In 2023, India imported around 19 million kilograms of melamine resins. Based on forecasts, there will be a consistent rise in import volumes over the next five years, reaching approximately 23 million kilograms by 2028. This reflects a year-on-year growth of around 4% to 5% between 2024 and 2028. The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is expected to be around 4.6%, indicating steady demand growth.
Future trends to watch include:
- Increased domestic production capacity, potentially altering import needs.
- Fluctuating raw material prices influencing import costs and competitiveness.
- Technological advancements and evolving consumer preferences impacting demand.
- Government regulations and trade policies potentially affecting import volumes.
