[FURL=https://www.industryarc.com/pdfdownload.php?id=15394&utm_source=Expresswire&utm_medium=Pressrelease&utm_campaign=Paidpressrelease&utm_source=freeprnow&utm_medium=Pressrelease&utm_campaign=Paidpressrelease]Amino Resin Market[/FURL] 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.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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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.
Amino Resin Market Drivers
Growth of the Wood Industry
Increasing Applications of Amino Resin in Automotive Sector
amino resin market top 10 companies 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.
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