The market for the amino resin is expected to grow at a CAGR of over 4% during the forecast period. The primary factor driving the market studied is increasing demand from the paints & adhesives industries. On the flip side, the hazardous air pollutants produced during the manufacture of amino resin and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The use of amino formaldehyde-based resin technologies in the manufacture and use of food-contact coatings is expected to offer various opportunities for the growth of the market.
- The adhesives & sealants industry is expected to dominate the global amino resin market over the forecast period.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Increasing Demand from the Adhesives and Sealants Industry
- The adhesives and sealants industry is anticipated to register a CAGR of approximately 5%, during the forecast period. Significant applications of amino resin are in adhesive and sealants in the wood paneling industry for products such as plywood, chipboard, particleboard, medium-density fiberboard, sawdust board, etc.
- The residential construction growth rate estimations for 2020 for major economies, such as India, China, and the United States, are 9%, 4%, and 3%, respectively. With the increasing housing construction and population, across the world, the demand for plywood, chipboard, particleboard, medium-density fiberboard, sawdust board, etc., for furniture, such as chairs, table, bed, sofa, shelves, and cupboard, is increasing significantly.
- In the furniture industry, concepts related to interiors of homes, offices, and flats are changing continuously. This is driving innovation and development, primarily in terms of designs, size, and colors. This is expected to augment the consumption of urea-formaldehyde (UF), melamine-formaldehyde (MF), and melamine-urea-formaldehyde (MUF) to be used mainly as adhesives in the wood paneling industry.
- Hence, due to the factors mentioned above, the adhesives and sealants segment is expected to dominate the amino resin market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to be the dominant market in amino resin consumption. This is because the region dominates the market for the end-use industries such as adhesives & sealants, paints & coatings, textile industry, etc.
- In 2019, the largest consumer of amino resin was China, accounting for nearly 50% of each, urea-formaldehyde (UF) and melamine-formaldehyde (MF). Growth has been strong in China as a result of the higher output of panels for furniture and other goods used in interior applications. China is also the dominant exporter of wood furniture to Europe.
- The Asia-Pacific region constitutes the largest demand market, accounting for more than 40% of the demand for paints & coatings, worldwide. The region's commanding share of the market is expected to expand even further, driven by the continued population growth, urbanization, and spending power in countries like China, Japan, South Korea, and India, and the Southeast Asian nations. Amino resins are used as binders in paints and coatings.
- Thus, rising demands from the above-mentioned end-user industries are expected to drive the growth in the Asia-Pacific region.
The amino resin market is fragmented with the presence of both international and domestic players in the market. The major companies in the market studied include BASF SE, DIC Corporation, Hexion, Georgia-Pacific Chemicals, and Dynea AS, among others.
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