Amino resins are produced by copolymerization of aldehyde with amino compound. They are commonly used as curing agents in specialized coatings due to their ability to increase coating hardness and enhance solvent resistance. They are widely formulated with epoxies, alkyds, epoxy esters, polyvinyl butyrals, thermosetting acrylics, and oil free polyester resins. They are utilized for large scale manufacturing applications as they are suitable to meet the volume demands with less time requirement. They are widely utilized as surface coatings, laminate flooring, textile finishers, and paper processing in various end use industries such as electrical and electronics, furniture, building & construction, automotive, and others.
Some of the prominent factors that positively influence the growth of the amino resins market are increasing residential and commercial construction activities, constant urbanization, and improved living standards. Furthermore, rising automotive sales in developed and developing regions coupled with increasing demand for fuel efficient vehicles is predicted to accelerate the growth of the market. Additionally, continuous expansion of construction sector in emerging economies are expected to propel the growth of the market during the assessment period. Huge investments in the ongoing R&D projects by key manufacturers and relatively strong acceptance within the end use industries is set to positively influence business outlook. However, stringent regulations by various government bodies, regarding the harmful content of formaldehyde, is predicted to hamper the growth of the market.
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Market Segmentation
Global Amino Resins Market is segmented on the basis of type, application, end use, and regions.
On the basis of type, the market is categorized into melamine urea formaldehyde resin, melamine formaldehyde resin, and urea formaldehyde resin. On the basis of application, the market is classified into laminate flooring, surface coatings, textile finishes, and paper processing. On the basis of end use, the market is categorized into building & construction, furniture, automotive, electrical & electronics, and others. Among these, building & construction sector holds the largest market share for amino resins among other end use industries on account of increasing, institutional, domestic, and commercial activities worldwide. Automotive sector is expected to be the fastest growing segment among end use due to rising automotive production and sales globally. Moreover, increasing number of working professionals along with rising disposable income is predicted to increase the demand for personal vehicle in near future, which in turn, is estimated to propel the demand for amino resins market during the assessment period.
Regional Analysis
Asia Pacific is estimated to be the largest market for amino resins followed by Europe and North America, due to rising demand from building & construction, automotive, and electrical & electronics among others. Emerging countries such as India, China, Bangladesh, Vietnam, and Malaysia are the fastest growing market for amino resins, and is predicted to grow with the same pace in the near future. North America amino resins market is predicted to witness a steady growth with U.S. and Canada being major contributors on account of growth in end use industries such as electrical & electronics and automotive. Europe is anticipated to witness a substantial growth over the assessment period owing to increasing demand for amino resins in construction sector, specifically in Germany, Spain, and UK. In Latin America, Brazil and Mexico are among the major contributors in the regional market growth due to expansion of automotive sector. The Middle Eastern and African countries such as Qatar, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates (UAE) are estimated to witness an average growth due to rising foreign investments and shifting of manufacturing base to these region.
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Competitive analysis
The major players operating in the amino resins market are BASF SE (Germany), Silekol sp. z o.o. (Poland), Advachem S.A (Belgium), Acron (Russia), Rayonier Advanced Materials. (U.S.), Ineos Melamines Gmbh (Germany), Chemiplastica Spa (Italy), Georgia-Pacific LLC (U.S.), Jiangsu Sanmu Group Co. Ltd. (China), Hexion (U.S.) among others.
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