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Flame Retardant Chemicals Market Outlook: High product demand in the paints & coatings industry

Author : Ronak Bora | Published Date : 2019-03-19 

Global Market Insights, Inc. adds new Flame Retardant Chemicals Market report which provides in-depth information about Industry overview, top vendors, Key market highlights, product types, drivers, challenges, trends, industry landscape, size and forecast.

Flame Retardant Chemicals Market size was over USD 7.5 billion in 2015 and is likely to gain 4.5% CAGR up to 2023 register above USD 10 billion. Flame retardants market size may reach over 2.9 million tons by 2023 with expected gains at over 6% CAGR.

Asia Pacific flame retardants market size, led by China & India, dominated the regional industry and accounted for over 42% of the overall demand in 2015. Asia Pacific dominated the market over the past few years, followed by Western Europe and North America. Asia Pacific is forecast to register the highest growth owing to enormous potential that can be discover in near future because in the increase of safety concerns and growth of many end-use industries in the developing countries.

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India and china are analysed to be the future prospective market due to the increase in urbanisation and rising personal income. North America, led by U.S. accounted for over 21% of the overall share in 2015. While Europe, led by UK, Germany & France, accounted for over 19% of the total volume in 2015.

These products are used in thermosets, thermoplastics, paints & coatings building & construction, adhesives, and various other forms of plastics such as, textiles, coatings polyolefin and PVC. Key flame retardant chemicals type include, brominated, chlorinated, organophoshorus, nitrogen, aluminium hydroxide  and antimony oxide.

Rise in fire safety norms in construction and automobile industries may stimulate product demand. Increase in construction spending particularly in Asia Pacific may drive product demand. China construction spending was over USD 1.7 trillion in 2014, followed by Japan and India with over USD 739 billion and USD 421 billion respectively in the same year. North America demand may rise at a faster pace than other developed regions due to a forecast rebound in the US construction market, but will remain below the global average.

Flame retardant chemicals market may witness strong growth in construction applications up to 2023. Construction application may account for over 25% of the overall volume by 2023. National Fire Protection Association (NFPA) regulated fire safety standards in the U.S., Similarly, The Confederation of Fire Protection Association (CFPA) lays out the fire safety & resistance standards for building construction in Europe. These norms are the propelling factors for product demand to rise.

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In Electrical & electronics (E&E) applications, the product supports in the production of laptops, cell phones, battery chargers, refrigerators, washers, dryers and vacuum cleaners. This may enhance flame retardant chemicals market size.

Flame retardant chemicals market size may rise owing to increase in manufacturing output, especially in Europe, U.S. and Japan with expected recovery post economic downturn. Stringent regulations owing to environmental hazards may restrict flame retardant chemicals market growth. However, eco friendly product developments may pave opportunities for market development.

Global flame retardants market share is fairly competitive and comprises of MNCs. Notable industry participants include Dow Chemical, Clariant, Lanxess, BASF, Akzo Nobel, Albemarle and DuPont.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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