Due to the surge in building activity in several regions of the world, the demand for the Paints & adhesives industries has increased steadily. Following the COVID-19 epidemic, residential and building activity has increased in regions such as Asia-Pacific.
Another industry contributing to amino resin’s expansion is the Wood Industry expansion as institutional, home, and commercial activities Increases. With expanding house development, there is a large increase in demand for plywood, chipboard, particleboard, medium-density fibreboard, and sawdust board for furniture such as chairs, tables, shelves, and cupboards, resulting in market demand rise.
Furthermore, most amino resins manufactured in the industry are used to manufacture laminates, which are used in the construction and furniture industries. As a result of increased building and construction activities, Thus the rise in the wood Industry contributed to the expansion of the market studied. This trend will continue to grow at a CAGR of 4% during 2022-2027.
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, India, and Southeast Asian nations. This is expected to increase the demand for amino resin in the nation.
In 2019, China's massive population and rising disposable incomes are driving the growth of the largest consumer of amino resin, 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 says Himanshu Vasisht, Senior Research Manager at Mordor Intelligence.
Himanshu says Moreover, increasing demand for adhesives & coatings with high strength and resistivity from rapidly growing automotive & construction industries expects a boost to the market in the coming years.
The rise in demand for eco-friendly products has created an opportunity for amino resin. Major manufacturers have invested in expanding their product portfolio for the development of products that can be used in various industries across multiple regions
This will create scope for start-ups and existing brands to grab growth opportunities in Resin, Adhesive, Sealants, and Paints and Coating in a few more areas.
The opportunities can be seen by large mergers and acquisitions made by DIC as it announced to Acquires of Chinese Coating Resins Manufacturer Guangdong TOD New Materials Co., Ltd. This acquisition supports ongoing DIC Corporation efforts to expand its Asian market coating resins capacity, focused particularly on China
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Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the Global Amino Resin Market Report or ask for a more customised report.
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