TAGS: Flame Retardants
The global flame retardants market was valued at $7.4 billion in 2020, and is projected to reach $14.0 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.
Increase in population and rise in investment in infrastructure projects surged growth of the building & construction sector. Flame retardants are used in this sector to slow down or hinder the fire and provide sufficient time to evacuate people from building.
FRs Used in Automotive Sector
Factors such as increase in disposable income, technological upgrades, and rise in original equipment manufacturers (OEMs) led the automotive sector to witness a significant growth.
Flame retardants are used in this sector as automotive foams in under-hood areas, including air intakes, manifolds, pumps, and covers for cams and valves. This may drive the growth of the flame retardants market.
However, exposure to flame retardants through a variety of ways, including consumer products, car, airplane, and workplace may cause several health-related disorders that include neurologic dysfunction, reproductive toxicity, and cancer, causing adverse effects on fetal and child development.
Related Read: Flame Retardant Behavior Characterization in Practice
In addition, the National Toxicology Program (NTP) received many nominations to study flame retardants, due to lack of information about its toxicity. These factors may restrain the demand for flame retardants among several end-use sectors, thus hampering the market growth.
The flame retardants market is segmented on the basis of type, application, end-user industry, and region.
By type, the market is segregated into alumina trihydrate, brominated flame retardants, antimony trioxide, phosphorous flame retardants, and others. The antimony trioxide segment dominated the global market, in terms of revenue in 2020, with 31.5% of the total share. This is attributed to increase in demand for antimony trioxide flame retardant in developing countries such as China and India, owing to increase in consumption of thermoplastics and change in regulatory norms.
As per restriction of hazardous substance (RoHS) and waste electrical and electronic consumption (WEEE), brominated flame retardants are restricted, due to adverse effect on the environment. Presently, commitments by major end users to use low smoke fume (LSF) flame retardants, including antimony trioxide, fueled the demand for antimony trioxide.
FRs: Range of Applications
By application the global market is divided into unsaturated polyester resins, epoxy resins,
PVC, rubber, polyolefins, and others. The epoxy resins segment dominated the global market, in terms of revenue in 2020, with 23.8% of the total share.
This is attributed to growing interests of end users toward phosphorous as an additive to epoxy resins to impart and improve flame retardancy characteristics, which, in turn, is expected to drive the market.
By end user industry the global market is divided into construction, automotive & transportation, electronics, and others. The electronics segment dominated the global market, in terms of revenue in 2020, with 38.1% of the total share.
This is attributed to the rapid technological advancement and increase in R&D activities which in turn has surged the demand for various electronic devices where flame retardants are used to keep any chemicals from seeping into the environment or possibly causing health repercussions for consumers.
Region-wise, the flame retardants market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific flame retardants market size is projected to grow at the highest CAGR during the forecast period, owing to rise in building & construction, electronics, and automotive sectors that have enhanced demand for flame retardants in Asia-Pacific.
Furthermore, countries such as India and China witness surge in automotive sector where flame retardants are primarily used in under-hood automotive parts for preventing fire. These factors may propel the growth of flame retardants market in this region.
The key players operating in the global flame retardants market include Albemarle Corporation, BASF SE, DOW, Eastman Chemical Company, Hangzhou Lingrui Chemical Co. Ltd., Hongbaoli Group Co. Ltd., Huntsman International Llc., Lanxess , Muby Chemicals, and Sasol.
Key Findings Of The Study
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The antimony trioxide segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.7% from 2021 to 2030
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The epoxy resins segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 7.2% from 2021 to 2030
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The electronics segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 7.0% from 2021 to 2030
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Asia-Pacific garnered the highest share of 37.8% in 2020, in terms of revenue, growing at a CAGR of 7.4%
Explore Complete FRs' Range for Epoxy Resins
Source: Allied Market Research