flame retardants market size 2020 | Executive Summary, Segmentation, Review, Trends, Opportunities, Growth, Demand and Forecast to 2030
flame retardants market size
The Flame Retardants Market is expected to have a growth CAGR of 6.76% in the year 2025.
Fire safety is a highly critical concern that holds the capacity to cause a major impact on the lives of people and the surrounding environment. The criticality of the same makes the emergence of a solution a highly imperative requirement. Flame retardants comes-in as a viable solution to this situation.
Flame retardants refer to a variety of chemical substances that help prevent fire and slow down the ignition from spreading. They are added to combustible materials to increase their fire safety and reduce the risk of the same. It has considerably helped increase fire safety and has curbed down the destructive impact of fires on properties, people, and the environment. They are added to potentially flammable materials like textiles and plastics to prevent it from any fire hazard. These retardants are found in a wide variety of applications like cables and wires, plastics, polyurethane foam, fabrics, and others.
The flame retardants market size is projected to witness an impressive growth in terms of volume, i.e., million metric tons by the year 2022. The market is expected to grow at 5.86% during the forecast period. It is revealed by Market Research Future (MRFR) in its recently published market report that the burgeoning demand of flame retardants from industries such as building and construction, transportation, and electronics is anticipated to drive the growth of the market. Expanding demand from the plastic industry coupled with the latest safety-driven government regulations are the major drivers for the market.
However, flame retardants cause toxicity issues during the time of production, one which can severely affect the market growth in the near future. Additionally, alternatives like Magnesium Hydroxide (MDH) can also cause a decline in the flame retardants market.
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Market Segmentation
The global Flame Retardants market segmentation is divided in terms of types, applications, and end-users.
By type, the market includes phosphorus, brominated, metal hydrate, nitrogen, chlorinated, and others.
By application, the market comprises plastics: polyurethane foam, fabrics, cable and wires, and others.
By end-user, the market includes the packaging industry, electronics, transportation, building construction, military aerospace industry, and others.
Regional Analysis
The global flame retardants market is regionally segmented into Asia-Pacific, North America, Europe, and the Middle East Africa.
Asia-Pacific is the largest regional market player of flame retardants. This is primarily due to the surging demand for flame retardants in various applications such as cables and wires, fabrics, plastics, polyurethane foam, and others. Following Asia-Pacific, North America is the largest market shareholder.
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Competitive Analysis
The flame retardants market comprises of various prominent players, including Akzo Nobel NV (Netherlands), The Dow Chemical Co (US), BASF SE (Germany), Chemtura Corporation (US), Clariant International Ag (Switzerland), China Antimony Chemicals Co. Ltd (China), Albemarle Corporation (US), and others.
Feb 14th, 2019, researchers from the AM University of Texas are developing a one-of-a-kind flame retardant coating that does not emit toxic fumes, unlike the normal ones. The non-toxic alternative is made out of renewable materials. Successful development and implementation of this flame retardant coating could offer much superior fire protection to varying materials, including textiles, upholstered furniture, and insulation. The uniqueness of the study is understandable through the usage of two naturally occurring nanomaterials — cellulose nanofibrils and clay nanoplatelets. Efforts are being undertaken on refining the technology and methods are being investigated on how to produce the coating on a commercial scale.
On Dec 7th, 2018, Lanxess, a specialty chemicals company based in Germany, announced its intention of strengthening its global asset base for flame retardant additives with a striking investment of close to Euro 200 million over the next three-year period. Being one of the world’s biggest suppliers of flame retardant additives, the company aims to further strengthen its globular market position with this investment plan.
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1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS 22
1.1.1 GLOBAL FLAME RETARDANT MARKET, BY TYPE 22
1.1.2 GLOBAL FLAME RETARDANT MARKET, BY RESIN 23
1.1.3 GLOBAL FLAME RETARDANT MARKET, BY APPLICATION 24
1.1.4 GLOBAL FLAME RETARDANT MARKET, BY REGION 25
2 MARKET INTRODUCTION
2.1 DEFINITION 26
2.2 SCOPE OF THE STUDY 26
2.3 MARKET STRUCTURE 27
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 28
3.2 PRIMARY RESEARCH 29
3.3 SECONDARY RESEARCH 29
3.4 MARKET SIZE ESTIMATION 30
3.5 FORECAST MODEL 32
3.6 LIST OF ASSUMPTIONS 33
4 MARKET DYNAMICS
4.1 INTRODUCTION 34
4.2 DRIVERS 35
4.2.1 EXTENSIVE USE OF FLAME RETARDANTS IN THE BUILDING & CONSTRUCTION INDUSTRY 35
4.2.2 GROWING DEMAND IN THE ELECTRICAL & ELECTRONICS INDUSTRY 36
4.2.3 INCREASING USE OF PLASTICS IN THE TRANSPORTATION INDUSTRY 37
4.2.4 DRIVERS IMPACT ANALYSIS 38
4.3 RESTRAINTS 38
4.3.1 REGULATIONS REGARDING THE USE OF CONVENTIONAL FLAME RETARDANTS 38
4.3.2 HIGH LOADING LEVELS OF HALOGEN-FREE FLAME RETARDANTS AND FLUCTUATING RAW MATERIAL PRICES 38
4.3.3 RESTRAINTS IMPACT ANALYSIS 39
4.4 OPPORTUNITIES 39
4.4.1 INCREASING DEMAND FOR RECYCLABLE HALOGEN-FREE FLAME RETARDANTS 39
4.4.2 GROWING ADOPTION OF ELECTRIC VEHICLES 39
4.5 TRENDS 40
4.5.1 GROWING PREFERENCE FOR HALOGEN-FREE FLAME RETARDANTS 40
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