Melamine Market Continues to Expand with Innovation and Global Adoption

According to the report, the global melamine industry size generated $1.7 billion in 2020, and is anticipated to generate $2.5 billion by 2030, witnessing a CAGR of 4.3% from 2021 to 2030.

Prime determinants of growth

Growth in demand for laminates across the globe, rise in consumption of melamine in the wood adhesive industry, and increased construction activities across the globe drive the growth of the global melamine market. However, harmful effects of melamine due to their toxicity hinder the market growth. On the other hand, rise in demand for decorative laminates presents new opportunities in the coming years.

The melamine resin segment to maintain its leadership status throughout the forecast period

Based on type, the melamine resin segment held the highest market share in 2020, accounting for more than two-thirds of the global melamine market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 4.6% from 2021 to 2030. Significant increase in demand for melamine resin from various industries, such as construction, automotive, furniture, chemical, and packaging provides a boost to the demand for this segment. The research also analyzes the melamine foam segment.

The laminates segment to maintain its lead position during the forecast period

Based on application, the laminates segment accounted for the largest share in 2020, contributing to more than one-third of the global melamine market, and is projected to maintain its lead position during the forecast period. This is due to surge in investment in the building and construction industry across the developing economies such as China and India. However, the wood adhesives segment is expected to portray the largest CAGR of 5.0% from 2021 to 2030. Growth in construction activity in countries such as China, Japan, India, and the U.S. are expected to drive the demand for wood adhesives during the forecast period.

Asia-Pacific, followed by Europe North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by Europe North America, held the highest market share in terms of revenue 2020, accounting for around half of the global melamine market. Moreover, the same region is expected to witness the fastest CAGR of 4.7% during the forecast period, owing to the growth in construction activities and increased demand for laminates, wood adhesives, and paints coatings in countries such as China, India, and Japan.

Leading Market Players