Amino Resins Market Size, Share and COVID-19 Impact Analysis, By Type (Urea Formaldehyde, Melamine Formaldehyde, and Melamine Urea Formaldehyde), By Application (Adhesives & Coatings, Particle Board, Plywood, Fiber Board, Molding Compound, Roofing Mats, And Laminates), and Regional Forecast, 2024-2032

Amino resins are thermosetting polymers manufactured by the copolymerization of amino acids with an aldehyde. They have good solvent resistance, hardness, and excellent tensile strength. Based on the product type, amino resins are categorized as urea formaldehyde, melamine formaldehyde, and melamine urea formaldehyde. Amino resins find their applications in adhesives & coatings, particle board, plywood, fiberboard, molding compound, roofing mats, and laminates.

The growing wood and automotive industry are the key driver for the growth of the amino resins market. The recent past has witnessed heavy demand for amino resins from wood and the automotive industry. Amino resins provide good solvent resistance and high strength to the wooden materials which makes them suitable for use in wooden products used in the building and construction industry. The increasing population has driven the building and construction industry. Increased consumer spending and the growing service sector have resulted in increased demand for lavishly furnished houses. This in turn is anticipated to drive the amino resins market since they are widely used for wood panels, adhesives and coatings, roofing mats, laminates, etc. Furthermore, rising demand for melamine formaldehyde for automotive coatings is anticipated to boost the global amino resins market.

Stringent Environmental regulations concerning the use and processing of formaldehyde are to hinder the growth of the amino resins market. Formaldehyde used in the production of amino resins quickly breaks down into formic acid and carbon monoxide. Both of these substances are harmful to the environment as well as human health. Carbon monoxide is a greenhouse gas and is subject to government regulations to protect the environment. When humans are exposed directly to formaldehyde it affects human health and may affect their breeding ability.

Impact of COVID-19 on the Amino Resins Market

The outbreak of COVID-19 severely affected global economics. Building & construction and automotive are one of the major industries affected by COVID-19. The Spread of COVID-19 led to decreased demand for amino resins owing to the stoppage of operations by different end-use industries including building & construction, the wood industry, the automotive industry, etc. It forced manufacturers to reduce production. Also, restrictions on the movement and trade disrupted the supply chains involved in the market. However, with decreasing cases of COVID-19 after mid-2021 and the gradual removal of restrictions, different industries started operating at their full capacity.  It will result in a further increase in demand for amino resins across the globe.

Key Insights

The report will cover the following key insights:

• Regulatory Scenario of Amino Resins Market.


• Key Developments in Amino Resins Market.


• Impact of COVID-19 on Amino Resins Market.

Analysis by Type

Depending on the types, the amino resins market is segmented into urea formaldehyde, melamine formaldehyde, and melamine urea formaldehyde. Among these amino resins, urea-formaldehyde held the largest share of the global amino resins market. Urea formaldehyde is manufactured by condensation of the urea with formaldehyde. It is widely used in the manufacturing of wood-based panels such as fiberboard, particleboard, and plywood. Relatively lower cost, low cure temperature, versatility, resistance to mold formation, excellent solubility in water, and good thermal properties are some of the factors responsible for the higher demand for urea-formaldehyde resin from the wood industry. Rising demand for urea formaldehyde from the developing wood industry across the globe is anticipated to further boost the growth of the global amino resins market.  

Analysis by Application

Depending on the applications global amino resins market is segmented into adhesives & coatings, particle boards, plywood, fiberboard, molding compound, roofing mats, and laminates. Among these applications, adhesives & coatings held the largest share of the global amino resins market. In the recent past adhesives and coatings have witnessed a heavy rise in their demand from the furniture industry. Developing the building and construction industry is the primary factory responsible for the increased demand for wooden furniture. The incresed population coupled with the increased expenditure for interior designing of the house is further anticipated to cause heavy demand for adhesives and sealants. Excellent performance and low cost of the amino resins make them ideal for adhesives and sealants.

Regional Analysis

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The global amino resins market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the fastest-growing market for amino resins owing to the rising building and construction and automotive industry in the region. Increased population in the region coupled with rising consumer expenditure is driving the growth of building & construction as well as the automotive industry in the region. This in turn is anticipated to result in heavy demand for amino resins from emerging economies such as China and India.

North America and Europe hold a sizable share of the global amino resins market. The higher growth of the amino resins market in the region can be attributed to the continuously developing wood and furniture industry in the region. Larger investment in the automotive industry in North America, as well as Europe, is anticipated to further drive the market growth. The presence of major automotive giants in Europe such as BMW Group, Ferrari, Ford of Europe, Honda Motor Europe, Hyundai Motor Europe, Iveco Group, etc. is also expected to boost the amino resins market in the region.

Latin America, the Middle East & Africa are expected to witness significant growth due to rising industrialization and urbanization in the region. Growth of the amino resins market in the region can be attributed to the rising building & construction and automotive industry.

Key Players Covered

The report will include the profiles of key players such as BASF SE, Kukdo Chemical Co., Ltd., Evonik Industries AG, Aditya Birla Group Chemicals, Mitsubishi Chemical Corporation, Arkema, Huntsman International LLC, DuPont, Bostik, H.B. Fuller Company, Sika AG, Freudenberg SE, Solvay, Hexion, Georgia-Pacific, and others.

Segmentation

Key Industry Developments

• In September 2022, Mitsubishi Chemical Corporation announced that it is expanding its resin production capacity for electrical vehicles in Singapore. It said that the new plant with an approximate annual capacity of 120,000 tons will be built by the end of 2024.


• In June 2021, BASF SE announced that it is enhancing its innovation efficiency in Japan by moving its Dispersions and Resins Applications Research & Development Center from Amagasaki to Yokkaich. The move is expected to help BASF strengthen its cross-functional collaboration.