The global amino resin market is projected to achieve a substantial valuation of USD 19.3 billion by 2032, exhibiting a noteworthy CAGR of 6.1% throughout the forecast period. Presently, the market stands at a robust size of USD 10.75 billion.
In response to the challenges facing the amino resin market, particularly concerning their adverse environmental impacts, companies operating within the market are actively involved in research and development efforts.
For instance, Arkoma has placed a significant focus on enhancing the global capacity of bio-based polyamide 11, aiming for a minimum increase of 50% at its Singapore plant by November 2021.
Additionally, the company’s Changshu platform in China hosts a facility dedicated to producing polyamide 11 powders. It is anticipated that construction on an expansion of this unit will commence by the first quarter of 2023. These strategic investments by Arkoma are geared towards meeting the escalating demand in Asia for state-of-the-art bio-circular materials from end customers.
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Market Overview
Amino resins are synthesized through the copolymerization of amino acids with an aldehyde. They are broadly categorized into urea formaldehyde, melamine formaldehyde, and melamine urea formaldehyde based on their product types. Known for their thermosetting properties, amino resins boast excellent tensile strength, resistance, and hardness.
Primarily utilized as molding materials, amino resins augment the properties of base materials such as coating hardness and solvent resistance when combined with alkyd resins, polyester resins, epoxy ester resins, and acrylic resins. In the wood panel industry, amino resins serve as crucial adhesives for products like plywood, MDF, and particleboard.
The global demand for amino resins is closely tied to the construction sector and the overall economic health of regions. The exceptional performance of amino resins in enhancing the strength and resistance of wood panels is anticipated to propel market growth in the coming years. Furthermore, the increasing utilization of amino resins in the automotive sector, particularly in paints and coatings, is poised to fuel market expansion.
As the automotive industry grows, so does the demand for amino resins. Predominantly, amino resins are used in manufacturing laminates, which find extensive applications in construction and furniture industries.
However, stringent government regulations pertaining to formaldehyde emissions pose a significant challenge, hindering market growth. Particularly in the U.S., where regulations are stringent, the amino resins market is expected to witness sluggish growth. Despite these challenges, amino resins are finding novel applications in sectors such as electrical, household appliances, and sanitary ware.
Top Key Players
- BASF SE,
- Chemiplastica Spa,
- Advachem S.A.,
- Georgia-Pacific Llc,
- INEOSMelaminesGmbh and Jiangsu Sanmu Group Co. Ltd.,
- among others.
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Market Segmentations
By Regional Analysis
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
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