Global Flame Retardant Masterbatches Market Projected To Reach US$ 3,667.9 Mn By 2026, Fuelled By Rising Demand In The Construction Industry
According to the latest report published by Brisk Insights “Global Flame Retardant Masterbatches Market - Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global Flame Retardant Masterbatches market was valued at US$ 1,625.2 Mn in 2017, expected to grow at the CAGR of 9.6% from 2018 to 2026.
Market Insights
Demand for flame retardant masterbatches is driven by the robust growth of the construction and automotive sector in the major regions that includes North America, Europe and Asia Pacific. The growing construction sector is one of the key factors resulting in the robust growth of the flame retardant materbatches market at present. U.S, Germany, China, Japan and India are the major countries driving the growth of the global construction industry. Flame retardant masterbatches that are incorporated with plastics find major use as building materials and also comply with important fire safety regulations. Further, non-halogenated flame retardant chemicals are gaining more popularity among end-users as these are environment friendly and being recommended by various regulatory bodies. Environment regulations restricted the use of halogenated flame retardants such as brominated and chlorinated flame retardants encouraging research and development activities to formulate non-toxic flame retardants that can withstand heat and flame with minimal effect on the environment.
Browse the full report Global Flame Retardant Masterbatches Market - Growth, Future Prospects and Competitive Analysis, 2018-2026 at https://www.briskinsights.com/report/flame-retardant-masterbatches-market
However, stringent government regulations regarding the usage of toxic flame retardants is one of the key factors slowing down the growth of the market. Brominated and chlorinated flame retardants are the two mostly preferred and widely used halogenated flame retardants, as they are further used in wide range of consumer products such as computers, televisions, motor vehicles, electronics, carpets, and furniture. These flame retardants can cause harmful effects which can damage the body systems. When these flame retardants degrade, they also end up in household dust, where they are mostly inhaled and ingested. Europe and North America have restricted the use of such chemicals and graded them to be toxic pollutants under Stockholm Convention held in the year 2012. This trend could be adopted in Asia-Pacific as well due to growing environmental concern in the region. Therefore, restrictive legislations over the use of halogenated flame retardants is a key factor hampering the growth of the halogenated flame retardant based masterbatches market.
The market for flame retardant masterbatches has been segmented on the basis of flame retardant type, application, end-use industry and region. Based on flame retardant type, alumina trihydrate accounted for the major market share in 2017 and is expected to retain market dominance throughout the forecast period. The demand for ATH was significantly high in developing economies like China, India, Brazil, and South Africa amongst others. Reason for high demand is because of high demand for thermoplastics, its low smoke properties and corresponding changes in government regulations on usage of flame retardants. Based on application, engineering plastics accounted for the major market share in 2017. Flame retardant masterbatches based thermoplastics find extensive use in clothing, home furnishings, engineering domain owing to its good chemical stability and superior mechanical properties, thus contributing to its high growth. Further, based on end-use industry, the construction sector dominated the market in 2017, due to its high usage in this sector owing to properties such as providing rigid thermal insulation to buildings and other constructions, improving its strength for usage in ceilings, roofs, floors, foundation and walls, and providing superior structural integrity by insulating from heat.
Based on region, Asia Pacific dominated the market in 2017 with India, China and Japan spearheading the growth of the industry. Japan is one of the top three producers of automotive vehicles in the world. The automotive sector accounts for more than 90% of the total manufacturing industry in the country. Owing to the rising complexity of the vehicles comprising of more than 20,000 individual parts, the automotive industry in the country has evolved itself into integrated supply chain of companies as a result of which the growing network of automotive component suppliers has become an imperative part of the country’s economy, covering multiple industries such as chemicals and rubber among others.
Major players operating in the flame retardant masterbatches market include Akzonobel N.V., Albermarle Corporation, BASF S.E., Clariant S.E., Dover Corporation, Lanxess A.G., DowDupont Inc., Polyplast Muller GmbH, Ampacet Corporation and Cromex S.A. among others.