Market Trends of Melamine Industry
This section covers the major market trends shaping the Melamine Market according to our research experts:
Laminates Segment to Dominate the Market
- Melamine resins are the polymers of choice used in the outer or decorative layer of laminates and in manufacturing counters and tabletops, kitchen cabinets, flooring, furniture, etc.
- Melamine resins impart a hardness, transparency, stain resistance, freedom from discoloration, and overall durability. For this application, the resin used to saturate the overlay or decorative sheet is prepared by reacting approximately two moles of formaldehyde per mole of melamine.
- These sheets are commonly applied to the surface decoration projects, such as walls, columns, tabletops, furniture, and suspended ceilings.
- According to the Canadian Construction Association, the construction sector is one of Canada's largest employers and a major contributor to the country's economic success. It is the backbone of the country's economy. As per the Canadian Construction Association, the construction sector employs more than 1.4 million people and generates about USD 141 billion for the Canadian economy annually. Also, the industry accounts for 7.5% of the country's Gross Domestic Product (GDP).
- According to the US Census data, the total construction spending in February 2022 was around USD 1,704.4 billion compared to USD 1,695.5 billion in January 2022.
- As per the United States Census Bureau, the residential construction industry in the United States was valued at USD 929.7 billion in July 2022, as compared to USD 815.5 billion in July 2021, registering a growth of 14%. The aging houses signal a growing remodeling market, as old structures normally need to add new amenities or repair/replace old components. Rising home prices in the country have also encouraged homeowners to spend more on home improvements.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominates the overall market share. With growing construction activities and the increasing demand for laminates, wood adhesives, and paints and coatings in China, India, and Japan, the usage of melamine is increasing in the region.
- China accounts for more than one-fourth of the global coatings market. According to the China National Coatings Industry Association, the industry registered a 7% growth in recent years.
- The Chinese government rolled out massive construction plans, including making provisions for the movement of 250 million people to its new megacities over the next 10 years. Such plans will increase the demand for paints where melamine is used to prepare paints.
- The overall Chinese construction industry is expected to increase by 4.6% in real terms in 2023-2026. According to the report published by the National Bureau of Statistics of China, transportation investment increased by 6.7% in the first half of 2022.
- The Indian government launched the Delhi-Mumbai Industrial Corridor program in collaboration with the Japanese government, which aims at developing new industrial cities with an investment of 200 billion USD in the Delhi-Mumbai Industrial Corridor region. Similar programs may be launched in regions such as the Bangalore Chennai Corridor etc.
- According to the Civil Aviation Administration of China, the government has resumed construction work on more than 80% of total airport projects, representing 65 airport projects across the country. Out of these, 27 airports are national major airport projects. Such projects are expected to increase the demand for melamine.
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