In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Amino resin is produced by the copolymerization of aldehyde and amino acid compound such as melamine, urea, or benzoguanamine. Basically amino resin is the thermosetting resin with brilliant impact resistance, tensile strength, and hardness. Amino resin offers good properties such as high tensile strength hardness to the base material when combined with the ester resins, acrylic resins and others. It is widely used in the coating and in electronics material as a baking finishes curing agent. Further, application of amino resin is used as an adhesive in wood panels such as plywood, particleboard and others.
Global amino resin market is expected to flourish at a CAGR of 7.4% over the forecast period i.e. 2017-2027. Further, the market of amino resin is expected to reach USD 16.5 Billion by the end of 2027. Amino resin has number of application in various field but majorly it is used as a baking curing agent in the coating and electronic material. Rising demand for the amino resin in paints and coating is expected to bolster the growth of the global amino market over the forecast period. Paints and coating are the used at large volume in automotive, aerospace and others sectors. Though with the growing automotive industries, amino resin market is expected to grow significantly.
Geographically, Asia Pacific market is expected to grow at the highest CAGR due to rising building & construction project and furniture industry in this region. Further amongst all Asian countries, China has highest percentage of market share in the regional platform and is expected to continue its dominance over the forecast period. Rapid increase in the population count in the some of the Asia countries such as China, India and others will give rise in construction activity. Factor such as rising building & construction project in developing countries in this region is expected to bolster the growth of the global amino resin market in upcoming years.
Get more information on this report: Download Sample PDF
Further, North America amino resin market is expected to grow at a substantial rate over the forecast period. Further, factor such as house renovation, rising demand of furniture is expected to be the dynamic factor for the growth of amino resin market in this region.
Our in-depth analysis has segmented global expandable polystyrene market into the following segments:
Global amino resin market is further classified on the basis of region as follows:
As the worldwide population increases the demand for the furniture products also increases. Some Asian countries such as China, India are countries with higher population across the world. The growing demand of the furniture products is expected to foster the growth of the amino resin market over the forecast period. Further it is also used for the coating purpose for finishing in household appliance and industry products. Moreover, coating is the major application of the automotive sector. Thus growing automobile industries increase the demand of the amino resin which is expected to garner the growth of the amino resin market in near future. Further, rising construction & housing has driven the growth of furniture industries, expected to fuel the growth of the amino resin market globally.
However, cost of the raw material is expected to dampen the growth of the expandable polystyrene market over the forecast period.