LONDON–Technavio’s latest market research report on the global amino resin market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global amino resin market is expected to grow at a CAGR of more than 6% during the forecast period because of the high demand for amino resins as a wood adhesive in the production of materials such as plywood, particle boards, and MDF. APAC is expected to witness the highest demand driven by the high demand for wood panels in countries such as China and India.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
The top three emerging market trends driving the global amino resin market according to Technavio research analysts are:
- Remarkable growth in APAC
- Growing demand for melamine in automotive industry
- Technological advances
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Remarkable growth in APAC
Amino resins are mainly used in the home appliances and furniture industries. APAC is expected to account for the highest growth in both the industries during the forecast period. Hectic working schedules and rising disposable income are factors that have driven individuals to invest in technology. This is driving the demand for home appliances in APAC. The rapid urbanization is also a factor that is driving the growth of home appliances in this region.
“With the rapid growth in population, APAC is expected to witness high demand for amino resins from the housing and furniture industry. These industries are expected to have decent growth during the forecast period which will lead to an increase in the demand for amino resin binders, such as urea formaldehyde, melamine formaldehyde, and melamine urea formaldehyde,” says Kurva Samba Sivudu, a lead analyst at Technavio for paints, coatings, and pigments research.
Growing demand for melamine in automotive industry
The increasing demand for melamine in the automotive industry is expected to create various growth opportunities for the product soon. The demand for melamine is growing because of its superior properties such as high chemical resistance, hardness, and thermal insulation. These properties attract manufacturers to use it in surface coatings and laminates of automobile interiors.
In the automotive industry, melamine is used in fuel system components (pump housing, filters, impellers, and gas caps), under-the-hood components (molded components and automatic transmission parts), and interior decoration. These emerging applications are expected to drive the demand for melamine in the automotive industry.
The global manufacturers of amino resins have increased their R&D expenditure in the recent years. This expenditure is mainly focused on developing a production process that can reduce the overall production costs. The factors that can help in reducing the production costs, especially in APAC, are the easy availability of raw materials, low-cost labor, and lenient regulations.
“Stringent government regulations in regions such as Europe and North America are compelling manufacturers to find safer methods for formaldehyde production. This has also led to technological advances which will help in reducing costs and increasing the profit margins. Thus, technological advances are expected to attract more vendors in the market, which will improve the demand-supply ratio of amino resins,” says Kurva.
Browse Related Reports:
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at [email protected].
Powered by WPeMatico