Melamine Market Comparative Scenario And Remarkable Growth in Coming Years 2022 to 2030
The market trends suggest that the global melamine market was valued at $1.7 billion in 2020 and is projected to reach $11.57 billion by 2028. The market will be growing at a CAGR of 5.1% from 2021 to 2028.
Melamine, a white crystalline substance, is a member of the heterocyclic organic compound family, and it contains 66% nitrogen by mass. When Melamine comes in contact with formaldehyde and other agents, they give rise to formaldehyde, and melamine resins under the process of polymerization. These resins have features like they are hard, glossy, durable, and exhibit intense heat, followed by moisture, and stain resistance.
The global demand for the products of the melamine market is primarily driven by growth in demand for laminates across the globe, a rise in consumption of Melamine in the wood adhesive industry, and increased construction activities. Globally, there has been a significant undersupply to meet the APAC demand for housing. For example, in the Chinese region, residential investment grew by about 13.9% during the first eleven months of 2019, reaching $1,518.9 billion. The area under residential construction during the period was recorded to have reached 6,276.73 million square meters, indicating a 10.1% growth. However, in countries such as the U.S., the value of new private residential buildings has decreased from $5 39,607.0 million in 2018 to $5 14,629 million in 2019.
Segmentation:
Global Melamine Market is segmented by Form, Application and End-User Industry.
On the basis of the Product Type, Global Melamine Market is segmented into melamine resin, melamine foam, and others.
On the basis of the Application, Global Melamine Market is segmented into surface coating, thermoset plastics, laminates, wood adhesives, and others.
On the basis of the End-User Industry, Global Melamine Market can be segmented into automotive industry, construction, chemical industry, textile industry, and others.
Regional Analysis:
Global Melamine Market is spanned across five regions namely North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.
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Competitive Analysis
The important success factors in the market are attained without difficulty in the market which is adding to a raised pace of improvement in the forecast period. The market pull and competitors’ propensities are markedly enhanced by the strategies that are being used by market competitors. The invention in the products and services of the markets will change the progression of the market remarkably. The escalating level of importance placed on the alternatives of the products is increasing the number of customers in the market noticeably.
OCI Nitrogen (Netherlands), BASF SE (Germany), Haohua Junhua Group Co, Ltd. (China), Cornerstone Chemical Company (U.S.), Nissan Chemical Industries. Ltd. (Japan), Methanol Holdings (Trinidad) Limited (U.S.), Sichuan Golden Elephant Chemical (China), Mitsui Chemicals, Inc. (Japan), Qatar Melamine Company (Qatar), and Borealis AG (Austria) are a few of the important competitors functioning in the melamine market globally.
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