The global melamine market value was US$ 1.77 billion in 2021. The global melamine market value is forecast to reach US$ 2.69 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.3% during the forecast period from 2022 to 2030.
Melamine is a white crystalline substance that belongs to a family of heterocyclic organic compounds. It contains 66% nitrogen by mass. Melamine polymerizes with formaldehyde and other agents to form formaldehyde and melamine resins. Heat, moisture, and stain-resistant, these resins are hard, glossy, and durable. The use of melamine foam in insulation, soundproofing, and cleaning products like a magic eraser is widespread.
Factors Influencing Market Growth
A rise in demand for laminates worldwide, a rise in melamine consumption in the wood adhesive sector, and increased construction activities are driving global melamine market demand.
Due to its toxicity, the global market may see slow growth during the forecast period.
With the increase in demand for decorative laminates, this factor may bring growth opportunities for the melamine market in the forecast period.
Construction activity is likely to increase in countries such as China, Japan, India, and the U.S., boosting the demand for wood adhesives. This factor is forecast to drive the global melamine market during the forecast period.
Impact Analysis of COVID-19
Melamine is widely used in the building & construction industries to make laminates, including kitchen cabinets, countertops, partitions, flooring, and furniture. As a result of the COVID-19 outbreak, residential construction ceased amid lockdown. Paint and coating manufacturing facilities in various countries had to shut down amid country-wide lockdowns. Consequently, the demand for melamine, a material used for surface coatings, has declined. As a result, the COVID-19 pandemic had negatively impacted the global market.
However, the construction industry is recovering rapidly and is likely to grow in the coming years, stimulating demand in the melamine market.
Regional Insights
Asia-Pacific accounted for the largest share of the melamine market in 2020. Due to the rise in construction activities and increased demand for laminates, wood adhesives, and paints & coatings in countries such as China, India, and Japan, usage of melamine has increased in the region. China dominates the melamine market in Asia-Pacific. In recent years, China's construction industry has experienced significant growth despite fluctuating growth in the real estate sector due to the extensive development of rail and road infrastructure to cope with the expansion of industrial and service sectors. Due to the dominance of state-owned enterprises in the construction industry, increased government spending boosts the industry. Increased government spending may lead to an increase in demand for melamine materials in the future. Thus, it will result in a significant impact on the regional market during the forecast period.
Leading Competitors
The leading prominent companies profiled in the global melamine market are:
Haohua Junhua Group Co, Limited
OCI Nitrogen
BASF SE
Cornerstone Chemical Company
Qatar Melamine Company
Sichuan Golden Elephant Chemical
Mitsui Chemicals, Incorporated
Nissan Chemical Industries. Limited
Methanol Holdings Limited
Borealis AG
Other Prominent Players
Scope of the Report
The global melamine market segmentation focuses on Type, Application, and Region.
Segmentation based on Type
Melamine Foam
Melamine Resin
Segmentation based on Application
Laminates
Thermoset Plastics
Wood Adhesives
Surface Coatings
Others
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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