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Flame retardants refer to a variety of substances that are added to combustible materials to prevent fires. Bromine, chlorine, and phosphorous are the Most common elements used as flame retardants. To treat potentially flammable materials the compounds of these elements are added. For instance, in textile industry flame retardants are added to fabrics, such as polyester fabrics, nylon fabrics and polypropylene fabrics to make them flame resistant. Further, for furniture components, toys, kitchen tools and for cable & wire jacketing polypropylene is utilized as flame retardants. Moreover, flammable plastic materials are used in abundance in modern vehicles and various applications as well as in mechanical parts, this poses a high range of fire risk. Hence, flame retardants are added to these materials to stop fire from electrical short circuits, mechanical faults, and overheating.
Demand from emerging economies, advancement in technology, new regulatory guidelines for reducing toxic chemicals and increased security measures are some of the factors driving the flame retardant market. Furthermore, governments across the globe have been focusing their attention on fire prevention, setting improved safety standards for smoke and flammability range in different products owing to these regulation the market is driven. However, due to the rise in feedstock costs, the key manufacturers are raising the prices of flame retardant market and in addition, toxicity issue at the time of flame retardant production process are the restraints which could hamper the flame retardant market.
The flame retardants is segmented by type, application, end-users and geography
Based on type, the flame retardants market is segmented into alumina trihydrate (ATH), antimony oxide, brominated flame retardants, chlorinated flame retardants, phosphorous flame retardants and others. Alumina trihydrate dominated the flame retardants market and is estimated to remain same during the forecast period. Low cost and less environmental impact in comparison to certain flame retardants are the key reasons for growth of ATH segment. Furthermore, due to stringent environmental regulations, brominated flame retardants are anticipated to see a moderate growth during the forecast period 2020 to 2025.
By application, the flame retardants market is segmented into epoxy resins, unsaturated polyester, polyolefins, polyvinyl chloride, polyamide, polystyrene, acrylonitrile butadiene styrene (abs), polyurethane and polyethylene terephthalate. Polyolefin segment accounted the largest share in 2018. They have been found to possess high flame retardant loading capacity owing to this property this are widely used in industries such as electrical & electronics and construction. Whereas, epoxy resins segment is expected to grow at the fastest CAGR value during the forecast period 2020 to 2025.
On the basis of end-users, the flame retardants market is segmented into building & construction, electronics & appliances, automotive & transportation, wires & cables, textiles and other end-use industries. Electronics & appliances segment has dominated the market in 2018, owing to the involvement of electric currents in their functioning which are subjected to high degree of fire risk. Whereas, building & construction is estimated to grow at a fastest CAGR during the forecast period 2020 to 2025.
Based on geography, the market is segmented into Asia-Pacific, North America, Western Europe, Central & Eastern Europe, Middle East & Africa and South America. Asia Pacific emerged as the largest consumer and dominated the flame retardant market in 2018, owing to huge demand for flame retardants from countries such as Japan, China, India and growth of various end-use industries in the developing economies is benefitting the overall regional market.
The global flame retardants market is led by key companies such as Albemarle Corporation, ICL (Israel Chemicals Ltd.), Chemtura Corporation, Clariant International Ltd., Lanxess AG, Nabaltec AG, The DOW Chemical Company, BASF SE, Akzo Nobel, Italmatch Chemicals and Huber Engineered Materials (HEM). Foremost companies have invested huge capital in mergers & acquisitions and research & development activities to develop advanced products in the market. For example, in March 2018, Italmatch Chemicals, a global specialty chemical group, acquired Chinese Jiayou Chemical which is active in the phosphonate business.
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