Non-Halogenated Flame Retardants Market to witness appreciable growth from automotive applications, Asia Pacific to prominently drive the regional landscape
Europe Non Halogenated Flame Retardants Market size, by end use, 2013-2024 (USD Million)
The construction industry is generating a substantial momentum worldwide. Statistics depict that the overall construction spending will cross over USD 13 trillion by 2023, a prime factor that will be responsible for non-halogenated flame retardants market growth, particularly across BRICS nations. Polymers amalgamated with chemically linked adhesives are extensively utilized as base materials in buildings, switchboard, wires, and cables to suppress fire. With growing demand for fire safety materials in the building infrastructures, non-halogenated flame retardants market share from construction application is expected to hold a valuation of USD 1 billion by the end 2024.
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Worldwide consumption of polyolefins has significantly increased lately, which is leaving a subsequent impact on non-halogenated flame retardants market. Halogen free polyolefins including LDPE, PE, PP, EVA, LLPE, and MDPE are widely deployed in the manufacturing of electric wires and cables and also in transportation and construction sector. On these grounds, polyolefins applications in the forthcoming years are projected to witness an appreciable growth at 7% CAGR over 2016-2024. Rapid industrial growth has led to an increasing demand for high-quality coatings, which substantially escalates non-halogenated flame retardants market demand from epoxy resin application. As per estimates, this application is forecast to witness gains at around 7% CAGR over 2016-2024.
Considering the geographical trends, Asia Pacific has always been a frontrunner in the global non-halogenated flame retardants industry. The expanding automotive production base is one of the prime factors responsible for the regional growth. In addition to this, the region is observing escalating spending across construction and packaging sectors, subject to the rise in disposable incomes in developing nations like India, China, and Japan. As per record, in 2015, 40% of APAC construction spending was centered around China. On these grounds, APAC global non-halogenated flame retardants market is predicted to grow at an annual rate of 8% over the coming seven years.
Worldwide non-halogenated flame retardants industry is highly consolidated with leading four companies covering 30% of the global share. Stringent regulatory compliance with regard to product toxicity and ecological effects enforced by renowned environmental agencies like REACH and WEEE is likely to add a renewed dynamism to non-halogenated flame retardants market in the years ahead. Industry players have been increasingly investing in research activities to broaden the product portfolio. Some of the key participants include Nabaltec, BASF Albermarle, Israel Chemicals, Chemtura, Clariant, and Italmatch Chemicals, and Huber.
Author Name : Satarupa De