Non-halogenated Flame Retardants Market for Polymers is projected to register CAGR of ~8% during forecast 2019 to 2027.
ALBANY, NY, USA, September 3, 2020 /EINPresswire.com/ — Non-halogenated Flame Retardants Market for Polymer: Introduction
The global non-halogenated flame retardants market for polymer was valued at ~US$ 2 Bn in 2018 and is anticipated to expand at a CAGR of ~8% from 2019 to 2027. The global non-halogenated flame retardants market for polymer is driven by growth in the building & construction industry. In terms of value, the market in North America is expected to expand at a CAGR of ~8% during the forecast period. In North America, American Chemistry Council’s North American Flame Retardant Alliance (NAFRA) is an organization that supports producers, suppliers, and companies.
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Key Drivers of Non-halogenated Flame Retardants Market for Polymers
Halogenated retardants are considered toxic. Owing to such reasons, several end-use industries are now shifting to the use of non-halogenated flame retardants. Flame retardants are popularly used as additives in polymers in order to increase the fire resistance during fire accidents or in case of ignition. The drive by fire safety regulations regarding risk of fire hazards in various end-use industries, including construction and electrical are also considered as one of another key growth factor for the global demand for non-halogenated flame retardants. Moreover, increasing polymer usage in multiple industries is also leading to high demand for flame retardant polymers.
Electrical Applications to Offer Lucrative Opportunities
Worldwide, the construction industry widely utilizes the non-halogenated flame retardants for paints, coatings, building materials, wires, and cable applications. The construction industry collectively accounted for ~46% market share in 2018. Similarly, the electrical industry is growing at a CAGR of ~8% for the period from 2019 to 2027 and is expected to be the upcoming fastest growing end-use industry due to the widespread use of non-halogenated flame retardants in electrical equipment. Engineering Thermoplastic (ETP) retardant demand is expected to surge due to its estimated growth rate of 8% CAGR from 2019 to 2027, whereas, Polyolefins accounted for 26% share of the market in 2018 and is likely to grow at a moderate rate over the forecast period.
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Safety Concerns in Terms of Usage to Hamper Market
Concerns related to the safe usage of non-halogenated flame retardants materials in plastics, toxicity; and environmental compatibility are hampering the non-halogenated flame retardants market for polymer. Furthermore, certain issues in functional properties like loading levels and setbacks in cognitive operations of non-halogenated flame retardants are growth restraining factors expected to hinder the market growth in the coming years.
Growth Opportunities in Asia Pacific
Based on region, the global non-halogenated flame retardants market for polymer has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for ~42% of the global non-halogenated flame retardants market in 2018. The building & construction industry held the prominent share of the market in North America. This region was then followed by Europe and Asia Pacific which together accounted for ~56% market share. In terms of production, Asia Pacific holds major share of the global non-halogenated flame retardants market for polymer, as key producing countries such as China, India and Japan, are based in the region. Presence of rapidly expanding economies, such as India and China, is estimated to create lucrative opportunities for the non-halogenated flame retardants market for polymer in Asia Pacific in the near future.
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Key Players in Global Market
The leading players in the non-halogenated flame retardants market for polymers are Albemarle, Israel Chemicals Limited (ICL), Nabaltec AG, Italmatch, and Clariant. These companies accounted for more than 40% of the market share. Albemarle being the leading player in the market is engaged in manufacturing of aluminum hydroxide and magnesium hydroxide under the brand name Martinal and Magnifin respectively. In December 2018, LANXESS invested US$ 223 Mn for expanding its flame retardants additives business. The company significantly strengthened its market position after acquiring Chemtura, a U.S.-based company, in 2017. The company’s brominated flame retardant additives and bromine derivatives have been integrated into Lanxess’ business with phosphorus-based flame retardant additives. Owing to increasing environmental concerns, and technological developments in non-halogenated flame retardants, a number of companies are entering the non-halogenated flame retardant market.
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Global Non-halogenated Flame Retardants Market for Polymers: Research Scope
Non-halogenated Flame Retardants Market for Polymers, by Product
• Aluminum Hydroxide
• Others (including Nitrogen – based Flame Retardants, and Magnesium Hydroxide)
Non-halogenated Flame Retardants Market for Polymers, by End-use Industry
• Others (including Textile and Furniture)
Non-halogenated Flame Retardants Market for Polymers, by Application
• Epoxy Resin
• Unsaturated Polyesters
• Engineering Thermoplastics (ETP)
• Others (including Polyurethane, Synthetic Fibers)
Non-halogenated Flame Retardants Market for Polymers, by Region
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Source: EIN Presswire