Flame Retardants Market Research Report: Forecast (2023-2028)

Market Definition

Flame retardants are chemicals with different molecular structures and physical & chemical properties added to various flammable materials like textiles, plastics, & coatings in order to prevent or slow down a fire. These chemicals are either added during the polymerization process or incorporated into various products like foams, mattresses, computers, electric wires, insulation materials, and parts of automobiles as an additive.

Market Insights

The Global Flame Retardants Market is expected to grow at a CAGR of around 5.3% during the forecast period, i.e., 2023-28. Most of the market expansion would be propelled by the rising fire safety laws, the rapidly expanding end-user verticals like electronics & electrical, construction, textile, automotive, etc., and the burgeoning use of plastic in almost every industry. Besides, the implementation of stringent fire safety regulations in sectors like building & construction, automotive, & electronics on account of the rise in fire-related incidents is also driving the market for flame retardants.

Moreover, rising consumer awareness of the need for efficient fire management solutions to prevent fire incidents & property losses is another prominent aspect boding well for the flame retardants industry. Manufacturers of consumer electronics are excessively utilizing flame retardants in electric wire insulations in circuit boards, electronic casings, and wire & cable systems to prevent fires. In view of this, phosphorous-based flame retardants are being increasingly adopted in rigid polyurethane foams and, in turn, propelling the overall market expansion.

Furthermore, the advent of halogen-free flame retardants that are sustainable and safe for humans upon exposure is another promising growth opportunity for the market. Additionally, the significantly expanding chemical industry worldwide is another crucial aspect projected to fuel the growth of the flame retardants market through 2028.

Recent Developments in the Global Flame Retardants Market

• In May 2022, FRX Innovations' Nofia® flame retardant received ChemFORWARD’s SAFER designation for its high-performance level & sustainability attributes in lithium-ion battery casings. This designation strengthened the leader's position in environmentally sustainable polymeric, non-halogenated flame retardants for both consumers and industrial products & applications.
• The same year on 25 April, LG Chem developed a special flame retardant that can block heat for a longer period when applied to the battery pack cover of EVs (Electric Vehicles) thanks to its superior heat resistance. This new high-functional engineering plastic material comprises PPO (Polyphenylene Oxide), PA (Polyamide), & PBT (Polybutylene Terephthalate), with excellent dimensional stability that can maintain its shape despite temperature changes.
• In December 2021, Clariant started constructing its first Chinese production facility for its successful Exolit OP flame retardants at its existing site in Daya Bay, Huizhou, Guangdong Province. The facility, i.e., likely to be completed & inaugurated in 2023, will enable the leader to speed up its production capacity to cater to the burgeoning consumer requirements in the country.

Market Segmentation

Based on Type:

• Alumina Trihydrate
• Brominated Flame Retardants
• Antimony Trioxide
• Phosphorous Flame Retardants

Of them all, brominated flame retardants held a significant share of the Global Flame Retardants Market in the previous years. It owes to their massive utilization in different consumer goods, including but not limited to building materials, furniture, textiles, & electronics, among others, to make them less flammable. These flame retardants play a crucial role in safeguarding humans, minimizing the chances of fire-related injuries & property damage, and achieving the appropriate fire safety criteria. The unique chemical interaction of bromine with the combustion process makes it an extremely efficient element, which means that only a relatively small amount of bromine is required to be added to products in order to attain superior fire resistance in them.

Among all brominated fire retardants, TBBPA (Tetrabromobisphenol A) is the most commonly used BFR, with around 60% production worldwide, owing mainly to the ban on the use of PBDEs (polybrominated diphenylethers) & HBCDs (Hexabromocyclododecanes). TBBPA witnesses high demand & utilization since it exists in the environment in lower concentrations than PBDEs & HBCDs, and more than 80% of it is used as a reactive compound that minimizes the chances of its migration from a product to the environment. Despite these facts, there are no restrictions on its usage, i.e., contributing to the overall market expansion.

