Flame Retardant Plastics Market Size is Estimated to USD 63.57...

Flame Retardant Plastics Market Size is Estimated to USD 63.57 Billion By 2030

Posted 2024-02-27 06:31:21

Market Overview: The global market size for flame retardant plastics reached USD 46.26 billion in 2021 and is anticipated to demonstrate a revenue CAGR of 3.7% throughout the forecast period. Key drivers propelling market growth include the increasing demand for thermoplastics to mitigate carbon emissions, rising adoption of flame retardant plastics in the electrical and electronics sectors, heightened demand for fire hazard reduction in automotive and construction industries, and a surge in demand for non-halogenated polymers.

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Flame retardants are chemical compounds used to inhibit or slow down the ignition or burning of plastic materials. It is essential to develop polymers that can withstand high temperatures without decomposing into flammable gases, thereby reducing the risk of combustion. By incorporating flame retardant chemicals into polymers, safety can be improved by decreasing the likelihood of fire incidents. While synthetic polymers have largely replaced traditional materials, many are still prone to burning when exposed to heat and oxygen. Therefore, the integration of flame retardants into plastics is vital for reducing the risk of fires. The main goals of flame retardancy include improving fire resistance, limiting flame propagation, and reducing heat release. Without these flame retardants, the applications of plastics across various industries would be limited.

Recent advancements in the market include Italmatch Chemicals S.p.A.'s introduction of 'Liquid Masteret,' a new phosphorous flame retardant, and Carbon's release of EPX 86FR, a flame-retardant photopolymer resin utilizing a proprietary dual-cure technique.

Market Dynamics:

Driver: Increasing demand for flame retardant plastics in construction sectors due to the growing presence of flammable materials in modern homes and public spaces. The rise in residential and commercial construction globally necessitates adherence to stringent fire safety regulations, driving the adoption of flame retardant plastics in buildings.
Restraint: Stringent government regulations due to the toxic effects of flame retardants on the environment and human health, leading to bans on hazardous flame retardant materials and impacting market revenue growth.

Key Takeaways:

Type Outlook: The market is segmented into polyolefin, polyvinyl chloride, polyurethane, polycarbonate, epoxy, polyester, acrylonitrile butadiene styrene (ABS), and others. Polyurethane is expected to dominate the market due to its widespread adoption in construction and automotive sectors.
Group Outlook: Segmented into thermoplastic and thermoset, with thermoset anticipated to hold the largest revenue share. Epoxy and unsaturated polyester resins are commonly utilized in various industries, with flame-retardant elements enhancing their performance.
End-Use Outlook: Segments include electrical & electronics, aerospace & defense, wire & cable, transportation, marine, building & construction, and others. The aerospace & defense segment is poised for rapid revenue growth, driven by the increasing adoption of plastics in aircraft for enhanced safety and efficiency.
Regional Outlook: Asia Pacific leads the market share due to burgeoning construction, automotive, and consumer electronics industries, particularly in China, Japan, and India. North America and Europe follow suit, driven by increasing construction activities and adoption of flame retardant plastics in various sectors.

Competitive Landscape: The market landscape is fragmented, with companies like BASF SE, DuPont, Covestro AG, SABIC, Huntsman Corporation, Borealis AG, Olin Corporation, Hexion, LyondellBasell Industries Holdings B.V., and Ashland competing on global and regional levels. Companies focus on product development and strategic alliances to expand their product portfolios and market presence.

Recent Developments:

Sabic launched Bluehero, an ecosystem aimed at accelerating the transition to electric power and supporting global climate change goals, particularly in the automotive industry.
BASF introduced flame retardant grades to its Polyphthalamide (PPA) line, enhancing structural battery components with unique flame retardant materials.
Borealis expanded its line of Flame-Retardant (FR) jacketing grades with the introduction of FR8101, a halogen-free solution designed for low-voltage building cables in harsh environments.

Segments Covered in the Report: The report provides historical data and forecasts revenue growth at global, regional, and country levels, segmenting the market based on type, group, end-use, and region. The market scope encompasses various regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, with key companies profiled for insight into competitive dynamics. Customization options are available to meet specific requirements.

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