Transparency Market Research has published a new report titled “Melamine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023.” According to the report, the global melamine market was valued at US$1.72 bn in 2014 and is anticipated to reach US$2.49 bn by 2023, expanding at a CAGR of 4.3% between 2015 and 2023.
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On the basis of geography, Asia Pacific accounted for 50% of the market in 2014, trailed by Europe. The thriving construction industry in the region on account of rapid industrialization, high population, and a rise in the disposable income are benefitting the melamine market in Asia Pacific. Some of the leading countries supporting the growth of the market in the region are India, China, Malaysia, New Zealand, and Indonesia.
European melamine market is also expected to witness a growth on account of the shift of production of wood based panels and laminated from the western part to the eastern part of Europe. Countries contributing significantly to the growth of the melamine market in Europe include, Turkey, Poland, and Russia. It is expected that North America will witness a sluggish growth in the coming years, in contrast to Latin America, which is anticipated to witness a higher demand for melamine in paper finish applications and also for laminates.
The global melamine market is fragmented. The top seven players in the global melamine market accounted for more than 35% share in 2014. Key players operating in the market include OCI N.V., Borealis AG, BASF SE, Grupa Azoty Zaklady Azotowe Pulawy S.A. (ZAP), Methanol Holdings (Trinidad) Limited (MHTL), Qatar Melamine Company (QMC), Cornerstone Chemical Company, and Xinji Jiuyuan Chemical Co., Ltd.
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