Albany, NY -- (SBWIRE) -- 05/31/2018 -- 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.

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.

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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.