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Melamine Formaldehyde Market Industry Perspective, Comprehensive Analysis And Forecast To 2023
A solid thermosetting polymer which is formed by the condensation polymerization is called melamine formaldehyde. It cannot be restructured or remolded. It is mainly known for excellent UV resistance, corrosion and thermal resistance, fire retardant, and durable properties. It is used to provide the flexibility, comfort and biocompatibility nature in the product.
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The global melamine formaldehyde market has been driven by its growing production in automotive, construction and building, electronics, wood & furniture, packaging, chemicals, and others. Moreover, it is estimated that the construction and building segment is set to witness the highest growth in the market due to increasing consumption of melamine resins in different products such as ceiling tile and foam board.
The global melamine formaldehyde market is segregated into the type and end-use. On the basis of type, the market is further categorized into methylated and non-methylated formaldehydes. The most widely used segment in the market is methylated formaldehyde. It is predicted that the growing use of methylated formaldehyde segment in coating, crosslinking, textile, nonwoven and papermaking applications is projected to drive the market in the couple of years. The non-methylated formaldehydes segment is estimated to witness the higher CAGR on account of its growing use in coatings, textiles and other industries. On the basis of application, the market is further sub-divided into automotive, construction and building, electronics, wood & furniture, packaging, chemicals, and others. Among these, construction and building hold the majority of the market due to extensive use of melamine resins in tiles, flooring, countertops, molding, and others.
The global melamine formaldehyde market is spanned across five key regions of the world namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance due to rising demand for melamine formaldehydes in various applications. Due to these factors, China, Japan and India are the major players in this region. The North American region is estimated to witness a higher CAGR in countries such as U.S.A, Canada and Mexico owing to growing demand for melamine formaldehydes in coatings, textiles, paper, and plywood sectors. A rapid development is observed in the European region owing to the extensive use of melamine formaldehydes in construction and buildings, automotive, and others. Moreover, it is projected that the automotive segment is set to grow at a rapid rate in the market due to benefits and advantages offered by the product. Due to these factors, Germany, the U.K. and Italy are the major contributors to the melamine formaldehydes market in Europe.
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Some of the major players functioning in the global melamine formaldehyde market are BASF SE (Germany), Huntsman International LLC (the U.S.), Hexion (the U.S.), Mitsui Chemicals, Inc (Japan), Allnex group (Germany.), INEOS Melamines (the U.K.), Chemiplastica SPA (Italy), Hexza Corporation Berhad (Malaysia), Chemisol Italia s.r.l. (Italy) and Borealis Agrolinz Melamine GmbH (Austria).
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