The market for triazine is expected to grow at a CAGR of more than 4% during the forecast period. Growing demand from the construction sector is driving the demand of the market studied. However, increasing consumer concerns about formaldehyde emission from melamine in the end-user market is likely to hinder the market.
- Asia-pacific dominated the market with a significant share and is estimated to continue its dominance during the forecast period.
- By derivative, Melamine is expected to dominate the market and is expected to exhibit a healthy growth rate owing to the increasing demand from laminate applications.
Key Market Trends
Melamine to Dominate the Market
- Melamine dominates the market primarily due to the robust demand from laminates and wood adhesives.
- Melamine resins are the polymers of choice used in the outer or decorative layer of laminates, as well as in the manufacture of counter and tabletops, kitchen cabinets, flooring, furniture, etc.
- Melamine resins impart a hardness, transparency, stain resistance, freedom from discoloration, and overall durability. For this application, the resin, which is used to saturate the overlay or decorative sheet, is prepared by reacting approximately two moles of formaldehyde per mole of melamine.
- Additionally, melamine or melamine/urea resins are among the most used adhesives for exterior and semi-exterior wood panels and for the preparation and bonding of both low- and high-pressure paper laminates and overlays.
- Because of their excellent water resistance, melamine- containing resins are preferred for the manufacture of structural beams, truck and railcar flooring, laminated lumber, exterior doors, marine plywood, toilet seats, and school furniture.
- The residential construction industry in Asia-Pacific is expanding at a very rapid rate, primarily from major economies, such as China, India, and ASEAN countries.
- Such rowing demand from various applications is boosting the demand for melamine and in turn triazine market.
Asia-Pacific to Dominate the Market
- Asia-Pacific dominated the market and is expected to witness a significant increase, over the forecast period.
- Increasing demand from the herbicides and dyes segments is likely to act as a driving factor for the market studied in Asia-Pacific.
- Increasing construction activities across the region are in turn expected to boost the market.
- Additionally, the rise in water treatment activities in the region owing to the increasing regulations is also adding to the growth of triazine in the region.
The market studied is fragmented in nature. Some of the key players in the market include Ashland, Eastman Chemical Company., Haihang Industry Co., Ltd., BASF SE, and Evonik Industries AG., among others.
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