The global amino resin market is expected to reach US$ 19.3 billion by 2032, with a significant CAGR of 6.1% during the forecast period. Currently, the market is expanding at a size of US$ 10.75 billion.
To address the amino resin market challenges, such as the negative environmental effects of amino resins, companies that operate in the market are heavily engaged in R&D.
Arkoma concentrated on increasing the global capacity of bio-based polyamide 11 by at least 50% in November 2021 at the Singapore plant.
Moreover, the Changshu platform in China also has a plant that makes polyamide 11 powders. By the first quarter of 2023, it is predicted that building on this unit is likely to begin. Investments made by the company also help to meet Asia's growing demand from end customers for cutting-edge bio-circular materials.
Amino Resin Market CAGR (2022-2032)
Amino Resin Market Size (2022)
US$ 10.75 billion
Amino Resin Market Size (2032)
US$ 19.3 billion
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Due to rising housing demand and a growing population, the furniture industry is expanding throughout APAC. With a growing number of economic changes, the GDP is expanding in nations like Malaysia, India, and China, which in turn increases people's disposable income.
When compared to the prior year, the number of amino resins imported into the European Union increased by 21% to reach 1.7 million tonnes in 2021. The volume of trade between EU nations and goods exported from the EU are both included in this number. Over the previous ten years, imports have seen a noticeable increase overall.
The export of amino resins from the European Union climbed for the third year in a row in 2021, rising by 13% to 2.3 million tonnes. This figure includes trade volumes shipped outside the EU as well as within the EU. From 2011 to 2021, total exports showed significant growth: their volume increased at an average annual rate of 7.2%.
Amino resins are formed by the copolymerization of amino acids with an aldehyde. Based on the product types, amino resins are classified as urea formaldehyde, melamine formaldehyde and melamine urea formaldehyde. Amino resins are thermosetting resins which exhibit properties such as excellent tensile strength, resistance and hardness.
They are mainly used as molding materials. Amino resins offer excellent functions to base materials such as increase in coating hardness and solvent resistance when combined with alkyd resins, polyester resins, epoxy ester resins and acrylic resins. Amino resins are majorly used as adhesives in wood panels such as plywood, MDF and particleboard, among others.
The global demand for amino resins is mainly dependent on the construction industry, coupled with the overall health of the regional economies. The high performance of amino resins when used in wood panels in terms of strength and resistance is expected to drive the amino resin market over the next few years. The growing demand for amino resins in paints and coating industry, used especially for automobiles, is expected to boost the growth of this market.
Thus with the growing automobile industry, the amino resin market is also expected to grow substantially. Most of the amino resins manufactured in the industry are consumed in producing laminates which are used in the construction and furniture industries.
However, stringent government regulations regarding the formaldehyde emission is a major restraint, hampering the growth of the market. The amino resins market is expected to witness a slow growth in the U.S. owing to the stringent regulations present in that region. Amino resins are also finding new applications in electrical, household appliances and sanitary ware.
Asia Pacific is expected to witness huge demand for amino resins due to the growing construction and furniture industry in this region.China is expected to be the major consumer owing to the presence of huge secondary processed product industry. Europe is expected to be another major market for amino acids due to the huge demand for amino resins from growing applications such as laminates and wood adhesives.
Increase in the consumption of the roofing mat in Europe is expected to further boost the overall growth of the amino resins market.European countries such as Germany, France, Italy and UK are expected to be the major consumers of amino resins.North America is expected to be the third largest market for amino resins. The U.S. is anticipated to be one of the major consumers of amino resinsin North America region.
The amino resins market is expected to witness rapid growthowing to the increase in the demand for the roofing mat.The Rest of the World market is likely to exhibit a steady growth in the demand for amino resin during the forecast period. Latin America and the Middle Eastern countries are expected to show potential growth for amino resins market owing to the increase in the application of MDF and particleboard in this region.
Amino resins market is highly fragmented in nature. Some of the major participants of the amino resins market includeBASF SE, Chemiplastica Spa, Advachem S.A., Georgia-Pacific Llc, INEOSMelaminesGmbh and Jiangsu Sanmu Group Co. Ltd., among others.
These companies are mainly focused towards increasing their production capacities and introducing new and innovative products into the market in order to achieve competitive advantage. Companies mainly strive to develop products that would help in complying with the stringent formaldehyde emission regulations.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, product types and distribution channels.
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