For the Quarter Ending March 2025
North America
Throughout Q1 2025, the melamine paper market in North America followed a mixed trajectory. January began with stable conditions as weak demand from decorative laminate and furniture segments, along with elevated inventories, kept market sentiment subdued. Seasonal cold weather and widespread construction project delays further limited procurement activity.
In February, prices rose modestly amid improved nonresidential construction activity, which supported demand for melamine paper in interior and furnishing applications. While residential construction remained slow, a slight uptick in order volumes and cautious restocking from converters contributed to better market engagement. By March, the market showed further signs of strengthening, supported by improving offtake in key downstream sectors such as laminates, coatings, and molding compounds. U.S. manufacturing activity rebounded steadily, helping to maintain consistent production and distribution levels.
Despite a cautious long-term outlook driven by falling permits and project completion, positive indicators like increased housing starts and construction employment added near-term momentum. Overall, firmer downstream consumption and better industrial performance contributed to a more balanced market landscape by the end of the quarter.
APAC
Throughout Q1 2025, the melamine paper market in the Asia-Pacific region, with reference to India, witnessed a mixed pricing trend—starting with a decline, followed by a modest rise in February, and ending the quarter on a downward note. The market was weighed down by muted demand from key downstream sectors like laminates, coatings, and decorative furniture applications. January saw soft procurement activity amid high inventories and limited housing project momentum. In February, a temporary price uptick was supported by restocking in the furniture and wood panel segments and a favorable policy environment including the RBI’s rate cut and Budget 2025 infrastructure allocations. However, this was short-lived as March brought renewed weakness driven by poor offtake, falling feedstock melamine prices, and sluggish construction activity. High stock levels and reduced operational rates at upstream melamine plants in China reflected a broader supply glut. Buyers remained cautious throughout the quarter, favoring immediate-need purchases over large-volume commitments. Melamine paper prices in India closed the quarter at INR 266,500/MT Ex-Mumbai.
Europe
Throughout Q1 2025, the melamine paper market in Europe exhibited a mixed trend. January began with a slight decline in prices as demand from downstream laminates and decorative surfaces weakened due to seasonal holiday slowdowns and increased competition from low-cost Asian imports. Construction activity remained muted amid cold weather and delayed projects, further limiting melamine paper consumption. In February, the market saw a modest rebound supported by firmer feedstock melamine costs and limited restocking efforts. However, overall demand stayed restrained, particularly in coating and laminate applications. Germany’s manufacturing sector continued to struggle with weak output, and broader geopolitical and tariff uncertainties dampened trade confidence. By March, prices softened again amid subdued demand and stable raw material costs. End-use construction and civil engineering sectors across the eurozone remained sluggish, and persistently poor industrial sentiment discouraged bulk procurement. Ongoing port congestion at Hamburg and related export delays added logistical pressure without stimulating order volumes. The quarter concluded with oversupply, high energy costs, and limited downstream pull weighing heavily on market conditions.
For the Quarter Ending December 2024
North America
In Q4 2024, the North American melamine paper market exhibited varied trends, shaped by supply constraints, feedstock melamine costs, and downstream demand dynamics. In October, prices rose, driven by tight supply following Tropical Storm Francine disruptions, low inventories, and strong demand in the downstream laminate and. Rising melamine costs, influenced by geopolitical tensions, further supported the upward price trajectory. Mid-October saw additional gains in energy prices as natural gas costs and robust downstream procurement amplified market momentum.
November maintained the upward trend with another price increase, attributed to steady procurement activity despite an improvement in supply conditions. Strong demand for laminates and coatings, offset any price-moderating effects from the stabilization of melamine costs. Other applications, such as adhesives, witnessed slower recovery but contributed marginally to the overall positive market sentiment.
By December, melamine paper prices stabilized as domestic supply improved, easing earlier tightness. Competitive pricing from APAC producers and reduced construction activity due to rising mortgage rates, hurricane disruptions, and severe winter weather tempered procurement. Manufacturers focused on year-end inventory management, and the holiday season further muted downstream demand. This stable conclusion reflected a balanced market as the quarter ended.
