Technological Advances to Boost the Global Amino Resin Market | Technavio

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.

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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

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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.

Technological advances

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.

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About the Author: Carrie Brunner

Carrie Brunner grew up in a small town in northern New Brunswick. She studied chemistry in college, graduated, and married her husband one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children. Carrie writes mostly on provincial stories.
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