Flame Retardant Market Size, Share & Trends Analysis Report By Product (Halogenated, Non-halogenated), By Application (Polyolefin, Epoxy Resins), By End Use (Electrical & Electronics, Construction), And Segment Forecasts, 2021 - 2028
New York, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Flame Retardant Market Size, Share & Trends Analysis Report By Product, By Application, By End Use And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06184560/?utm_source=GNW
Flame Retardant Market Growth & Trends
The global flame retardant market size is anticipated to reach USD 12.99 billion by 2028, registering a CAGR of 8.0% over the forecast period. This growth can be attributed to the growing application scope in key end-use industries including automotive, electrical & electronics, transportation, construction, and others. In addition, increasing demand for these products in applications, such as polyolefin, Engineering Thermoplastics (ETP), epoxy resins, Polyvinyl Chloride (PVC), and rubber, coupled with the presence of favorable government regulations, especially in Asia Pacific, North, America, and Europe, will drive the market in the coming years.
Halogenated products, including brominated, chlorinated, phosphate-based, and antimony trioxide-based, are widely used in various applications, such as printed wiring boards, wires & cables, floorings, flexible polyurethane foams, polyolefins, polyamides, wall sheeting, refrigeration, and others.The demand for environmentally friendly products, such as non-halogenated flame retardants, is growing at a rapid pace.
The Asia Pacific, North America, and Europe regions have emerged as the largest consumers owing to the presence of stringent environmental sustainability policies and the rising awareness about fire safety among consumers.
Phosphorus-based flame retardants, both chlorinated and non-halogenated, are extensively used in flexible and rigid polyurethane foams and the demand is anticipated to augment in the coming years.They have wide application prospects, and it is a vital part of inorganic flame retardants.
These products can be divided into inorganic and organic phosphorous products.Asia Pacific holds a substantially high share owing to the increasing product penetration in the end-use industries including automotive, electrical & electronics, construction, and others.
The markets in Asia Pacific are witnessing high production, especially in countries, such as India, China, Japan, and South Korea, owing to the growing emphasis on eco-labeled fire resistance products.
The COVID-19 pandemic has highly impacted the growth of the automotive and construction, sectors.The halting of manufacturing activities, slowing down of construction projects, and ongoing labor shortages owing to travel restrictions are expected to affect the demand for the products and their derivatives in construction applications over the forecast period.
The global market is highly competitive due to the presence of a large number of multinationals that are engaged in constant R&D activities. Companies, such as BASF SE, Clariant, DuPont, DSM, Albemarle Corp., and LANXESS have a global presence and dominate the market due to a wide range of products for each application market. A majority of these companies have integrated their business operations across the value chain.
Flame Retardant Market Report Highlights
• Asia Pacific was the dominant regional market in 2020 owing to the increased investments in the end-use industries, such as transportation and construction, especially in developing countries like India
• The U.S. accounted for the largest share of the North America regional market in 2020 due to the large-scale production and rapid growth of the electrical & electronics, automotive, and construction sectors in the U.S.
• The non-halogenated product segment accounted for the highest revenue as well as volume share in 2020 owing to increased environmental concerns and stringent government regulations
• The bromine-based halogenated product segment led the market in 2020, in terms of revenue, owing to the high demand as a result of their low cost and high performance
• In 2020, aluminum hydroxide emerged as the largest non-halogenated product segment, in terms of both volume and revenue, owing to its non-toxic nature and low cost
Read the full report: https://www.reportlinker.com/p06184560/?utm_source=GNW
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