APAC
In Q4 2024, melamine paper prices in the APAC region displayed mixed trends, influenced by fluctuating feedstock melamine prices, seasonal factors, and subdued demand from key downstream sectors like laminates, coatings, and impregnated paper. In India, the market saw the most significant price changes, with prices declining in October and December while stabilizing briefly in November. October’s decline was driven by weak demand amid a construction slowdown, limited government spending on infrastructure, and above-average monsoon disruptions. Ample supply across the region, coupled with cautious procurement, added to bearish sentiment. In November, a marginal price increase reflected some market stabilization as manufacturers sought to clear inventories with targeted discounts, though oversupply conditions persisted. By December, prices fell further, reflecting subdued demand from laminates and coatings and reduced activity in India’s northern regions due to severe cold weather. Feedstock melamine prices remained low, pressuring production costs and discouraging downstream purchasing. While new construction projects declined sharply, the premium real estate sector offered limited support to demand.
Europe
In Q3 2024, the European melamine paper market experienced fluctuating trends influenced by supply constraints, feedstock costs, and downstream demand dynamics. In October, prices rose as tight supply and increased costs from rising urea prices, driven by geopolitical tensions, supported upward pressure. Demand from laminates and coatings remained strong, outpacing limited inventories, which further tightened the market. By November, the trend stabilized as improved supply conditions followed the resumption of operations at major facilities like LAT Nitrogen's Linz melamine plant. Sufficient inventories and steady procurement ensured balanced market fundamentals, though competitive pressures from APAC production capacity expansions were noted. In December, prices declined as domestic supply improved and APAC producers offered competitive pricing. Weakened demand from Germany's construction sector, marked by slow project activity and seasonal downturns, contributed to softer market sentiment. Manufacturers prioritized destocking ahead of the year-end, while reduced activity during the holiday season further muted procurement. These dynamics left the European melamine paper market subdued as the quarter ended, with expectations of gradual recovery contingent on downstream sector improvements and construction activity resumption.
For the Quarter Ending September 2024
North America
In Q3 2024, the North America melamine paper market experienced significant fluctuations in pricing trends. After a dip in July, prices began to rise steadily through August and September, supported by strong cost pressures from feedstock melamine and increasing energy prices. The quarter saw a significant drop compared to the same period last year and a modest decrease from Q2 2024. Despite these year-on-year and quarter-on-quarter drops, the market displayed signs of recovery toward the end of Q3.
Key drivers of this recovery included supply chain disruptions caused by Hurricane Beryl, which tightened supply, and a gradual rebound in downstream demand from sectors such as laminates, coatings, and adhesives. These factors helped strengthen market sentiment. On the supply side, continued tightness added upward pressure on the melamine paper prices.
Overall, the pricing environment for melamine paper in North America during Q3 2024 remained bullish, with prices steadily rising toward the end of the quarter, driven by constrained supply, increased demand, and rising input costs, reflecting positive market sentiment amid earlier challenges.
APAC
In Q3 2024, the APAC melamine paper market experienced an overall decline in prices during the last two months, following an initial increase in the first month of the quarter. India, in particular, saw the most significant price fluctuations. Several factors contributed to this downward trend, including weak demand from downstream sectors such as laminates and coatings, which heavily influenced pricing dynamics. Seasonal impacts, especially heavy rainfall, further slowed construction activities, thereby reducing demand in key downstream industries. Additionally, limited cost support from melamine feedstocks weakened market confidence, creating a negative sentiment that persisted throughout the quarter. Demand in APAC remained sluggish, and the introduction of new production capacities during the quarter exacerbated oversupply issues. The combination of oversupply and declining melamine paper prices fueled a bearish pricing environment. In India, while prices experienced significant fluctuations, the overall trend remained stable when compared to the previous quarter. As Q3 came to a close, the spot price of melamine paper in India stood at USD 3403/MT Ex-Mumbai, reflecting the subdued market sentiment that dominated the quarter.
