ALBANY, N.Y., Aug. 6, 2020 /PRNewswire/ -- The use of MF resins in the manufacture of laminated wooden panels may serve as a prominent growth indicator for the melamine market. The properties of the MF resins such as large-scale resistance to abrasion, stain, heat, and chemical reactions bring considerable opportunities for the melamine market. In addition, accelerating urbanization across the globe is leading to advancements in the construction industry, eventually serving as a good growth prospect for the melamine market.
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Based on all these factors, the analysts at Transparency Market Research (TMR) predict the global melamine market to record a CAGR of more than 4% across the forecast period of 2019-2027. The global melamine market may attain a valuation of more than US$ 2.8 bn by the end of 2027.
The increase in the applications of melamine across the construction and industrial sector may bring expansive growth opportunities for the melamine market. The growing popularity of melamine-based foams may also boost the growth prospects of the global melamine market.
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Melamine Market: Key Revelations
- On the basis of volume, laminates application segment accounted for more than 50 percent of the market share in 2018 and may continue the same across the forecast period of 2019-2027
- In accordance with the application segment, adhesives and sealants may record above-average growth rate throughout the forecast period
- In terms of region, Asia Pacific occupied more than 60 percent share in the melamine market in 2018 and is also expected to contribute largely between 2019 and 2027
- Europe emerged second in terms of regional growth in 2018 and expects to hold a significant share during 2019-2027
- The U.S. constituted for over 80 percent market share for melamine in North America and may continue to be the dominating country in North America across 2019-2027
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Melamine Market: Growth Accelerators
Melamine is used as a prime component across diverse applications. This aspect may prove to be a robust growth generator for the melamine market. The growing disposable income and the fast-changing consumer lifestyle may form the foundation for the growth of the melamine market.
- The considerable escalation in the use of melamine in carbon nanotube and high resistance concrete may invite substantial growth across the melamine market
- As MF resins display robust thermosetting properties, they are molded into numerous heat-resistant products, thus bringing substantial growth for the melamine market
- MF resin laminates are used in the production of low-pressure and high-pressure laminates that are used in applications such as laminated floorings, exterior wall cladding, furniture, and kitchen; this aspect ensures good growth opportunities for the melamine market
- The use of melamine formaldehyde resin due to its transparency and wear-resistant properties may assure immense growth prospects for the melamine market during the forecast period of 2019-2027
- Applications such as textile resins, paper finish, flame retardants, and molding compounds add extra stars of growth to the melamine market
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Melamine Market: Competitive Dimensions
The global melamine market is fragmented with numerous local and international players in fray for establishing their influence. To maintain their supremacy, key players in the melamine market are involved in activities such as mergers and acquisitions. In addition, players in the melamine market also forge partnerships, joint ventures, and collaborate for cementing their presence.
Well-established players have a firm consumer base and contribute largely to the growth of the melamine market. The top players in the melamine market accounted for more than 35 percent share in 2018. Some key participants involved in the melamine market are Qatar Melamine Company (QMC), GrupaAzotyZakladyAzotowePulawy S.A. (ZAP), Borealis AG, Methanol Holdings (Trinidad) Limited (MHTL), XinjiJiuyuan Chemical Co. Ltd., and OCI N.V.
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Global Melamine Market: Segmentation
- Adhesives & sealants
- Molding compounds
- Paints & coatings
- North America
- Asia Pacific
- Middle East
- Latin America
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UV Adhesives Market - In terms of value, the global UV adhesives market is anticipated to expand at a CAGR of ~8% from 2020 to 2030 and reach ~US$ 900 Mn by 2030. Asia Pacific dominated the global UV adhesives market in terms of volume in 2019. It is estimated to be the leading region of the global UV adhesives market during the forecast period. The construction industry is projected to offer lucrative opportunities for the UV adhesives market in the near future.
Adhesives Market - The global adhesives market was valued at ~US$ 52 Bn in 2019 and is anticipated to expand at a CAGR of ~5% during the forecast period. The global adhesives market is primarily driven by growth of automotive and building & construction industries and rise in the need to improve quality of construction. Developing as well as developed economies across the globe are carrying out infrastructure development activities to sustain economic growth. These civil construction projects boost the consumption of adhesives.
Paint Sealants Market - The growing automotive industry is a major driver of the paint sealants market. Sealants protect the car surface by providing strong protection from paint killers such as acid rain, sap, and UV rays. Sealants provide excellent protection and durability. Another factor that drives the paint sealants market is ease of application that paint sealants offer. Within one hour of applying the paint sealant on the car surface, the car can be driven in any climatic condition.
Elastomeric Sealants Market - The rising demand in the construction industry is a major driver for the elastomeric sealants market. Increase in construction activities in developing countries, use of elastomeric sealants in solar and wind power equipment, and recovery of the construction sector in the U.S. have fueled the global elastomeric sealants market. Rising demand for PS (polysulfide) elastomeric sealants in the aerospace & defense industry and increasing concerns regarding use of eco-friendly construction sealants helping the market to grow over time.
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