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IN THE NEWSThe global flame retardant thermoplastic market is estimated to garner a CAGR of ~6% during the forecast period, i.e., 2022-2030. The growth of the market can be attributed to the growing demand for halogen-free flame retardant thermoplastic as well as its increase in application in industries such as construction, electrical and electronics. These chemicals are designed in order to reduce the risk of fire from any contact with electric fault or any source. The combustion is slowed down by the flame-retardant thermoplastic and it also helps to prevent the spread of fire. The market is further anticipated to grow on account of the growing demand for the product from the transportation industry, backed by the growing sales of vehicles, and the stringent government regulations to increase vehicle safety. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the total sales of vehicles around the globe recorded to 90,423,687 units in the year 2019. In case of a fire outbreak inside the vehicle, the amount of smoke and heat inside the vehicle increases at a significant pace, allowing a narrow time for the people inside to escape from the vehicle. To overcome such issues, vehicle manufacturers are increasingly utilizing flame retardant thermoplastics that lowers the propagating speed of the fire inside the vehicle.
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The market is segmented by application into electrical and electronic, construction, industrial, transportation and others, out of which, the electrical and electronic segment is anticipated to hold the largest market share by the end of 2030. The growth of the segment can be attributed to the massive usage of flame retardant thermoplastics in printed wiring boards, refrigerators, vacuum cleaners, TV sets, smartphones, laptops and others. Moreover, growing concern for electrical short circuits, which can create a fire, is raising the need amongst the manufacturers of electronic goods to increasingly use the flame retardant thermoplastics, which in turn is anticipated to drive the growth of the segment. The market is also segmented on the basis of end users into domestic and commercial, out of which, the commercial segment is anticipated to hold the largest share during the forecast period, backed by the increasing demand for the thermoplastics from numerous end users for a variety of end use purposes.
However, owing to the stringent government regulations for the production of flame retardant thermoplastics, such as IEC 60695, IEC 60112, UL94, UL746 and others for electronic applications, and other complaints such as DIN 4102, EN 9239, BS 476, EN 13823, and others for building and construction application, significantly raises the cost of production of the manufacturers so as to meet these regulatory standards, which is anticipated to hamper the market growth during the forecast period.
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.
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:
Our in-depth analysis of the global flame retardant thermoplastic market includes the following segments:
FREQUENTLY ASKED QUESTIONS
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.
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.
The stringent government regulations for manufacturing flame retardant thermoplastics is one of the major factors estimated to hamper the market growth.
The market in the Middle East & Africa is anticipated to provide more business opportunities in the future.
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.
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.
The market is segmented by product, coating, application, end users, and by region.
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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