Dublin, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific Melamine Formaldehyde Market Size, Share & Trends Analysis Report By Form (Powder, and Liquid), By Application (Laminates, Wood Adhesives, Surface Coatings, Molding Compounds, and Others), By Country and Growth Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific Melamine Formaldehyde Market is forecast to witness market growth of 5.1% CAGR during the forecast period 2023-2030. In 2021, the Asia Pacific market's volume surged to 678.44 Kilo Tonnes, showcasing a growth of 4.7% between 2019-2022.
The market is a crucial segment within the broader thermosetting resin industry, showcasing its significance through exceptional properties and multifaceted applications across various sectors. This market revolves around a compound synthesized by meticulously reacting melamine and formaldehyde under controlled conditions, resulting in a resin renowned for its outstanding durability, heat resistance, chemical stability, and electrical insulation properties.
The synthesis of melamine formaldehyde (MF) involves a precision-driven process wherein melamine, a nitrogen-based compound, reacts with formaldehyde to create a resin with unique characteristics. This chemical reaction yields a thermosetting plastic known for its exceptional traits, making it highly desirable across industries. The compound's molecular structure and inherent properties have positioned MF as an indispensable material for various applications.
The Asia Pacific region, with nations like China, India, Bangladesh, Vietnam, and others, represents a substantial consumer base for textiles. Many countries in the Asia-Pacific region are prominent manufacturing hubs for textiles and apparel. the garment industry in China is on the rise, as per the State Council of the People's Republic of China. The 13,053 largest apparel companies in China generated a total profit of 561.1 billion yuan (approximately $83.9 billion) between January and May 2022, an increase of 6.1 percent annually, as the Ministry of Industry and Information Technology reported. Therefore, the rising textile industry in the region is driving the growth of the market.
The Chinese market dominated the Asia Pacific Melamine Formaldehyde Market, By Country in 2022, and is set to continue to be a dominant market to 2030; thereby, achieving a market value of $544 million by 2030. The Japanese market is registering a CAGR of 4.5% during 2023-2030. Additionally, the Indian market would showcase a CAGR of 5.7% during (2023 - 2030).
Based on Form, the market is segmented into Powder, and Liquid. Based on Application, the market is segmented into Laminates, Wood Adhesives, Surface Coatings, Molding Compounds, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
List of Key Companies Profiled
INEOS Group Holdings
Mitsui Chemicals, Inc.
Pacific Texchem Private Limited
Prefere Resins Holding GmbH
Hexzachem Sarawak Sdn Bhd
Market Report Segmentation
Rest of Asia Pacific
For more information about this report visit https://www.researchandmarkets.com/r/9xf41u
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