Laminate consumption of melamine formaldehyde is expected to grow 5.6% from 2013 to 2019. Adhesive is the second largest consumer of melamine formaldehyde in 2012. With the growth of construction and furniture industry there was an increase in the consumption of laminates and adhesives which in turn played a pivotal role in driving the overall melamine formaldehyde market.
Global sales of melamine formaldehyde, valued at $13.45 billion in 2012, will reach $20.62 billion in 2019, growing 6.3% between 2013 and 2019, says Transparency Market Research.
The company's new report, "The Melamine Formaldehyde Market for Tableware, Laminates, Adhesives, Paints & Coatings, Sanitary Ware, Electricals & Household Appliances and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", tallies up the sales volume in melamine formaldehyde in its end-use industries, which include as construction, furniture, textile, automobile and paper.
Rising demand from China, where manufacturing secondary processed products has augmented the growth of the melamine formaldehyde market, will encourage growth. But volatility of melamine prices is expected to hinder sales.
The global melamine formaldehyde market is highly fragmented as top five companies account for approximately 23% of the total market in 2012. Entry of new players especially in Asia Pacific is expected to boost the supply of melamine formaldehyde such that it would help in reducing the supply and demand gap to a great extent.