Melamine Market Highly Favorable with New Demand to the Growth Rate by 2023
Albany, NY -- (SBWire) -- 02/06/2019 --Global Melamine Market: Snapshot
Melamine is being used extensively across diverse industries across the globe, thanks to which the market is likely to experience a healthy growth in the next few years. The innovations and developments and the expansion of the product portfolio are predicted to enhance the development of the market in the coming years. In addition to this, the rise in the application sectors is likely to offer growth opportunities in the near future. With these factors, several new players are likely to enter the market in the next few years, which will ensure the market growth in the coming few years. Also, the increasing use of melamine in the automotive industry is projected to accelerate the market growth over the next few years.
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Growing Demand from Construction Industry to Encourage Market Growth
As per the research study by TMR, in 2014, the global melamine market stood at US$1.72 bn. The market is likely to reach a value of US$2.49 bn by 2023, registering a promising 4.305 CAGR from 2015 to 2023.
The high rate of urbanization and the rising spending capacity are the major factors that are projected to drive the global melamine market in the coming few years. A significant rise in the standard of living is likely to support the development of the market across the globe. In addition to this, the high development of the construction and building industry is projected to offer promising growth prospects for the market players, thus enhancing the market growth in the near future. On the flip side, the changing prices of raw materials and the rising consumer concern related to the formaldehyde emission, owing to the use of melamine-based molding compounds are expected to curtail the market growth in the near future. Nonetheless, the advent of melamine foams is likely to offer lucrative growth opportunities for the market players across the globe.
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Technological Advancements to Support Global Melamine Market
Among the key segments, Asia Pacific is expected to account for a large share of the global melamine and remain in the leading position in the coming few years. The rising demand for melamine owing to the rapid development of the construction industry is predicted to encourage the growth of the Asia Pacific melamine market in the near future. The high rate of industrialization and a tremendous rise in the population are another factors propelling the market growth in the coming years. Furthermore, Europe is likely to experience a promising growth in the next few years and register a healthy growth rate in the next few years.
The global market for melamine is likely to witness a high level of competition among the leading players across the globe. The participation of new players and the growing focus on the research and development activities are estimated to support the development of the market in the coming years. The expansion of the product portfolio and innovations in this field are further expected to offer growth opportunities for the players, thus enhancing the market growth in the near future. Some of the key players engaged in the melamine market across the globe are Qatar Melamine Company (QMC), Xinji Jiuyuan Chemical Co., Ltd., Grupa Azoty Zaklady Azotowe Pulawy S.A. (ZAP), Borealis AG, BASF SE, Methanol Holdings (Trinidad) Limited (MHTL), OCI N.V., and Cornerstone Chemical Company.
Get More Info Visit @ https://www.cnbc.com/2015/12/15/globe-newswire-melamine-market-is-anticipated-to-reach-us249-billion-by-2023-expanding-at-a-cagr-of-43-from-2015-to-2023-transparency.html
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