DUBLIN, March 28, 2023 /PRNewswire/ -- The "Global Flame Retardant Plastics Market by Type (Polyolefin, Polyvinyl Chloride, Polyurethane, Polycarbonate, and Epoxy), Group (Thermoplastic and Thermoset), Application, and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for flame retardant plastics had a size of USD 46.26 billion in 2021 and is anticipated to grow at a revenue CAGR of 3.7% throughout the forecast period.
The market growth is driven by several factors, such as the increasing demand for thermoplastics to reduce carbon emissions, rising demand for flame retardant plastics in the electrical and electronics sectors, high demand for reducing fire hazards in the automotive and construction industries, and growing demand for non-halogenated polymers.
Flame retardants are chemical compounds that are used to prevent or delay the ignition or burning of plastic. The goal is to create a thermally stable polymer that is less likely to decompose into combustible gases when subjected to heat stress. Flame retardant chemicals are added to polymers to ensure that they are safer to use in terms of fire.
Synthetic polymers have largely replaced traditional materials in recent years, but most of them are flammable and can burn in the presence of high heat and oxygen.
Flame retardants are necessary to create plastics that are resistant to fire hazards. Increased fire resistance, reduced flame spread, and reduced heat release are the primary goals of flame retardancy. Without these additives, many plastics would not be suitable for use in various industries.
Market Dynamics
Drivers
- Increasing demand for thermoplastics to reduce carbon emission
- Rising demand for flame retardant plastics in electrical, electronics and construction sectors
- High demand to reduce fire hazards in building and construction, and automotive industries
- Rising demand for non-halogenated polymers
Restraints
- Volatile price of raw materials
- Stringent rules and regulations by the government
Companies Mentioned
- BASF SE
- DuPont
- Covestro AG
- SABIC
- Huntsman Corporation
- Borealis AG
- Olin Corporation
- Hexion
- LyondellBasell Industries Holdings B.V.
- Ashland
For more information about this report visit https://www.researchandmarkets.com/r/eah139
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SOURCE Research and Markets
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