Market Research Future (MRFR) asserts that the Flame Retardants Market 2020 could most likely procure a CAGR of 6.76% during the appraisal period (between 2019 and 2025). The market can advance to reach a size of more than USD 12,931.5 Million by 2025, adds MRFR. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Eminent Industry Vendors:
Akzo Nobel N.V. (The Netherlands), Celanese Corporation (US), Kisuma Chemicals(The Netherlands), BASF SE(Germany), Clariant (US), J.M. Huber Corporation (US), Dow (US), Amfine Chemical Corporation (US), Nabaltec AG (Germany), Greenchemicals SpA(Italy), ICL (Israel), LANXESS(Germany), RTP Company Clariant (US), Italmatch Chemicals SpA (Italy),and more are some of the eminent industry vendors outlined in the extensive report.
Top Drivers and Challenges:
Since activities in chemical manufacturing units have stalled owing to the COVID-19 outbreak and the resultant lockdown, the growth trajectory of enzymes and various catalysts has been significantly affected. Many of the key firms are trying to re-strengthen their supply chains to meet with the growing demand for flame retardants. Since the flame retardants market consists of a massive loyal customer base, its growth is expected to remain stable despite SARS-CoV-2. Another factor working in favor of the global market following the outbreak of the novel coronavirus is that the availability of substitute products is quite low, bringing down the competition level.
Furthermore, the rising automation trend across industries can be especially favorable in the post pandemic era, as human workforce is quite scarce worldwide. The flame retardants market is also backed by the surge in technological advancements, with various manufacturers striving to incorporate characteristics such as high durability and better strength in flame-retardant materials. These efforts have led to greater demand for flame retardants among the significant end-users worldwide.
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Demand for flame retardants has remained high in the home furnishing segment, resulting from the rapidly surging disposable income across India and China. Market frontrunners are trying to develop sustainable and eco-friendly products that have low to no negative effect on human health. These players are also conducting vigorous R&D activities to expand the application scope of flame retardant chemicals.
To cite a reference, in August 2020, a research group from the KIST/Korea Institute of Science and Technology Institute of Advanced Composite Materials has developed an advanced flame-retardant carbon-fiber-reinforced material that has widespread applications in automotive, aerospace, sports equipment and shipbuilding industries.
Flame Retardants market has been extensively covered in the MRFR research, with the key segments considered to be type, resin and application.
The types of flame retardants covered in the study include non-halogenated as well as halogenated flame retardants. In the lead is the non-halogenated segment with the biggest share of more than 60%. The segment is also anticipated to record a CAGR of close to 7% from 2019 to 2025, given the rising demand for these types primarily due to their non-toxic nature. The report further outlines the types of non-halogenated flame retardantsm namely magnesium hydroxide, organo-phosphorus, aluminum trihydrate and more. Out of these, aluminum trihydrate is the top segment with maximum share of nearly 55% and could even advance at a healthy rate of roughly 7.5%.
The key resins specified in the market study are polypropylene, polyethylene, unsaturated polyesters, epoxy, styrenics, polyvinyl chloride, rubber, engineered thermoplastics, and more. The market is led by the polyethylene segment, which holds the largest share of more than 25% and is on its way to witness the highest growth of nearly 8%, while touching over USD 3,500 million by the end of 2025. Polyethylene resins are in high demand as they have excellent strength, high rigidity as well as toughness and are extensively deployed in industries like transportation and building & construction.
Flame retardants have a vast application range, some of which are transportation, electrical & electronics, building & construction, textiles, and more. With the highest share of more than 40%, the lead has been achieved by the building and construction segment, which is also touted to thrive at the fastest rate of roughly 7.5% between 2019 and 2025. The increasing construction activities around the world, especially in the residential sector, has led to the segment’s dominance over other applications.
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Flame Retardants industry can be regionally divided into Asia Pacific/APAC, Latin America, Middle East & Africa/MEA, North America and Europe.
In 2018, APAC was confirmed to be the biggest market with a share of close to 50% and can most likely procure the highest expansion rate of more than 7.5% in the next few years. The significant growth of end-use industries like electrical, automotive and consumer electronics along with the rapid surge in per capita expenditure of infrastructural improvement by the government has taken the regional market to great heights in recent years. The said market growth is the most notable in developing nations like India, Indonesia and China, which can expand further in subsequent years.
In 2018, Europe came second in the global market, capturing a share of roughly 25% in the global market. The European market is also on track to progress at a rate of close to 5.5% from 2019 to 2025 and can touch more than USD 2,500 million by end of the given period. The top factors accredited for market development in the region include the accelerated number of construction activities across Eastern Europe in light of the surge in single-family residences, formal household lending along with low interest and mortgage rates.
With a share of close to 20% in the global market, North America is also expected to record a growth rate of around 6% over the coming period. The North American market growth is mostly the result of the high residential construction rate in line with the rise in single-family and independent dwellings. The North American market was worth roughly USD 1,600 million in the year 2018 and can eventually touch close to USD 2,500 million by the end of the review period.
The flame retardant market in Middle East and Africa and Latin America can also observe substantial growth, thanks to the expanding automobile sector in Latin America, particularly in Mexico. Supportive fire protection rules and regulations across various industries like automobile and building and construction can also induce market growth in the ensuing years.
COVID-19 Study in Detail:
Impact of COVID-19 on Iso-Propyl Alcohol Market @ https://www.marketresearchfuture.com/report/covid-19-impact-iso-propyl-alcohol-industry
Corona virus Outbreak and Plastic Films Market @ https://www.marketresearchfuture.com/report/covid-19-impact-plastic-films-market
NOTE: Our teams of researchers are studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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