The flame retardants market for engineering resins market size is estimated to be USD 1.7 billion in 2021 and is expected to reach USD 2.3 billion by 2026, at a CAGR of 7.2% during the forecast period. Factors such as the growth of end-use industries and increasing fire safety regulations will drive the flame retardants market for engineering resins market. The major restraint for the market will be environmental and health concerns and high loading levels associated with mineral-based flame retardants. However, the innovation in technology and the development of more effective synergist compounds for better performance will act as an opportunity for the market.
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Flame retardants are used in electronic products to meet flammability standards. They are used for their easy blending, high flame resistance, and good electrical insulation properties, as well as their compatibility with electronics. Earlier, halogenated flame retardants were used, but these compounds are toxic. When electronic products come in contact with fire, these retardants release halogen into the environment, which can be extremely toxic. As a result, companies are increasingly using more environment-friendly and safe substitutes, such as halogen-free flame retardants. The wide adoption of technology globally and the fast-growing middle-class population are the major factors for the rapid growth of the electronics industry worldwide. Changing consumer preferences and increased consumer spending and per capita income are driving the industry. There has been a rise in the demand for smartphones and other electronic equipment. Since companies are now choosing alternatives for environment-friendly products due to strict government rules, this can lead to an increase in the demand for flame retardants.
Others is projected to be the fastest-growing application in flame retardants market for engineering resins market between 2021 and 2026.
Other applications of flame retardants for engineering resins include polystyrene, HIPS, PPE, and others. The demand for engineered resins has increased rapidly because of favorable properties. Industries such as electronics and automotive are utilizing engineering resins to further improve the performance of products. To make them more heat resistant, flame retardants are added to these compounds.
APAC is projected to be the fastest-growing region for the flame retardants market for engineering resins market during the forecast period
APAC is projected to be the highest growing region for flame retardants market for engineering resins market. The growth is APAC is mainly attributed to the high economic growth in developing countries and increasing disposable incomes have made APAC an attractive market for flame retardants market for engineering resins. The tremendous growth of industrial production, increased trade, and the implementation of stringent regulations are primarily responsible for the high consumption of flame retardants market for engineering resins in the region. China, Japan, and India are the major flame retardants market for engineering resins in the region. Growing investments in India’s manufacturing sector are contributing to increased demand for flame retardants. Government regulations are being set up regarding the use of flame retardants in APAC countries, which will boost the demand for the same during the forecast period.
The key market players profiled in the report include Albemarle Corporation(US), Clariant AG (Switzerland), Israel Chemicals Ltd(Israel), LANXESS AG(Germany), BASF SE(Germany), Huber Engineered Materials(US), DuPont de Nemours (US), Nabaltec AG (Germany), Italmatch Chemicals S.p.A(Italy), RTP Company(US) and Budeheim Chemicals KG (Germany).
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