Press release
Revenue in the Flame Retardant Resins Market is projected to reach US$ 53.79 bn in 2024, showing an annual growth rate (CAGR) of 3.8% (2024-2032), resulting in a projected market volume of US$ 72.72 bn by 2032
Flame Retardant Resins Market
Enhanced with a blend of halogenated, phosphorus-based, and nitrogen-based compounds, flame retardant resins fortify thermoplastics, curbing flammability and bolstering safety across electronics and construction materials. Stringent regulations and standards imposed by governments globally are compelling industries to use flame retardant resins to meet fire safety standards, thereby driving market growth.
With lockdown measures in force during the COVID-19 pandemic, industries such as automotive, construction, and electronics faced a decline. The pandemic also led to reduced consumer spending which led to decease in the sale of vehicles.
Fortune Business Insights™ provides this information in its research report, titled "Flame Retardant Resins Market, 2024-2032".
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List of Key Players Mentioned in the Report:
Asahi Kasei Corporation (Tokyo)
BASF SE (Germany)
Covestro AG (Germany)
DuPont (U.S.)
Idemitsu Kosan Co.,Ltd. (Japan)
LANXESS (Germany)
Mitsubishi Engineering-Plastics Corporation (Japan)
RTP Company (U.S.)
Solvay (Belgium)
Segmentation:
ABSSegment to Capture the Largest Market Share Owing to Cost-Effectiveness and Ease of Fabrication
In terms of resin, the market is fragmented into ABS, PC/ABS Alloy, Polystyrene (PS), PS/PPE Alloy, Polypropylene (PP), PA & PA66, PC/ABS Alloy, PVC, PS/PPE Alloy, PBT, and others. The ABS segment is poised to secure the largest market share during the study period. ABS's economical nature and ease of fabrication according to specific application requirements make it a preferred choice for manufacturers.
Electrical and Electronics Segment Held a Dominant Share due to Diverse Application Opportunities
Based on application, the market is segmented into electrical & electronics (TV, Audio, PC, game, copier, refrigerator, and others), building & construction, automotive (exterior, interior, LIB cover for EV, and others), aerospace & defense, and others. The electrical and electronics segment captured the most significant flame retardant resins market share in 2023. The wide array of applications for these resins in the electronics industry, including TV, audio, PC, game, copier, refrigerator, and others.
In terms of region, the market is categorized into Europe, North America, the Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The research report delivers an in-depth analysis of the market, spotlighting leading companies, end-use industries, and emerging trends. It provides historical data and forecasts revenue growth globally, regionally, and at the country level, alongside analyzing the latest market dynamics and opportunities.
Drivers and Restraints:
Rising Demand From the Automotive Industry to Fuel Market Growth
The automotive industry's prioritization of safety, in response to stringent regulations and heightened consumer awareness, propels the demand for these products. Automakers increasingly rely on these materials to ensure compliance and enhance vehicle safety, fostering flame retardant resins market growth.
However, growing awareness of health risks associated with flame retardant exposure impedes market expansion as consumers seek safer alternatives.
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Regional Insights:
Asia Pacific to Dominate the Market Owing to Increasing Consumption in Leading Countries
The Asia Pacific region secured the largest market share and is likely to dominate the market during the study period. The rising consumption of flame retardant resins in key countries such as China, Japan, India, and South Korea contributes to the growth of the Asia Pacific market, driving high regional sales revenue.
The strategic initiatives undertaken by prominent plastic producers such as BASF, DuPont, and Solvay will cultivate a conducive environment for market growth in North America.
Competitive Landscape:
Industry Participants Focus on Investing in R&D Activitiesto Meet the Evolving Needs Of Electronics Industry
A handful of key players dominate the flame retardant resins market, leveraging proprietary products for a competitive advantage. These companies invest in ongoing R&D efforts to align with the evolving needs of the electronics industry. Some of the major manufacturers such as Asahi Kasei Corporation and BASF SE lead the market, characterized by plant expansions and strategic mergers and acquisitions to enhance economies of scale.
Key Industry Development:
October 2023: Solvay introduced SolvaLite 716 FR, an innovative fast-curing epoxy prepreg system tailored for various structural components and reinforcements in high-end battery electric vehicles (BEVs), thereby broadening its product range.
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You can edit or delete your press release Revenue in the Flame Retardant Resins Market is projected to reach US$ 53.79 bn in 2024, showing an annual growth rate (CAGR) of 3.8% (2024-2032), resulting in a projected market volume of US$ 72.72 bn by 2032 here
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