Amino resins refer to a group of viscous, thermosetting amino-group-contai8ning components which possess numerous characteristics such as hardness, resistance, superior tensile strength, solvent resistance, and coating hardness. They are used in conjunction with epoxies, epoxy esters, polyvinyl butyrals, alkyds, thermosetting acrylics, and oil-free polyester resins to be utilized for numerous manufacturing applications. They are an important class of chemicals and are highly desirable across various industry verticals which trigger growth within the global amino resins market. The global amino resins market is estimated to experience steady demand over the forecast period of 2016-2023, asserts Market Research Future (MRFR) in its latest study.
Amino resins are extensively used as surface coatings, finishers in various industries such as automotive, electrical & electronics, building & construction, furniture, and others. Rise in disposable income across the globe especially in the developing economies have resulted in a surge in increased spending on lifestyle. Investment in real estate or properties has resulted in the new constructions. Renovation of old constructions and buildings also generate considerable demand for amino resins. Additionally, the increased affordability has led to the high purchase of personal vehicles. The rise in automotive sales and production is fostering the amino resins market growth.
Massive investment in R&D activities by key market players coupled with continued demand from key end-use industries are factors which accelerate market growth over the forecast period. However, strict regulatory norms pertaining to the formaldehyde content is likely to restrict the growth of the market over the forecast period.
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The global amino resins market has been segmented based on type, application, and end use.
By type, the global amino resins market has been segmented into melamine urea formaldehyde resin, melamine formaldehyde resin, and urea formaldehyde resin.
By application, the global amino resin market has been segmented into laminate flooring, surface coatings, textile finishes, and paper processing.
By end user, the global amino resin market has been segmented into building & construction, furniture, automotive, electrical & electronics, and others. The building & construction segment is leading the market due to heightening residential as well as commercial construction activities worldwide. The automotive segment is expected to be the fastest growing segment on account of the burgeoning automotive industry.
By region, the global amino resins market has been segmented into Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MEA).
APAC has commanded the pole position in the global amino resins market. Expansion of key end-user industries can be credited for the growth of the market. Growing disposable income and elevated purchasing power have paved the way for the growth of the automotive industry in the region which generates demand for amino resins. Moreover, surging constructional & developmental activities and development of the electrical & electronics industry is also favoring the growth of the market. Emerging countries of China, Malaysia, Vietnam, and India are the fastest growing markets within the APAC market.
North America amino resins market is expected to demonstrate substantial growth over the forecast period due to burgeoning electrical & electronics and automotive industry.
Europe market is driven by increasing demand for amino resins in the construction sector. Resurging constructional activities specifically in Germany, Spain, and the UK.
The MEA market is expected to witness significant growth over the forecast period on account of robust growth in both commercial as well as residential sector. Qatar, Kuwait, Saudi Arabia and the United Arab Emirates (UAE) are the key contributors to the MEA market.
Rayonier Advanced Materials. (U.S.), Silekol sp. z o.o. (Poland), Advachem S.A (Belgium), Ineos Melamines Gmbh (Germany), BASF SE (Germany), Hexion (U.S.), Georgia-Pacific LLC (U.S.), Chemiplastica Spa (Italy), Jiangsu Sanmu Group Co. Ltd. (China), and Acron (Russia) are the key players in the global amino resins market.
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