Flame Retardants Market Value to maximize by USD 10.3 Billion by 2022
Flame Retardants Market Outlook 2019-2026:
Global
Flame Retardants Market key players are Lanxess
AG, The Dow Chemical Company, Albemarle Corporation, BASF SE, Clariant
Corporation, Dover Corporation, Nabaltec AG, and Akzo Nobel N.V.
Flame
Retardants 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.
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.
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.
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.
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Key Findings of Flame Retardants Market
- In
terms of value, the epoxy resins segment is projected to be the fastest
growing segment during the analysis period.
- Asia-Pacific is
projected to maintain its lead position throughout 2022 and will grow at a
CAGR of 7.1%, during the forecast period.
- Construction
industry occupied for approximately one-third of the total market in 2015.
- China occupied
for around two-fifths of the total Asia-Pacific flame retardants market in
2015.
- In Europe,
Germany is expected to grow at the fastest rate of 6.6% from 2016 to 2022,
in terms of value.
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.
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