Rising Disposable Income Expected To Drive Global Melamine Market; Exhibits Steady 4.305 CAGR
A new report published by the Transparency Market Research (TMR) states that the global market for melamine market is fragmented in structure with top seven prominent players accounting for more than 50% of the overall market in 2014. TMR finds that the some of the players such as Qatar Melamine Company (QMC), Borealis AG, Grupa Azoty Zaklady Azotowe Pulawy S.A. (ZAP), Xinji Jiuyuan Chemical Co., Ltd., OCI N.V., Cornerstone Chemical Company, and BASF SE are majorly focused toward new project launch in order to strengthen their presence across the globe.
As per TMR, the revenue generated by the global market for melamine market likely to touch valuation of US$1.72 bn.This market is expected to touch a valuation of US$2.49 bn by the end of 2023.The global market for melamine market is likely to expand at a CAGR of 4.305 during the period ranging from 2015 till 2023.
Rising Consumer Demand for Laminates & Wood Adhesives Expected to Boost Growth
Based on application, the global market for melamine is bifurcated into paints and coatings, laminates and wood adhesives, and molding powder. Among all these application segment, laminates and wood adhesives account for maximum share in the global melamine market which is further followed by molding powder. The growth of the laminate and wood adhesives mainly depends upon the maximum consumer demand. On the basis of geography, Asia Pacific likely to dominate the global market for melamine on account of maximum demand for the laminates and wood adhesives in the region.
Increasing Demand from Automotive Industry Likely to Drive Growth
The global market for melamine expected to witness significant growth owing to increasing demand from the automotive industry. This can be major factor propelling growth of this market at global level. Also, rising demand for laminates and wood adhesives by the consumers expected to strengthen growth in near future. This is another factor fueling growth of this market in near future. Additionally, rising disposable income along with the change in living standard are another important factor positively contributing to the growth of this market at global level. Also, rising usage of melamine formal hydrate for the production of food containers and dinner ware are one of the key factor majorly attributing to the growth of the global melamine market. Furthermore, increasing utilization of melamine in high resistance carbon and nanotubes are key factor boosting growth of this market.
Favorable government policy for the industry and increasing infrastructure development is key factor contributing to the growth of this market in Asia Pacific region. Additionally, rising demand from the construction industry can be key factor positively driving growth of this market in near future.
Increasing Consumer Concern for Toxic Emission Likely to Hamper Market Growth
The increasing toxic level due to excessive melamine usage can be one of the important factor negatively impacting growth of the global melamine market in coming years. Also, stringent government regulation owing to increasing toxic substance in the environment is likely to hamper further growth of this market. Furthermore, rising price of the raw material and increasing customer concern towards the emission is another factor limiting growth of this market in near future.