Melamine Formaldehyde Market to Garner $1.16 Billion, Globally, By 2030 at 6.0% CAGR, Says Allied Market Research

Prime determinants of growth Prime determinants of growth Advantages of melamine formaldehyde in the construction industry and increase in its usage in paints, furniture, textile, and automotive industries drive the growth of the global melamine formaldehyde market. However, stringent government regulations and fluctuation in the cost of raw materials hinder the market growth. On the other hand, effective solutions for waste management present new opportunities in the coming years...

Prime determinants of growth

Advantages of melamine formaldehyde in the construction industry and increase in its usage in paints, furniture, textile, and automotive industries drive the growth of the global melamine formaldehyde market. However, stringent government regulations and fluctuation in the cost of raw materials hinder the market growth. On the other hand, effective solutions for waste management present new opportunities in the coming years.

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Covid-19 Scenario

The powdersegment to maintain its leadership status throughout the forecast period

Based on form, the powder segment held the highest market share in 2020, accounting for more than half of the global melamine formaldehyde market, and is estimated to maintain its leadership status throughout the forecast period. This is due to its increase in use in glazing, and lamination on particleboard flooring. However, the liquid segment is projected to manifest the highest CAGR of 6.8% from 2021 to 2030, attributed to rise in demand from laminates, surface coating, wood adhesives, and molding compounds.

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The laminates segment to maintain its lead position during the forecast period

Based on application, the laminates segment accounted for the largest share in 2020, contributing to more than two-fifths of the global melamine formaldehyde market, and is projected to maintain its lead position during the forecast period. This is due to its wide usage in renovation and furniture applications for residential construction. However, the surface coatings segment is expected to portray the largest CAGR of 7.0% from 2021 to 2030. Its demand from aerospace, auto refinishing, furniture finishing, metal can-coating, paper coating is growing, which in turn, drives the segment.

Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for more than half of the global melamine formaldehyde market. Rise in industrialization and increase in construction activities are projected to maintain leading position in the market over the forecast period. However, the LAMEA region is expected to witness the fastest CAGR of 8.1% during the forecast period, owing to high growth in automotive and construction industries in the region.

Leading Market Players

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