Global Melamine Market 2019-2023|High Demand from the Construction Industry to Boost Growth | Technavio
April 15 2019 - 9:10AM
Business Wire
The global melamine market is expected to post a CAGR of close
to 7% during the period 2019-2023, according to the latest market
research report by Technavio.
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The global melamine market will post a
CAGR of close to 7% during the period 2019-2023
Melamine is extensively used as a decorative laminate in
construction materials which can be used for wall paneling in
office and residential buildings. With the increasing consumer
focus on aesthetics and high spending on home decoration, the
demand for wooden furniture including flooring, cabinets, and
countertops is increasing significantly, which is driving the
global consumption of melamine. The remodeling and restructuring of
residential buildings for energy efficiency and cost savings will
also propel the demand for melamine during the forecast period.
As per Technavio, the increasing emergence of the circular
economy will have a positive impact on the market and contribute to
its growth significantly over the forecast period. This global
melamine market 2019-2023 research report also analyzes other
important trends and market drivers that will affect market growth
over 2019-2023.
Global melamine market:
The growing popularity of modular
kitchens
Consumers across the world are increasingly spending a
significant amount of their income on home interiors owing to the
changing lifestyle. Moreover, there are generously investing in
modular kitchens. The growing popularity of modular kitchen can be
attributed to the efficient use of space and the increasing
convenience by effectively reducing movement around the kitchen for
various functions. This is fueling the demand for decorative
laminates that help in improving the aesthetics and durability of a
modular kitchen. Thus, the growing demand for modular kitchens will
increase the sale of decorative laminates, which will support the
global melamine market during the forecast period.
“Melamine resins are extensively used to
produce highly durable, chemical and water-resistant coatings that
exhibit mechanical properties such as scratch resistance. With the
rising demand for passenger cars across the world, the consumption
of automotive coatings is increasing significantly. Moreover,
melamine-based coatings are preferred for their superior heat
resistance, and gloss retention for automotive applications. Thus,
the growth in the automotive industry will also propel the demand
for melamine during the forecast period,” says a senior analyst at
Technavio.
Global melamine market: Segmentation
analysis
This market research report segments the global melamine market
by application (laminates, adhesive resins, coating resins, and
others) and geography (APAC, Europe, MEA, North America, and South
America).
The laminates segment held the largest melamine market share in
2018. This is mainly due to the growing use and demand for
decorative laminates in residential and commercial construction
applications in this region. The US is a significant market for
decorative laminates.
The APAC region led the market in 2018 with a market share of
over 55%, followed by Europe, North America, MEA, and South America
respectively. The dominant market share of APAC can be attributed
to the high consumption of melamine in countries such as China and
India with maximum demand from the automotive and construction
industries.
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Five Forces Analysis
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- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
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