Industry Insights:
The global flame retardant market size was valued over USD 6.27 billion in 2015. Flame retardant is a key component reducing the impact of fires on people, property, and environment. Flame retardants either prevent the fire from starting or slow it down significantly. The growth in industries such as construction, transportation, and electrical & electronics is expected to propel market demand over the forecast period.
Governments around the world have framed stringent regulations aimed at reducing destruction caused to life and property due to fire. Government regulation pressure and growing awareness regarding fire safety among industry participants are expected to boost market demand.
Product Insights:
The major product segments in the market are halogenated flame retardants and nonhalogenated flame retardants. Nonhalogenated product type was the major product segment in 2015 with demand exceeding 1,400 kilo tons. The consumption of these products is expected to grow rapidly owing to growing concerns about pollution caused by halogenated type.
Brominated products dominated the halogenated segment and accounted for more than 40% market share in 2015. In nonhalogenated type, Aluminum hydroxide was the largest product segment and its growing application in end-use industries is expected to augment demand for these products.
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Application Insights:
Polyolefin was the largest application segment in 2015 and accounted for more than 20% of the overall market. The high flame retardant loading capacity exhibited by polyolefins is responsible for their growing demand in end-use industries such as construction and electrical. The growing demand for high-quality coatings is expected to boost the application of epoxy resins. Epoxy resins consumption was estimated to be around 600 kilotons in 2015.
End-Use Insights:
Flame retardants are used to reduce this risk of fire in a wide range of electronic products such as smartphones, laptops, refrigerators, TV sets, printed wiring boards, and vacuum cleaners. Rising disposable income is boosting the growth of electrical & electronics segment owing to which the demand for flame retardants is expected to be high in this application segment.
Construction end use segment is anticipated to grow at a CAGR of 6.8% over the forecast period on account of growing investments in developing countries. Fire safety and prevention is the primary concern of the consumers in construction, the demand is expected to grow rapidly over the forecast period.
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Regional Insights:
Asia Pacific was the major regional segment and accounted for over 45% of total volume in 2015. High demand from countries such as China, Japan, and India are benefitting the market growth. The upcoming electrical & electronics manufacturing hubs coupled with a positive outlook for construction sector is expected to drive the flame retardant market over the forecast period.
The growing pressure of regulatory agencies such as REACH and European Flame Retardant Association (EFRA) is driving the demand for these products in Europe. Europe consumed over 600 kilotons in 2015. The presence of a large number of end-use industries is expected to boost market growth in this region.
Competitive Insights:
Key industry players include BASF, Albemarle, Chemtura, ICL, Clariant International Ltd., Italmatch Chemicals, Huber Engineered Materials, DSM & Thor Group Ltd. Major industry participants have focused their efforts on the acquisition of local companies to increase their global footprint. Companies are investing heavily in product innovation to gain market share.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/advanced-materials
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