Europe
In Q3 2024, the European melamine paper market experienced a shift in pricing trends, with notable fluctuations across the quarter. After a slight decline in July, prices began to rise steadily through August and September, driven by strong cost support from feedstock melamine and rising energy prices. The quarter saw a significant drop compared to the same period last year and a modest decrease from Q2 2024. Despite these year-on-year and quarter-on-quarter declines, the melamine paper market showed signs of recovery toward the end of Q3. Key factors contributing to this upward trend included supply chain disruptions, tightening supply, and a gradual rebound in downstream demand, particularly from the laminates, coatings, and adhesives sectors. The flooding across central and eastern Europe, coupled with logistical challenges, further limited supply, adding pressure to prices. On the supply side, the melamine paper market continued to experience tightness. Overall, the pricing environment for melamine paper in Europe during Q3 2024 remained bullish, with prices steadily rising toward the end of the quarter, driven by constrained supply, increased demand, and rising input costs, reflecting positive market sentiment amid earlier challenges.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American melamine paper market experienced a pronounced decline, marked by consistent negative sentiment. Several factors influenced the market dynamics, including subdued demand from downstream sectors, rising production costs, and ample inventory levels. The primary drivers for falling prices stemmed from reduced activity in industries such as laminates, furniture, and coatings, which were adversely affected by economic uncertainties and rising interest rates. Additionally, weakened cost support from feedstock melamine, coupled with seasonal demand variations, further exacerbated the market downturn.
In the USA, the melamine paper market saw significant price volatility, with the most dramatic alterations recorded. Compared to the previous quarter in 2024, melamine paper prices declined due to low demand and sufficient inventory. Overall, the pricing environment for melamine paper in the USA during Q2 2024 has been decidedly negative. The market's inability to recover from high inventory levels, coupled with weak demand and rising costs, has perpetuated a consistent decline in prices, reflecting an overarching bearish sentiment throughout the quarter.
APAC
In Q2 2024, the melamine paper market in the APAC region demonstrated resilient stability amid a backdrop of complex market dynamics. Several significant factors influenced market prices, including supply chain disruptions, global economic conditions, and fluctuating energy costs. Notably, the region faced plant shutdowns such as those at major production facilities, leading to a recalibration of supply levels. Despite these challenges, the overall pricing environment remained stable, buoyed by consistent demand and strategic inventory management by suppliers.
Focusing on India, the market experienced the most pronounced price fluctuations. The Indian melamine paper market witnessed an overall stable trend, with minor deviations attributed to seasonal demand variations and external economic pressures. The onset of the summer procurement season and the anticipation of increased downstream activities in construction, laminate, and furniture sectors played a pivotal role in maintaining market equilibrium. Despite a -6% change from the previous quarter, prices remained consistent when comparing the first and second halves of the quarter, signaling a balanced supply-demand scenario.
Europe
In Q2 2024, the melamine paper market in Europe experienced a notable decrease in prices, driven primarily by a confluence of factors that exerted downward pressure on the market. Key influences included subdued demand from downstream industries, a surplus in supply, and lower production costs due to decreased natural gas prices. The macroeconomic environment was also a significant contributor, with rising interest rates, higher inflation, and overall economic stagnation curbing purchasing power and reducing construction activities, which are critical for melamine paper consumption.
Germany saw the most pronounced price changes within the region. The market trends in Germany highlighted a bearish sentiment, reflecting the broader European market dynamics. Seasonality played a role, with the second half of the quarter showing a sharper price decline compared to the first half, underscoring the persistent weakness in demand and high inventory levels. The price of melamine paper in Germany for marking a significant drop, compared to the previous quarter in 2024 Additionally, weakened cost support from feedstock melamine, coupled with seasonal demand variations, further exacerbated the market downturn.
These figures underscore the consistent and steep downward trajectory of melamine paper prices. The overall pricing environment has been decidedly negative, with market participants navigating through a period of significant price erosion, driven by an imbalance between supply and demand and exacerbated by broader economic pressures.
