The melamine formaldehyde market is expected to record at a CAGR of over 5% during the forecast period. One of the main factors driving the market is the growing demand for formica laminated furniture.
New York, March 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Melamine Formaldehyde Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06028510/?utm_source=GNW
However, government regulation on the toxicity of formaldehyde in developed nations is expected to hinder the growth of the market studied.
The use of melamine formaldehyde for the treatment of an organic fraction of municipal solid waste (OFMSW) is likely to act as an opportunity for the market studied in the coming years.
By application, the decorative laminated furniture segment will dominate the market, which is expected to grow further during the forecast period.
The Asia-Pacific region is estimated to dominate the global market, owing to the increasing demand from the furniture industry in China and India.
Key Market Trends
Growing Demand for Formica Laminated Furniture
- Decorative laminates are an attractive and safe way to keep the interior beautiful and to protect furniture from wear and tear, scratching, and fire risk. These products also help to increase the surface life span and provide them an eye-catching finish.
- The principal use of melamine resin is the main constituent of high-pressure laminates, such as formica and arborite and laminate flooring. Additionally, it is used in plastic laminate and overlay materials.
- A complexly interlinked polymer melamine formaldehyde is employed in plywood and particleboard adhesives, dishwasher-safe tableware, and automotive surface coatings.
- Manufacturing of eco-friendly decorative laminates is expected to present lucrative growth opportunities for manufacturers to enhance the existing customer base and augmented market value share.
- Hence, owing to the above-mentioned factors, the application of melamine formaldehyde as formica-laminated furniture is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for melamine formaldehyde during the forecast period. The growing infrastructural investments and economic growth of various developing nations, such as India and China, are expected to drive the demand for melamine formaldehyde in this region.
- The largest producers of melamine formaldehyde are based in the Asia-Pacific region. Some of the leading companies in the production of melamine formaldehyde are BASF SE, Hexion, and AkzoNobel NV, among others.
- The rising demand for decorative laminates is relatively high in developing countries, such as India and China, in the Asia-Pacific region due to the increasing population and the expanding economy.
- The growing demand for cement is due to the increasing construction market in the Asia-Pacific region. The Asia-Pacific region construction spending is expected to be almost half of the total global construction spend by 2020, with China, Japan, Indonesia, South Korea, and Malaysia, expected to have the highest potential for market growth and profitability.
- The rising textile chemical market in the APAC region, due to growing apparel and home furnishing industry, cotton and synthetic fibers, and urbanization, results in the rise of domestic demand in the Asia-Pacific region.
- Owing to the above-mentioned factors, the market for melamine formaldehyde in the Asia-Pacific region is projected to grow during the study period.
The global melamine formaldehyde market is partially consolidated in nature with a few major players dominating the market. Some of the major companies are BASF SE, Hexion, AkzoNobel NV, Prefere Resins Holding GmbH, and Georgia Pacific Chemicals.
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