Analysis on New Product Launches in COVID-19 Related Markets – Melamine Market 2020-2024 | Increasing Demand from the Construction Industry to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#GlobalMelamineMarket–The melamine market is expected to grow by 555.03 thousand tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Melamine is widely used as a decorative laminate in construction materials. Decorative laminates such as HPL and LPL find many applications in residential and commercial installation applications such as kitchen countertops, high-traffic commercial flooring, wooden furniture and cabins, and ready-to-assemble furniture used in offices and conference rooms. In 2018, the global furniture market was valued over USD 516 billion and during the forecast period, it is expected to grow at a CAGR of almost 6%. This can be attributed to the increasing consumer spending on home decoration and the rising focus on aesthetics. These factors are expected to positively impact the consumption of melamine in the construction industry, thus, leading to growth of the global melamine market.
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As per Technavio, the increased popularity of modular kitchens will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Melamine Market: Increased Popularity of Modular Kitchens
With changing lifestyles, consumers are increasing their spend on improving home interiors and are generously investing in modular kitchens. Modular kitchens ensure efficient use of space and increase convenience by reducing movement around the kitchen for various functions. These kitchens use decorative laminates that come in various patterns, designs, and textures. The growing popularity of modular kitchens is encouraging market players to introduce innovative products to attract customers. For instance, Wilsonart offers Traceless laminate, which is not susceptible to fingerprints. The introduction of such innovative products is increasing the sales of decorative laminates, which, in turn, is influencing the growth of the global melamine market.
“Increasing emergence of circular economy and growing production of melamine and the use of new technology will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Melamine Market: Segmentation Analysis
This market research report segments the melamine market by application (laminates, adhesives resins, coating resins, and others) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the melamine market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing investment in infrastructure development in China and India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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