Albany, NY -- (SBWIRE) -- 09/28/2017 -- A new report published by Transparency Market Research "Melamine Formaldehyde Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" states that the global melamine formaldehyde Market was valued at USD 13.45 billion in 2012 and is expected to reach USD 20.62 billion in 2019, growing at a CAGR of 6.3% between 2013 and 2019.
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The demand for melamine formaldehyde is expected to be driven by strong growth factors in end-use industries. Melamine is an organic, heterocyclic compound that has nitrogen as its major constituent. Due to the presence of high nitrogen content, melamine products are extremely flame retardant by nature. Melamine when reacted with formaldehyde constitutes melamine formaldehyde (MF) – a chemical element that exhibits excellent properties when cross-linked with various other chemical products.
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Melamine formaldehyde has a wide range of applications. Its growing demand is seen from end-user industries such as, furniture, construction, automobile, lamination, textile, and paper among many others. Owing to huge demand for melamine formaldehyde products from all such industries, the global melamine formaldehyde market is expected to increase tremendously in the coming years.
Also, the continuous rising demand from China for producing secondary processed products has contributed in the growth of melamine formaldehyde market. After Asia-Pacific, China is the world's largest exporter of secondary processed products. In addition, the development of different technologies facilitating cross-linking of melamine formaldehyde with other chemicals is expected to enhance the demand for melamine formaldehyde (MF) in paints and coatings.
Melamine formaldehyde (MF) based paints and coating products have an imperative effect on the growth of melamine formaldehyde market, and thus, the major growth and demand would be arising from the automobile sector in the coming years. The use of melamine formaldehyde in paints and coatings used in the automobile sector is expected to drive the market at CAGR of 6.2% between 2013 and 2019.
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Speaking of the largest consumer of melamine formaldehyde in the last few years, the laminate industry has captured the highest share on a global level.
Melamine formaldehyde in the form of laminates offer resistance to UV, fire, light, and water which makes it extremely suitable for a broad range of applications. Laminates is expected to grow at a CAGR of 5.6% from 2013 to 2019.
In addition to the laminate industry, the adhesive industry was the second largest consumer of melamine formaldehyde in 2012. Due to the global rising growth of furniture and construction industries, the increase in the consumption of adhesives and laminates has played a pivotal role in the overall melamine formaldehyde market. The use of melamine formaldehyde is also seen in the tableware applications. This market is augmented to show the fastest growth rate due to the high consumption of MF products in the future. Likewise, the U.S. Food and Drug Administration (FDA) agreement to implement melamine formaldehyde in the food manufacturing and packaging sectors, as well as other tableware segments is anticipated to boost the consumption of melamine formaldehyde in this particular application. Some additional applications such as household appliances, sanitary ware, and electrical appliances has also witnessed high consumption of melamine formaldehyde, and the growth in these markets is also expected to rise in the future.
Geographically, in 2012, Asia-Pacific market emerged as a leading sector in the consumption of melamine formaldehyde, accounting for over 40% of the market shares in the same year. Europe is expected to be a major consumer of melamine formaldehyde by 2019. The market in the European region is growing at a CAGR of 5.6% between 2013 and 2019. The Rest of the World (RoW) market is expected to reach maximum growth figures by 2019, capturing a market share of approximately 8%.
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