Based on Application:

• Unsaturated Polyester Resins
• Epoxy Resins
• PVC
• Rubber
• Polyolefins
• Styrenics

Here, Epoxy resins hold a prominent market share, owing to their extensive utilization in electronics & automotive industries for protecting various equipment like ICs (Integrated Circuits), transistors, & hybrid circuits from fire, which can be caused by short circuits. With a broad range of applications, such as high-tension electrical insulators, fiber-reinforced plastic materials, electrical components, paint brushes, LEDs, & adhesives for structural purposes, epoxy resins are used broadly as coatings, castables, and injection molding & composite materials. In recent years, significant advancements have been attained in epoxy resins to suffice numerous practical application requirements, which has contributed notably to the flame retardants industry globally.

Based on End-User:

• Building & Construction
• Automotive & Transportation
• Electronic & Electrical
• Others (Adhesives, Textiles, Aerospace, etc.)

Among all, the electronic & electrical industry acquired the largest share of the Global Flame Retardants Market in recent years, and the same trend is likely during the forecast period. This growth attributes to the substantial utilization of flame retardants in the plastic casing of electric products. It is done majorly to enhance consumer safety and mitigate risks of fire.

Backed by the improving economic conditions of the people and their growing disposable income, the consumer electronics sector has witnessed a swift expansion, and in turn, is boosting the demand for flame retardants. The same aspect is also generating lucrative opportunities for the leading players to widen their production and distribution capacities and cater to the burgeoning requirements throughout the world.

On the other hand, the building & construction industry is projected to make significant contributions to the overall market expansion in the coming years. It attributes to the rapidly increasing construction activities across different countries in line with infrastructural development, alongside growing awareness about the need for fire protection in buildings. As a result, the demand for flame retardants is mounting substantially and positively Influencing the overall market growth.

Regional Projection

Geographically, the Global Flame Retardants Market expands across:

• North America
• South America
• Asia-Pacific
• Europe
• Middle East & Africa

Of all countries globally, Asia-Pacific holds the largest share of the Flame Retardants Market. It attributes to the burgeoning demand for flame retardants across automotive, electrical & electronics, and construction industries, stringent regulations regarding fire safety, as well as various ongoing infrastructure development projects in India, China, & Japan.

The region is the hub of electrical & electronics industries and thus witnesses a high demand for flame retardants. In addition, the biggest textile manufacturers, India & China, also drive the regional market, as flame retardants are used in fabrics to slow or stop the combustion process.

Due to the easy availability of low-cost labor, relatively lower production costs, and cost-effective products, the leading players worldwide see Asia-Pacific as an attractive market. Moreover, the rising building & construction activities in the emerging countries of the region are also creating new directions for the Asia-Pacific Flame Retardants Market to witness significant expansion in the coming years.

Market Dynamics:

• Key Driver: Rise in Strict Regulations Regarding Fire & Human Safety

The primary aspect projected to drive the Global Flame Retardants Market during 2023-28 is the increasing rules & regulations regarding fire & human safety worldwide. Governments of various countries are actively focusing on preventing fire & explosion-related incidents in offices, industries, public places, etc., which, in turn, has led to the implementation of stringent rules for industries to use flame retardants in cables, wires, construction products, insulation materials, textiles, automotive components & interiors, and paints & coatings in order to reduce the chances of combustion, i.e., stimulating the overall market expansion

• Growth Restraint: Rising Environmental & Health Concerns over the use of Flame Retardants

Flame retardants used in several materials can get into water & soil or leak from products into the air and come into contact with humans, which can cause severe health issues like thyroid disruption, cancer, reproductive toxicity, cancer, & neurologic dysfunction. Moreover, these stubborn pollutants can also bioaccumulate food chains and result in various health & environmental effects. These aspects are projected to act as major growth restraints for the Global Flame Retardants Market during 2023-28.

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