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Global Flame Retardants Market Witnesses Vivid Opportunities due to Increase in Demand For Flame Retardant Chemicals

02-04-2019 01:53 PM CET | Health & Medicine

Press release from: Allied Market Research

Global Flame Retardants Market Witnesses Vivid Opportunities

At present, the global flame retardants market witnesses vivid opportunities due to the increase in demand for flame retardant chemicals in a wide number of end use industries. Flame retardants such as polyolefin nanocomposites find major use in the automotive industry and other end user industries such as packaging, building and construction, appliances, electrical and electronics, tools and sporting equipment.

Flame Retardants Market Report, published by Allied Market Research, projects that the global market is estimated to reach $10,212 million by 2022, growing at a CAGR of 6.6% from 2016 to 2022. The epoxy resins segment held nearly one-fourth of the total market in 2015.

Flammable plastic materials are used in abundance in modern vehicles, foams, cables, textiles, polymer formulations for electronic applications as well as in mechanical parts. This pose a high range of fire risk. Hence, flame retardants are added to these materials to halt fires in mechanical, structural, and decorative components, such as electrical short circuits, mechanical faults, and overheating. Automotive industry is the largest consumer of brominated flame retardanthexabromocyclododecane (HBCDD). HBCDD is used for plastic cabinet and casings, insolation panels and automotive textiles. Furthermore, flame retardants are added to seats to ensure safety to passengers as small flames such as cigarettes and matches could prompt ignition.

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Epoxy resins segment accounted for around one-fourth share, in terms of volume, in 2015. In response to the perennial modifications in the quality of flame retardants, efficient flame retardant chemicals are currently in high demand across the globe. Thus, increase in demand for high-tech flame retardants for epoxy resins along with increase in use of flame retardant rubber in automotive industry are some of the major drivers that fuel the demand for flame retardants across the globe.

In 2015, Asia-Pacific and LAMEA collectively accounted for around half of the total flame retardants market and is expected to continue this trend due to increase in infrastructural development, specifically in China, India, Brazil, and other developing economies. Moreover, rise in per capita disposable incomes of consumers in turn drives the demand for high-tech flame retardant automobiles is one of the key factors that fuel the flame retardants market in the Asia-Pacific region.

Analyst Review :

Flame retardants are widely used in various end use industries such as electronics, construction, and automotive. The electronics segment accounted for the largest share in the global market, and is anticipated to maintain its lead throughout the forecast period. Moreover, significant improvements in the production of automotive products is anticipated to drive the growth of market. Home interior and consumer goods are some of the new emerging applications for flame retardant chemicals. High demand from construction industry boosts the growth of the market.

Increase in urbanization & industrialization especially in the emerging economies such as China, India, and Korea is expected to offer lucrative opportunities for the growth of Asia-Pacific flame retardants market. In addition, rise in per capita disposable income is the key driver of the market.

Top key players :

• Lanxess AG
• The Dow Chemical Company
• Albemarle Corporation
• BASF SE
• Clariant Corporation
• Dover Corporation
• Nabaltec AG
• Akzo Nobel N.V.
• ICL Industrial Products
• Broadview Technologies Inc.

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Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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