CHICAGO, May 31, 2021 /PRNewswire/ -- According to the new market research report "Flame Retardants Market for Engineering Resins Market by Type (Brominated, Phosphorous), Application (PA, ABS, PET & PBT, PC, PC /ABS Blends), End-use (Electrical & Electronics and Automotive & Transportation) - Global Forecast to 2026", published by MarketsandMarkets, the Flame Retardants Market is projected to reach USD 2.3 billion by 2026, at a CAGR of 7.2% from USD 1.7 billion in 2021. Factors such as the growth of end-use industries and increasing fire safety regulations will drive the flame retardants market for the engineering resins market.
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The major restraint for the market will be environmental and health concerns and high loading levels associated with mineral-based flame retardants. However, the innovation in technology and the development of more effective synergist compounds for better performance will act as an opportunity for the market.
Brominated flame retardants is the largest type segment of the flame retardants market for the engineering resins market. North America was the largest market for flame retardants market for engineering resins in 2020, in terms of both volume and value. Factors such as the growth of end-use industries and increasing fire safety regulations will drive the flame retardants market for the engineering resins market.
"Other flame retardants are projected to be the fastest-growing type for flame retardants market for engineering resins market between 2021 and 2026"
The other flame retardants include antimony oxide, chlorinated flame retardants, and other flame retardants that are stable at high temperatures. They require less loading in the polymer blend and provide effective fire-retardant properties by either diluting the polymer by releasing water or forming an intumescent coating of char, resisting the expansion of flames. These chemicals have applications in building & construction, automobile & transportation, electronics, textiles, and wire & cable insulation segments. These flame-retardants are widely used as synergists with boron and zinc, providing enhanced properties to inhibit flames.
"Others is projected to be the fastest-growing application in flame retardants market for engineering resins market between 2021 and 2026."
Other applications of flame retardants for engineering resins include polystyrene, HIPS, PPE, and others. The demand for engineered resins has increased rapidly because of favorable properties. Industries such as electronics and automotive are utilizing engineering resins to further improve the performance of products. To make them more heat resistant, flame retardants are added to these compounds.
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APAC is projected to be the fastest-growing region for the flame retardants market for engineering resins market during the forecast period
APAC is projected to be the highest growing region for flame retardants market for engineering resins market. The growth is APAC is mainly attributed to the high economic growth in developing countries and increasing disposable incomes have made APAC an attractive market for flame retardants market for engineering resins. The tremendous growth of industrial production, increased trade, and the implementation of stringent regulations are primarily responsible for the high consumption of flame retardants market for engineering resins in the region. China, Japan, and India are the major flame retardants market for engineering resins in the region. Growing investments in India's manufacturing sector are contributing to increased demand for flame retardants. Government regulations are being set up regarding the use of flame retardants in APAC countries, which will boost the demand for the same during the forecast period.
The key market players profiled in the report include Albemarle Corporation (US), Clariant AG (Switzerland), Israel Chemicals Ltd (Israel), LANXESS AG(Germany), BASF SE(Germany), Huber Engineered Materials (US), DuPont de Nemours (US), Nabaltec AG (Germany), Italmatch Chemicals S.p.A(Italy), RTP Company (US) and Budeheim Chemicals KG (Germany).
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