Global Flame Retardant Chemicals Market to Witness Growth Through 2020, Owing to Increase in Demand from Various End-user Industries: Technavio

LONDON--()--The global flame retardant chemicals market is expected to grow at a CAGR of almost 6% during the period 2016-2020, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global flame retardant chemicals market for 2016-2020. The market is further categorized into the following six end-user segments, which include building and construction; electricals and electronics; textile and furnishing; wires and cables, transportation; and others.

“The growth of end-user industries, fostered by economic growth, population growth, need for better infrastructure, and increasing awareness, is in turn expected to drive the market for flame retardant chemicals during the forecast period,” says Ajay Adikhari, a lead specialty chemicals research expert from Technavio.

Technavio’s chemicals and materials research analysts segment the global flame retardant chemicals market into the following regions:

  • APAC
  • North America
  • Europe
  • ROW

APAC, with over 48% of the market share, accounted for a large proportion of the share in the global flame retardant chemicals market, followed by North America, Europe, and ROW, in 2015. The region will sustain its market share over the forecast period.

APAC: infrastructural development and favorable economic conditions boost growth

Infrastructural development and favorable economic conditions are creating a stable demand for flame retardant chemicals in APAC. China and Japan are the largest consumers of flame retardant chemicals in applications across different end-user industries.

The increased use of halogenated flame retardant chemicals, which are used extensively in the electricals and electronics, and automotive segments are driving the market in the region. Most end-user industries of flame retardant chemicals are expected to grow at a significant rate during the forecast period. In addition, India is expected to attract foreign direct investments due to favorable government initiatives, thereby resulting in the establishment of new industries which will contribute to market growth in the region.

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North America: use of nonhalogenated flame retardants in polymers drives growth

In North America, the US is the largest consumer of flame retardant chemicals. The market in the region is driven by its increasing use in wire and cables, electronics, and automotive segments. The increasing use of nonhalogenated flame retardants in polymers is one of the prime factors for driving the market growth in the region.

Europe: large scale use of plastics and polymers boosts demand for flame retardants

The market for flame retardant chemicals in Europe is driven by its widespread use in Germany, France, Austria, Belgium, the Netherlands, and Switzerland. Flame retardants in the region are regulated by organizations, including Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) and European Brominated Flame Retardant Industry Panel (EBRFIP). The market is driven by the increased use of nonhalogenated flame retardants. Europe is one of the highest consumers of plastics and polymers. “Growth in polyolefins, thermoplastics, PVC, rubber, and styrene markets, along with higher fire safety concerns will drive the market growth in this region,” says Ajay.

ROW: growth in the automotive, construction, and electronics sectors boosts demand

The ROW market for flame retardant chemicals is driven by growth in the automotive, building and construction, textile, and electronics sectors in Central and South America, Middle East, and Africa.

The light vehicle market in Central and South America is expected to grow at a CAGR of more than 3%. Plastic components are widely being used in this sector to reduce the curb weight of the vehicles to increase fuel efficiency. Therefore, the use of flame retardant chemicals in plastic components is expected to increase during the forecast period.

The top vendors in the global flame retardant chemicals as highlighted in the report are:

  • Albemarle
  • AkzoNobel
  • BASF
  • Israel Chemicals
  • Chemtura

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The global flame retardant chemicals market is expected to grow at a CAGR of almost 6% during the period 2016-2020, according to Technavio’s latest report.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com