The market trends suggest that the global melamine market was valued at $1.7 billion in 2020 and is projected to reach $2.5 billion by 2027. The market will be growing at a CAGR of 4.3% from 2021 to 2027.
Melamine, a white crystalline substance, is a member of the heterocyclic organic compound family, and it contains 66% nitrogen by mass. When Melamine comes in contact with formaldehyde and other agents, they give rise to formaldehyde, and melamine resins under the process of polymerization. These resins have features like they are hard, glossy, durable, and exhibit intense heat, followed by moisture, and stain resistance.
The global demand for the products of the melamine market is primarily driven by growth in demand for laminates across the globe, a rise in consumption of Melamine in the wood adhesive industry, and increased construction activities. Globally, there has been a significant undersupply to meet the APAC demand for housing. For example, in the Chinese region, residential investment grew by about 13.9% during the first eleven months of 2019, reaching $1,518.9 billion. The area under residential construction during the period was recorded to have reached 6,276.73 million square meters, indicating a 10.1% growth. However, in countries such as the U.S., the value of new private residential buildings has decreased from $5 39,607.0 million in 2018 to $5 14,629 million in 2019.
Get sample copy of report at: https://www.marketresearchfuture.com/sample_request/1053
The melamine market has been segmented based on the following:
Asia-Pacific accounted for a significant melamine market share in 2020. Owing to the rise in construction activities and increase in demand for laminates, wood adhesives, and paints & coatings in countries such as China, India, and Japan, the usage of Melamine has increased in the region. In Asia-Pacific, China dominates the melamine market. Despite explosive growth in the real estate sector, the Chinese government’s significant rail and road infrastructure development to withstand the expansion in industrial and service sectors has resulted in significant growth of the country’s construction industry in recent years.
Some of the key players belonging to the melamine market share are as follows:
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Company Name: Market Research Future
Contact Person: Media Relations
Email: Send Email
Address:Office No. 528, Amanora Chambers
Press Release Distributed by ABNewswire.com
To view the original version on ABNewswire visit: Melamine Market 2022 World Technology, Development, Trends and Opportunities Market Research Report to 2030
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.