Drivers like development in industries like construction, furniture and electrical & electronics are driving the growth of Amino Resins Market.
According to the current analysis of Introspective Market Research, the global Amino Resins market was valued at USD 9.74 Billion in 2019 and is expected to reach USD 15.23 Billion by the year 2026, at a CAGR of 6.74%.
Amino resins which are also known as melamine resins have super physical qualities and chemical as well. They come under the category of Polymers and Resins. They have thermosetting, tensile strength and are used as water soluble cure because it is water resistant. High demand from the construction and hosing industry have raised the market in many developed regions. The side-effects from the usage of resin formaldehyde on the environment is hampering the growth of the market. Major market players especially from the chemical industry are raising a high demand for the urea formaldehyde segment which is driving the growth of the market and is expected to have a high CAGR in the forecast period.
According to the analyst, Butylated urea resins are mainly used on wood products such as wood composites, fiberglass mats, decorative laminates, air filtration, and coated and bonded abrasives. Other remaining resins are used in industrial coatings, cross linking, textile industry and agriculture. The paint and coatings industry are the largest application in which the amino resins are used for. They are used as modifiers in the materials like textile, papers, metals and glasses.
The Global Amino Resins market is segmented by Product Type (Urea Formaldehyde, Melamine Formaldehyde, and Others), By Application Type (Particle board, MDF, Textile, Fibers & Adhesives, Paper &Paperboard), by End-User Industry (Buildings & Constructions, Automotive, Furniture, Electrical & Electronics). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest:
- More manufacturing companies and the production from the paint & coatings industry are expected to increase for over 50% and increase the Global Amino Resins market share by 45.90% in the year 2023.
- Due to the outbreak of corona virus and the lockdown restrictions witnessed across the globe, there was a decrease in the production of Global Amino Resins shops and the market witnessed a slight hindrance in the market.
- The segment adhesives in wood products is expected to witness a large growth during the forecast period due to the consumers leaning more towards the urbanization of the region.
- India is expected to be the major producer for the global amino resins market due to the heavy presence of construction and automotive industry.
Key Participants like Rayonier Advanced Materials, Acron JSC, Advachem S.A., DIC Corporation, Chemiplastica SpA, Jiangsu Sanmu Group Co. Ltd., Georgia-Pacific LLC., Dynea AS, BASF SE, Hexion and Many Others.
For this report, Introspective Market Research have segmented the Global Amino Resins markets market on the basis of Region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2019-2025)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM