(I-BusinessNews.Com, August 02, 2021 ) Amino Resin Market is forecast to reach $11.1 billion by 2026, after growing at a CAGR of 6.9% during 2021-2026. Amino resins (aminoplasts) are thermosetting polymers formed by the condensation of formaldehyde with either urea or melamine. Growing demand for urea-formaldehyde due to its excellent high strength and resistivity property, in construction as well as automobile industries, is likely to accelerate the growth of the amino resin market. Increasing demand for amino resins in application such as wood panels, coatings, molding compounds, laminates, and adhesives, is estimated to raise the demand for amino resins in upcoming years. Furthermore, growing demand of Melamine Formaldehyde (MF) resin in automotive coating industry and rising consumption of roofing mat in various economies is anticipated to create new opportunities for the growth of the global amino resin industry in the forecast era.
Covid-19 Impact
The COVID-19 pandemic and the resulting government-ordered lockdowns have resulted in a profound recession affecting nearly every region of the world in 2020; the already slowing construction markets were particularly hard hit, affecting production and consumption of wood panels and furniture, and thus the demand for amino resins market.
Amino Resin Market Segment Analysis – By Type
Urea formaldehyde held the largest share in the amino resins market in 2020. Urea formaldehyde is a very common chemical that is widely used due to its alluring chemical properties. One of the most important formaldehyde resin adhesives is urea-formaldehyde (UF) resin, which is a polymeric condensation product of formaldehyde with urea and is widely used in the manufacture of wood-based composite panels such as particleboard, plywood, and fiberboard. There are several reasons for the popularity of urea-formaldehyde resins as the primary adhesive for wood products, including low cost, ease of use under a variety of curing conditions, versatility, low cure temperature, resistance to mould formation, excellent thermal properties, lack of color of the cured product, and excellent water solubility of the (uncured) resin. Also, resins are very useful in adhesives, as well as in the molded object applications.
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Amino Resin Market Segment Analysis – By Application
Adhesives held the largest share in the amino resins market in 2020. The wood paneling industry uses amino resin extensively in adhesives for products such as plywood, chipboard, particleboard, medium-density fiberboard, sawdust board, and many others. Interior design concepts for homes, offices, and apartments are constantly evolving in the furniture industry. This drives innovation and development, particularly in terms of design, size, and color. This is expected to increase demand for urea-formaldehyde (UF), melamine-formaldehyde (MF), and melamine-urea-formaldehyde (MUF), which are primarily used as adhesives in the wood paneling industry. Because of its high reactivity, excellent performance, and low cost, urea-formaldehyde is a popular adhesive. As a result of the foregoing factors, the adhesives and sealants segment is expected to dominate the amino resin market over the forecast period.
Amino Resin Market Segment Analysis – By End Use
Building and construction sector held the largest share in the amino resin market in 2020 and is projected to grow at a CAGR of 6.5% during the forecast period 2021-2026. The demand for amino resin is expected to rise due to increased institutional, domestic, and commercial activity globally. With the rising housing construction, the demand for plywood, chipboard, particleboard, medium-density fiberboard, and sawdust board for furniture such as chairs, tables, shelves, and cupboards is increasing significantly, resulting in market demand growth. Furthermore, the majority of the amino resins produced in the industry are used to make laminates, which are used in the construction and furniture industries. Therefore, with the rising building and construction activities the demand for amino resin market is expected to grow in the forecast period.
Amino Resin Market Segment Analysis – By Geography
The Asia Pacific region held the largest share with 37.1% in amino resin market in 2020. Asia-Pacific dominates global demand for Amino Resins due to higher consumption of amino resins in China, followed by Europe and North America as the second and third largest markets, respectively. Asia-Pacific is also expected to be the fastest growing region due to the region’s growing furniture and construction industries, as well as increased consumption from automotive coatings, particularly in China and India, which are also among the region’s largest regional consumers of amino resins. Growing production of automotive in Asia Pacific region is estimated to raise the market growth for amino resin over the forecast period. According to the India Brand Equity Foundation, India became the world’s fourth-largest auto market in 2018, with sales rising 8.3 percent year on year to 3.99 million units. In 2018, it was also the seventh-largest commercial vehicle manufacturer. Thus, the demand for the amino resin market is therefore anticipated to increase in the forecast period because of these properties.
Amino Resin Market Drivers
Growth of the Wood Industry
Increasing demographic changes and continued economic growth are driving global demand for wood products, which is propelling the wood industry forward. Amino resins are commonly used as adhesives in wood panels like particleboards, MDF, and plywood. The wood industry consists of businesses that create, manufacture, and sell wood products such as plywood, wood-plastic composites, and plastic lumber. Also, the rising demand for urea formaldehyde (UF) resins as the most common type of adhesive resin used in the manufacture of wood-based panels will raise the market growth. Furthermore, the recovery in the housing sector is also driving growth in the wood industry. According to the food and agriculture organization (FAO), the world’s population is projected to increase from 7.5 billion in 2020 and 8.2 billion in 2030. Also, global GDP is projected to grow to almost US$100 trillion by 2030. As a result of increased economic development, the wood industry will expand, and the amino resin sector, which is linked to the wood industry, will grow as well.
Increasing Applications of Amino Resin in Automotive Sector
Increasing use of formaldehyde in the automotive industry will drive the market for amino resin over the forecast period. Melamine formaldehyde (MF) resins are fast-curing, can withstand high temperatures and have excellent chemical resistance, owing to which it is increasingly used in the automotive industry. They are used in automobile surface coatings as well as decorative laminates for automobile interiors. In addition, a large number of manufacturers use amino resin as a raw material in the production of moulded plastics. The resulting plastic is used to make automobile accessories such as wheel covers, dashboards, and door handles. Owing to the rising demand for lightweight vehicles, moulded plastics are becoming more common than traditional metals. Presence of lightweight and high tensile strength of amino resins in molded plastics increases their shelf life and enhances their toughness, which drives the demand for amino resin in automotive industry. Also, growth in the production and sale of automotive is anticipated to drive the market in various regions. According to the International Trade Administration (ITA), in 2018, Canadian imports of automotive parts, components, and systems totaled US$20.5 billion. Also, according to Canadian Vehicle Manufacturers’ association, auto-manufacturing regularly contributes over $20 billion to Canadian GDP. Thus, with the growth of automotive the demand for amino resin is anticipated to increase in the upcoming years.
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Amino Resin Market Challenges
Volatile Formaldehyde Price and Health Effects of Formaldehyde in Resin Production
Market participants expect to pose challenges due to the supply constraints and higher production costs as a result of the volatile formaldehyde price. Methanol prices fluctuate, resulting in volatile formaldehyde prices. Also, over the next upcoming years, stringent regulations regarding the use of formaldehyde in resin production due to environmental and human health issues are likely to stifle the market growth. Formaldehyde is primarily used in the manufacture of particleboard resins as well as as a synthesis intermediate for other chemicals. Breathing contaminated indoor air, tobacco smoke, or ambient urban air may occur due to exposure to formaldehyde. Inhalation exposure to formaldehyde, both acute (short-term) and chronic (long-term), can cause respiratory symptoms as well as irritation of the eyes, nose, and throat in humans. Additionally, limited human studies have found a link between formaldehyde exposure and lung and nasopharyngeal cancer. Hence, volatile formaldehyde price and health effects of formaldehyde in humans will further create hurdles for the amino resins market in the forecast period.
Amino Resin Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the amino resin market. Major players in the amino resin market are S.p.A. and Tembec BASF, Chemique Adhesives & Sealants Ltd., Chimica Pomponesco S.p.A., Arclin Inc., Hexza Corporation, Ineos, Georgia-Pacific LLC, Ercros S.A., Cytec Industries Inc., Chemiplastica Inc among others.
Key Takeaways
Increasing use of urea-formaldehyde in agricultural field applications as a source of nitrogen fertilizer will further drive the market for amino resins over the forecast period.
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 amino resin market.
However, volatile formaldehyde price and stringent government regulations regarding the formaldehyde emission is a major restraint, hampering the growth of the market.
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