Today, Johnley Factory is sharing the amino resin market analysis for your reference.
The amino resin market is projected to witness substantial growth in the coming years. It is estimated the market size will increase from 7.17 million tons in 2023 to approximately 8.86 million tons by 2028, representing a Compound Annual Growth Rate (CAGR of 4.% during the forecast period (2023-2028).
The COVID-19 pandemic had significant effects on various industries, particularly the construction and textile sectors, resulting in a notable impact on the demand for paints & coatings, adhesives, and textile chemicals.
One of the key drivers for the market growth is the growing demand from the paints and adhesives industries. However, the manufacture of amino resin leads to the emission of hazardous air pollutants, which poses a challenge to the market's expansion.
Nevertheless, there are opportunities for the market to thrive, particularly through the application of amino formaldehyde-based resin technologies in the production and use of food-contact coatings.
The adhesives and sealants industry is expected to be the dominant sector within the global amino resin market throughout the forecast period.