Flame Retardant Market Estimated to Flourish By 2021
Flame retardants are the compounds which when added to materials such as plastics products, electrical devices, construction materials or textiles delays the production of flames to prevent the spread of fire. There are various types of flame retardant such as aluminum trihydrate, antimony oxides, brominated flame retardant, chlorinated flame retardant, organophosphorus flame retardants, and other flame retardant chemicals. Usage of flame retardant market is increasing in the electronic industry due to its property of decreasing the flammability of combustible substances. Some of the major end user applications of flame retardant market include building & construction, electronics, automotive & transportation, wires & cables, textiles & other applications.
Some of the major factors driving the flame retardant market are high demand from current & emerging applications, demand from emerging economies, advancement in technology, increased security measures and the new regulatory guidelines for reducing toxic chemicals.
Governments across the globe are setting improved safety standards for smoke and flammability range in different products. The growth in automotive, construction and other major end use industries are increasing the demand of flame retardant market globally. Nanotechnology is expected to play a major role in improving performance of a flame retardant market in the years to come.
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The major growth opportunities for the flame retardant market includes equipment & electronics, automotive & construction, in the emerging economies especially the one which are expanding in the infrastructure applications. The growth in these segments in emerging economies is likely to increase the market demand for flame retardant and the products based on it.
A major factor restraining the market growth is rise in the prices which may lead to further decrease in demand. The key producers are raising the prices of flame retardant market due to the rise in feedstock costs. In addition, there is a toxicity issue at the time of flame retardant production process which could hamper the market further.
Asia Pacific is the largest sales market for flame retardant. China alone accounts for about 24% of the global demand of flame retardant. High demand in China is driven by growth in the chemicals and automobile industry in the country. India is also expected to increase its share in the global market on the basis of increasing foreign investment which will result in increasing number of new industries in the country. Asia Pacific is expected to continue in its leadership position in the forecasted period due to the growing end-user markets in countries such as China and India. North America continues to be the second largest sales market followed by Western Europe. Currently, the Middle East and South American countries have a very low market share; however it is expected to increase in the coming years.
Some of the major companies operating in the global flame retardant market include Akzo Nobel NV, Albemarle Corporation, Almartis GmbH, BASF SE, Borealis GmbH, Budenheim Iberica SLSC, Campine NV, Chemtura Corporation, China Antimony Chemicals, Clariant International Limited, Cytec Industries Incorporated, Daihachi Chemical Industry Company, Dover Chemical, and Glencore International AG. Among which, Albemarle Corporation, Chemtura Corporation, and Clariant International Limited are the most active companies in the flame retardant chemicals market.
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