Market Size of Melamine Formaldehyde Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.11 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Melamine Formaldehyde Market Analysis
The Melamine Formaldehyde Market size is expected to grow from 1.47 million tons in 2023 to 1.89 million tons by 2028, at a CAGR of 5.11% during the forecast period (2023-2028).
COVID-19 negatively impacted the melamine formaldehyde market due to the abrupt production halt in various end-user industries. Also, a ban on export and imports disrupted the supply chain, thus hampering the overall market growth. However, the market is now estimated to reach pre-pandemic levels and is expected to grow steadily.
- The major factors driving the market studied are the growing demand for formica laminated furniture and high growth in the construction industry.
- The decline in the automobile industry is expected to hinder the market's growth.
- The increasing usage of melamine formaldehyde in rigid polyurethane foam will likely be an opportunity for the market studied in the coming years.
- The Asia-Pacific region is likely to dominate the global market, owing to the increasing demand from the furniture industry in China and India.
