The global melamine market is exhibiting a CAGR of 4.30% within a forecast period from 2015 to 2023. Owing to the growth experienced by this market, by the end of 2023, it is expected to reach US$2.5 bn. It was recorded at US$1.7 bn in 2014, which is the initiation period of the research report released by Transparency Market Research. The report is titled “Melamine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” and is available for sale on the company website.

As stated in the report, the key driver for the global melamine market is primarily the rising living standards of consumers, which is facilitating a rapid rate of urbanization, higher costs of living, and an increase in disposable income.

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Melamine has applications in a wide array of fields, including flame retardants, textile resins, paper treatment plants, surface coatings, molding compounds, adhesives, and laminates. Due to this, the growth rate of the global melamine market usually remains steady in case the demand for melamine from any one application sector drops. One of the major uses of melamine is in the manufacturing process of laminated wooden panels.

The report does suggest, however, that the global melamine market is currently restrained by the volatility of raw material prices. Another factor hampering the global melamine market is the growing environmental regulations against the emission of formaldehyde from molding compounds that use melamine.

Despite these restraints, the global melamine market is expected to retain a positive growth rate in the coming years. Melamine-based products and laminations exhibit a number of highly desired properties such as resistance to stains and abrasion, fire retardation, high sound absorption capacity, and aversion to chemical reactions.

Laminates have consistently been the largest application segment of the global melamine market. This segment held over 50% of the market in 2014 in terms of revenue. The high current growth rate of the global melamine market is sustained by the booming industry of building and construction. Adhesives and sealants are another segment that is expected to show a high growth rate in the near future.

The global melamine market is dominated by Asia Pacific, a region which accounted for more than half the market in 2014. This is because China is the largest manufacturer as well as consumer of melamine, followed by India, Malaysia, Indonesia, and New Zealand. The second largest regional segment of the global melamine market is Europe, owing to the high rate of activity shown by Germany, as well as the high growth rate projected in Eastern Europe. The North America market is expected to show a slow rate of growth in the coming years, while Latin America may conversely show a high growth rate within the report’s forecast period.

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The key players in the global melamine market are Xinji Jiuyuan Chemical Co., Ltd., Cornerstone Chemical Company, Qatar Melamine Company, Methanol Holdings Limited, Grupa Azoty Zaklady Azotowe Pulawy S.A., BASF SE, Borealis AG, and OCI N.V.

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