Flame Retardant Thermoplastic Market Segmentation by Product (Amorphous Polymer and Crystalline Polymers); by Coating (Brominated Flame Retardants, Phosphorus Flame Retardants, Alumina Trihydrate and Others); by Application (Electrical and Electronic, Construction, Industrial, Transportation and Others) and by End Users (Domestic and Commercial) - Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3181 | Published Date: Feb 09, 2023
Regionally, the global flame retardant thermoplastic market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is anticipated to hold the largest market share throughout the forecast period owing to the rising industrialization as well as urbanization in the region. Moreover, growing sales of electrical and electronic goods, along with increasing sales of vehicles, backed by the rising population across several developing countries in the region, such as China, India, Japan, South Korea, and others, are some of the factors anticipated to drive the market growth in the region. On the other hand, the market in the Middle East & Africa is anticipated to grow with the highest CAGR throughout the forecast period owing to the growing industrialization as well as presence of developing countries in the region such as Saudi Arabia, South Africa, Egypt and others.
The global flame retardant thermoplastic market is further classified on the basis of region as follows:
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Our in-depth analysis of the global flame retardant thermoplastic market includes the following segments:
By Products
By Coating
By Application
By End Users
Growth Drivers
Challenges
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The growing demand for flame retardant thermoplastics from the end user industries is one of the major factors anticipated to drive the growth of the market during the forecast period.
Ans: The growing demand for flame retardant thermoplastics from the end user industries is one of the major factors anticipated to drive the growth of the market during the forecast period.
Ans: The stringent government regulations for manufacturing flame retardant thermoplastics is one of the major factors estimated to hamper the market growth.
Ans: The market in the Middle East & Africa is anticipated to provide more business opportunities in the future.
Ans: The major players in the market are BASF SE, Toray Industries, Inc., Clariant, J.M. Huber Corporation, PMC Polymer Products, Inc., Teknor Apex, Avient Corporation, Washington Penn, Albermarle Corporation, Polyvisions Inc., and others.
Ans: The major players in the market are BASF SE, Toray Industries, Inc., Clariant, J.M. Huber Corporation, PMC Polymer Products, Inc., Teknor Apex, Avient Corporation, Washington Penn, Albermarle Corporation, Polyvisions Inc., and others.
Ans: The market is segmented by product, coating, application, end users, and by region.
Ans: The electrical and electronics segment is anticipated to hold the largest market share throughout the forecast period and display significant growth opportunities.
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