NEW YORK, Nov. 28, 2016 /PRNewswire/ -- The global flame retardants market is expected to reach USD 11.96 billion by 2025, according to a new report by Grand View Research, Inc. Favorable regulatory scenario promoting the use of these materials for fire safety is expected to fuel market growth over the forecast period. Flame retardants are added to potentially flammable products as a precautionary measure against fire hazards.
Stringent fire safety regulations and guidelines have forced construction industry to adopt flame retardant usage. The usage of the high amount of composite material and plastics has increased the risk of fire hazards. To reduce this risk and to increase the critical escape time in case of fire hazards, there has been an increase in FR usage and this trend is expected to grow over the next nine years thus benefitting flame retardant demand.
Non halogenated flame retardants emerged as the leading product segment and accounted for 57.7% of total market volume in 2015. The product segment is also expected to witness the highest growth of 5.7% over the forecast period. Favorable regulations regarding the use of non halogenated flame retardants are expected to drive this segment over the forecast period.
Further key findings from the report suggest:
The global flame retardant market demand was 2.49 million tons in 2015 and is expected to exceed 4.0 million tons by 2025, growing at a CAGR of 4.9% from 2016 to 2025
Aluminum hydroxide had the highest penetration within the non halogenated segment, in terms of demand in 2015 and is expected to grow at an estimated CAGR of 5.7% over the forecast period. Regulations restricting the usage of halogenated flame retardants have been benefitting their non halogenated counterparts
Epoxy resins were the largest application segment and accounted for 24.1% of total market volume in 2015. Polyolefins are expected to experience the fastest growth of 5.5% over the forecast period.
Electrical & electronics was the leading end-use industry consuming flame retardants with a demand share exceeding 40% in 2015. It is also expected to witness the highest growth of 5.2% over the forecast period. The growth of electronics industry particularly in Asia Pacific coupled with favorable regulations is expected to drive growth.
They are used widely in electronics & electrical industry to achieve the prescribed flammability standards. Components such as printed wiring boards, electrical connectors, wires & cables and electrical cabinets & enclosures use flame retardants.
Asia Pacific was the leading consumer and accounted for 47.9% of total market volume in 2015. The presence of manufacturing hubs, rising demand for construction and consumer electronics in the region are the primarily attributed reasons for the highest penetration. The region is also expected to witness the highest growth over the forecast period.
Major industry participants include Chemtura Corporation, Albemarle Corporation, Israel Chemical LTD., Clariant International Ltd., BASF, & DSM N.V. Companies have been inking agreements to allow the marketing and sale of their products in the regional markets. Capacity addition, expansion, and increase in raw material storage capacity to deal with demand fluctuations have been undertaken by major industry participants.
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