Global Melamine Market 2019-2023 - Growth in Automotive Industry / Availability of Substitutes / Competitive Landscape

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Dublin, April 17, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The melamine market will register a CAGR of almost 7% by 2023. The increasing demand from the construction industry is one of the key factors that will trigger the growth of the global melamine market.Melamine is extensively used in laminates for wall paneling in residential buildings and office buildings for improving the aesthetics. Wood is widely used in construction activities than other constructive materials including steel, concrete, and brick, as the production of these constructive materials requires intensive energy and leads to serve carbon dioxide emissions. The remodeling and restructuring of residential buildings for energy efficiency and cost savings are expected to increase the demand for wood furniture. Therefore, the increasing consumption of melamine laminates will drive the growth of the global melamine market during the forecast period.One of the growth drivers of the global melamine market is the growth in automotive industry. The growing demand for passenger cars is expected to increase the consumption of automotive coatings which will drive the growth of the market.One of the challenges in the growth of the market is the availability of substitutes. The plastic laminates can be used instead of melamine laminates to cover substrates which will hamper the market growth during the forecast period.The market appears to be highly fragmented and with the presence of several vendors. Various manufacturers in the market are focusing on increasing their production capacities by adopting low energy melamine process technology for producing melamine.This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.

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Globe Newswire: 09:26 GMT Wednesday 17th April 2019

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