Pune, India -- (SBWIRE) -- 07/30/2018 -- Market Synopsis:
Flame Retardants are chemicals added to materials, such as plastics, textiles, coatings, and others to prevent or retard ignition and increase their fire safety. The Global Flame Retardants Market are estimated to witness a healthy growth at a CAGR of 5.86 % during the forecast period of 2016 and 2022.
Market Dynamics:
Industrialization and generation of awareness are expected to drive significant growth
Development of industrialization and growing income are the prime determinants of the market. The inclusion of Flame Retardants is being seen as a universal and ubiquitous need. The growing trade in durable goods and flammable materials such as plastics possess a significant hazard. Growing use of plastic foams in packaging has resulted in a substantial demand for Flame Retardants owing to their inflammable nature. The growing awareness of fire hazards has created demand for fireproof materials that can withstand ignition temperature.
Regional Analysis:
Asia Pacific region accounts for the most significant share of the market owing to considerable demand, sizeable industrial production base, rapid adoption of plastics and others. China and India account for the most significant share of the market. Asia Pacific is followed by North America led by the U.S. Europe estimates for the third largest market led by Germany, France, and U.K. The Latin America market is followed by the Middle East and Africa driven by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
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Technological development and enactment of regulations are expected to drive faster adoption
The development of innovative activation methodologies such as different physical and chemical methods can be either reactive, or additive has stimulated the market. In addition to general endothermic degradation and thermal shielding advanced methodologies such as dilution of gas phase and gas phase radical quenching are being employed which is driving the market.
Enactment of regulations such as the proposed TB 117 by California in 2013, which require fabric, covered furniture to meet a smolder test and to eliminate the foam flammability standards has resulted in a rush to include flame retardants in furniture.
Lack of awareness, toxicity and shaky regulatory framework in developing regions may hamper the market
Substitutes such as magnesium hydroxide (MDH), toxicity issue associated with flame retardants, effects of environmental concerns especially during the production process such as volatile organic compounds regulations is expected to dent the market. Lack of awareness about safety coupled with lack of follow-ups to conform to rules especially in developing regions is a prime constraint on the market.
Segmentation:
To generate a bird's eye of the market, the global flame retardants market is segmented by Types, Application, End Users and Region.
Based on types, the market is segmented into brominated, phosphorus, nitrogen, chlorinated, metal hydrate and others.
Based on Application, the market is segmented into plastics, fabrics, cable and wires, polyurethane foam, and others.
Based on the End User, the market segmented into transportation, packaging industry, military & aerospace industry, building & construction, electronics, and others.
Based on Regions, the market has been segmented by North America, Europe, Asia Pacific, Middle East and Africa.
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