Benzoguanamine Market Dynamics, Forecast, Analysis and Supply Demand 2018-2026
Benzoguanamine Market: Overview
Benzoguanamine is an organic chemical compound, having the chemical formula (CNH?)?N?. It is related to melamine but with one amino group replaced by phenyl. Benzoguanamine is a triazine compound, widely used in the manufacturing of melamine resins. Precisely, benzoguanamine is consumed as a cross-linking agent of alkyd and acrylic resin to maximize their thermoset properties. It is used as a raw material for manufacturing of guanamine resins. Benzoguanamine is a modifier and flexibilizer of formaldehyde resins, and acts as an intermediate in the pharmaceutical industry.
Benzoguanamine Market: Segmentation
The global benzoguanamine market can be segmented based on product type, end-use application, and region. Based on product type, the market can be bifurcated into purity ≥98% and purity < 98%. The purity ≥98% segment is likely to remain dominant product type during the forecast period. This is due to high consumption of the product in the manufacturing of resins. In terms of application, the benzoguanamine market can be segregated into paints, fluorescent pigments, resins, pharmaceuticals, agrochemicals, and others. Among these, the resins and pharmaceuticals segments is expected to held dominant share of the market due to their wide application in building & construction and medicine.
Benzoguanamine Market: Trends & Developments
Demand for benzoguanamine has been increasing due to rise in consumption of the compound in various industries. Increase in application of benzoguanamine in resins and color pigments is likely to fuel the demand for the compound in the next few years. Growth in the building & construction industry has boosted the demand for paints and resins, which in turn, is driving the demand for benzoguanamine in the market. Additionally, wide applications of benzoguanamine in agrochemicals for food safety and preservation and in pharmaceuticals are expected to augment the growth of the benzoguanamine market during the forecast period. However, concerns related to human health and the environment are anticipated to restraint the overall growth of the market in the near future. Nevertheless, increase in application of benzoguanamine in paints and resins for building & construction and infrastructure activities are estimated to create lucrative opportunities for the benzoguanamine market during the forecast period.
Benzoguanamine Market: Regional Outlook
Based on region, the global benzoguanamine market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is a major market for benzoguanamine owing to the significant growth of the agriculture, building & construction, and infrastructure industries. This, in turn, is propelling the demand for agrochemicals, paints, and resins in the region. Resins and color pigments are the major application areas of benzoguanamine. Rise in construction activities in emerging economies such as China, India, Singapore, and Brazil is likely to propel the demand for benzoguanamine in the next few years. The benzoguanamine market in North America and Europe is anticipated to grow moderately during the forecast period due to rise in reconstruction and renovation activities in these regions. The benzoguanamine market in Middle East & Africa and Latin America is projected to expand at a reasonable pace in the near future due to the presence of emerging economies in these regions.
Benzoguanamine Market: Key Players
Key players operating in the global benzoguanamine market are NIPPON CARBIDE INDUSTRIES CO. INC., AlzChem AG, Jiangsu Weunite Fine Chemical Co., Ltd., ,YangZhou ShuangDing chem Co., Ltd., Tian Tong Fine Chemical Ltd., Wuhan Youji Industries CO., LTD, and Hongrun.