Arabic
Français
Español
Português
Türkçe
Dutch
Italiano
Russian
Romaian