Transparency Market Research
Melamine is a key organic chemical used in the manufacture of laminates and decorative panels. It readily reacts with formaldehyde to produce melamine-formaldehyde (MF) resins. These resins are widely used in a broad range of applications such as adhesives, molding compounds, surface coatings, paper treatments, textiles, and flame retardants. Robust growth in the global building and construction industry is projected to drive the global melamine market from 2015 to 2023. Furthermore, rising importance of lightweight vehicles with lower emissions and increased fuel efficiency is another key driver for the melamine market from 2015 to 2023. Melamine resins are used in the production of adhesives, which have further applications in automotive production and assembly. Volatility in urea prices and increasing consumer concerns toward formaldehyde emission from melamine-based molding compounds are key inhibitors of the market. However, melamine foams are anticipated to offer growth opportunities as they exhibit high sound absorption capacity and possess an intrinsic property of flame retardancy. The melamine market faces partial threat from various substitutes such as liquefied wood, soy, and powder coatings in different end-use applications; however, complete substitution is still not prevalent.