As per the estimations of a newly compiled business intelligence report by IndustryARC, the global halogen-free flame retardant market value will surge to $3.8 billion by 2023, growing at a CAGR of 4.73% during the forecast period 2018-2023. As halogenated flame retardants are a threat to the environment because they get bio accumulated, there is a constant stride towards adoption of halogen-free flame retardants as these reduce the impact of fire without emitting toxic gases. As quoted by the analyst of the report, “Apart from its rewarding ecological traits, another factor adding impetus to halogen-free flame retardant growth is the rising use of plastics in the flourishing construction, automotive, packaging, electrical and electronics industries.” As plastic material is more susceptible to catch fire compared to metals, halogen-free flame retardant substances or compounds are gaining impeccable application opportunities as it is added to engineered polymers to be employed by the aforementioned end-user verticals.
The report is tilted “Halogen-Free Flame Retardant Market: By Type (Phosphorous, Mineral, Nitrogen, Nano-composites), By End-Users (Electrical and Electronics, Building and Construction, Chemicals, Textiles, Transportation, Furnishings), By Binder System (Polyolefins, Epoxy Resins, Polyesters, Polyvinyl Chloride, Rubber, Engineering Thermoplastics (ETP), Styrenic, Polyurethane (PUR), EVA) and By Geography Forecast (2018-2023)”. All the commercial aspects of the market, ranging from end-users verticals, applications insights, and regional revenue pockets to competitive landscape and pricing conditions are covered in this report.
APAC- Most Lucrative Marketplace with Humongous Construction Projects in the Pipeline:
After analyzing the various regional halogen-free flame retardant markets, APAC is reckoned to be the most lucrative region by the analyst. Further scrutinizing the revenue, APAC is estimated to exhibit a CAGR of 6.15% through 2023 to reach $1.7. The growth is attributable to the region’s flourishing sectors such as electronics, construction and automotive, which are end-user verticals of halogen- free flame retardants.
· As per the International Organization of Motor Vehicle Manufacturers (OICA) production statistics 2018, several economies in APAC depicted exuberant growth in commercial vehicles production. India witnessed an increment of 8%, while Indonesia and Malaysia witnessed an increment of 10.3% and 12.2% respectively.
· Similarly, increasing number of building permits in population rich economies such as China, India, Indonesia and Philippines is a major factor driving APAC’s halogen-free flame retardant market. As per the National Bureau of Statistics of China, construction output in China surpassed $2.9 billion in 2016 and the number of projects under construction is stated be 8,900 with 7,021 projects started in 2017.
In terms of end-user industries, halogen-free flame retardant market is bifurcated into electrical and electronics (EE), building and construction, textile, and automotive. The EE segment is estimated to be the largest end-user vertical with a total revenue share of $1.4 billion by 2023. Also, building and construction is estimated to be the fastest growing segment progressing with a CAGR of 5.26% through 2023. Application of plastics in electronics is a major growth driver of the EE segment. Plastic exhibits various benefits such as light weight, and most importantly, recyclable traits, and at the same time, as it is more susceptible to fire due to circuit sparks, it needs to be intervened by halogen-free flame retardant chemicals. Hence, the flourishing consumer electronics industry with an estimated 700 new mobile phone subscribers by 2025 is a lucrative application segment.
Halogen-Free Flame Retardant Market Growth Drivers and Trends:
· Increasing awareness regarding ecological hazards posed by halogenated flame retardants along with stringent regulatory guidelines and security measures enforced by federal institutions as well as NGOs for application of halogen-free flame retardants is a major market growth driver. Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), Restriction of Hazardous Substances (RoHS), and Waste Electrical and Electronic Equipment Regulation (WEEE) are some of the most prominent stringent laws enforced for the application.
· The trend of ‘lightweighting’ in the automotive sector to reduce CO2 emission and increase fuel efficiency is a major trend positively impacting the global market. Since plastic is a major component employed by automotive OEMs for the desired lightweight output, to eradicate the odds of fire hazards, halogen-free flame retardant have scored rampant opportunities from automotive OEMs implementing polymers. A similar trend is visible in the EE sector owing to the demand for sleek and lightweight consumer electronics.
· Due to increasing global population, the global textile sector is witnessing a rampant demand boost. With garments alleviating from a commodity pertaining to ‘need’ towards ‘want’ due to increasing diversion of millennial towards fashion, the demand for apparels is unprecedented. As textiles pose huge fire risk, there is a constant demand of halogen-free flame retardants from this growing sector.
Halogen-Free Flame Retardant Market – Competitive Landscape:
The companies referred to in the market research report include Albemarle Corporation (United States), Akzo Nobel (Netherlands), BASF SE (Germany), Apexical Inc. (USA), Bayer AG (Germany), Celanese Corporation (USA), Dover Chemical Corp. (United States), Clariant AG (Switzerland), Daihachi Chemical Industry Co. Ltd. (Osaka), Delamin Limited (United Kingdom), Chemtura Corporation Limited (USA), Dic Corporation (Japan), DowDuPont (United States), and DSM N.V. (Netherlands).
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What can you expect from the report?
The Halogen-Free Flame Retardant Market report is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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