Melamine Foam Block Market Estimated to Witness High Growth Owing to Increasing Demand from Automotive Industry

 Melamine Foam Block Market

The Melamine Foam Block Market is estimated to be valued at US$ 1.29 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Melamine foam block is a derivative of melamine-formaldehyde resin which is rigid and durable. It is fire retardant, resilient, and has excellent acoustic insulation properties. Melamine foam finds wide applications in soundproofing, thermal insulation, acoustics etc. in industries such as construction, automotive, industrial etc. It is used as an acoustic barrier in vehicles to block out engine noise and enhance cabin comfort for passengers.

Market Dynamics:

The growth of the melamine foam block market is mainly driven by increasing demand from the automotive industry. As the production of automobiles is rising significantly across the globe, the demand for acoustic and thermal insulation materials such as melamine foam blocks is also increasing. According to International Organization of Motor Vehicle Manufacturers, around 95 million vehicles were produced globally in 2021 registering a growth of 4% compared to 2020. Rising vehicle production is augmenting the demand for melamine foam blocks in automobiles to improve passenger comfort.

Another key driver fueling the market growth is wide usage of melamine foam blocks in construction activities for insulation and soundproofing applications. Rapid urbanization and infrastructure development projects in developing regions are creating high demand for melamine foam blocks from the construction sector. Moreover, properties of melamine foam such as durability, resilience and fire retardancy make it a preferred choice for various industrial applications which is propelling the market growth.

SWOT Analysis

Strength: Melamine foam block is highly durable, has excellent sound absorption qualities and is flame retardant. It can withstand impacts and is very lightweight making it easy to install. Melamine foam block is eco-friendly and can be reused or recycled.

Weakness: Melamine foam block is more expensive than traditional soundproofing materials like fiberglass. It can retain odors and needs regular cleaning. Melamine foam loses its sound absorbing qualities over time with compression.

Opportunity: Increasing construction of commercial spaces like offices, hotels are driving the demand. Also, growing awareness about noise pollution and importance of soundproofing is creating new opportunities.

Threats: Availability of cheaper alternative materials can impact sales. Stringent environmental regulations around formaldehyde emissions during production pose a challenge.

Key Takeaways

The Global Melamine Foam Block Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing awareness about importance of soundproofing in residential and commercial construction.

Regional analysis: Asia Pacific dominates the melamine foam block market and is expected to continue its dominance, growing at a CAGR of over 8% during the forecast period. China accounts for the largest market share in the region owing to presence of key players and rapid infrastructural growth. Europe and North America are other major markets driven by rising construction of hotels, hospitals and offices.

Key players analysis: Key players operating in the melamine foam block market are BASF SE, SINOYQX, Puyang Green Yingli New Material Tech Co. Ltd, BEIJING GUOJIAN ANKE, ZHEJIANG LIN'AN YUNQING MELAMINE PLASTIC FOAM CO., PentaClick, Acoufelt, Clark Foam, Reilly Foam Corporation, Soundcoat, Festa. These players are focusing on new product launches, expansions and collaborations to gain higher market share.

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