The expansion of the automotive and construction industry, the rising focus on home decoration, and the increasing use of Melamine Foam in high resistance concrete have resulted in boosting the Melamine Foam market.
Melamine Foam Market Size – USD 7,826.4 Million in 2020, Market Growth - CAGR of 3.7%, Market Trends – The increasing use of Melamine Foam in high resistance concrete
The Global Melamine Foam market is forecast to reach USD 10.55 Billion by 2028, according to a new report by Reports and Data. Melamine Foam, also known as triaminotriazine, has a molecular formula of C3H6N6, which is an organic compound. It is a trimer of cyanamide, comprising of 1, 3, 5-triazine skeleton. Like cyanamide, this organic compound comprises of 67% nitrogen by mass. The derivate of triaminotriazine has fire retardant traits as it releases nitrogen gas when charred or burned. Melamine Foam resins can be produced from it, by combining with formaldehyde and other agents. One of the mentionable trait of these resins are, it provides with durable thermosetting plastic that have a wide arena of application like Melamine Foam dinnerware, high pressure decorative laminates like Formica, dry erase boards and laminate flooring. Another mentionable use of this organic compound is in manufacturing Melamine Foam foam that is used in polymeric cleaning products, soundproofing material, and insulation. Thus, a wide arena of application of this compound is one of the mentionable factors spurring the growth of the market. Factors like increasing the use of Melamine Foam in high resistance concrete, the expansion of the automotive and construction industry, and rising focus on home decoration are also propelling the growth of the market.
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Top Companies: Borealis AG, BASF SE, East China Engineering Science Technology Co. Ltd (ECEC), Cornerstone Chemical Company, Gujarat State Fertilizers Chemicals Ltd, Grupa Azoty Zaklady Azotowe Pulawy SA, Methanol Holdings (Trinidad) Limited (MHTL), INEOS Group, Momentive Specialty Chemicals Inc. and Mitsui Chemicals Inc.
Further key findings from the report suggest:
- The Melamine Foam market held a market share of USD 7,826.4 Million in the year 2020 and is forecasted to grow at a rate of 3.7% during the forecast period.
- In context to Forms, the Melamine Foam Foam segment held 31.0% of the market in 2020, with a growth rate of 3.2% during the forecast period. The market share held by the Melamine Foam Foam segment is associated with continuous expansion of the automotive industry and the associated demand of Melamine Foam foams in engine cover, acoustic, and heat insulation, which is contributing to the market share held by this segment.
- In context to End-user, the Building Construction segment held the largest market share of more than 30.0% in 2020, with a growth rate of 4.1% during the forecast period. The market dominance of the Building Construction segment is attributed to the continuous expansion of the construction sector and associated rising demand for laminates, floor tiles in this sector, resulting in elevated use of this compound in this sector contributing to the market share held by this segment.
- In regards to Application, the Wood Adhesives segment is projected to witness the fastest growth rate of 4.4% during the forecast period, which is expected to hold 27.0% of the market by 2028. The continuously rising demand for furniture, use of this compound as adhesives for semiexterior exterior grade particleboard and plywood that provides with fast initial tack, and longer open time are supporting the growth rate witnessed by this segment.
- In regards to the region, Europe held 18.0% of the market in 2020, with a significant growth rate of 4.6% during the forecast period. The market share held by the region is resultant of expanding construction industry and well-established automotive sector that supports the growth of the market in this region.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The global Melamine Foam market is segmented into:
Forms Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Melamine Foam Foam
- Melamine Foam Resin
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Thermoset Plastics
- Wood Adhesives
- Surface Coatings
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Building Construction
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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