PORTLAND, Oregon and PUNE, India, February 1, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "Flame Retardants Market by Type, Application and End use Industry: Global Opportunity Analysis and Industry Forecast, 2014-2022", the flame retardants market was valued at $6,558 million in 2015, and is projected 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.
Summary of the Flame Retardants Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/flame-retardants-market
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 retardant-hexabromocyclododecane (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.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, "Increase in use of flame retardants especially in automotive industry in the production of tires had increased the demand for flame retardants among automotive and transportation industry, which poses lucrative opportunities in the global flame retardants market."
KEY FINDINGS OF THE STUDY
- 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.
The major companies profiled in the report include Lanxess AG, The Dow Chemical Company, Albemarle Corporation, BASF SE, Clariant Corporation, Dover Corporation, Nabaltec AG, and Akzo Nobel N.V.
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SOURCE Allied Market Research