Flame Retardant Masterbatches Market to Record Ascending Growth by 2027
The global flame retardant masterbatches market was valued at ~ US$ 1.8 Bn in 2018, and is projected to expand at a CAGR of ~ 7% from 2019 to 2027.
· The global flame retardant masterbatches market is driven by the growth of the electrical & electronics industry.
· In terms of value, the market in Asia Pacific is expected to expand at a CAGR of ~ 8% during the forecast period. China is the major producer of flame retardant masterbatches in Asia Pacific.
Key Drivers of the Flame Retardant Masterbatches Market
· The demand for flame retardant masterbatches has been increasing, due to their properties such as reduction of fire ignition, decrease in flame spreading, and suppression of smoke formation. Flame retardant masterbatches are used for electronic wiring, power cables, and other electrical devices.
· The flame retardant masterbatches market is also driven by government regulations in the building & construction and industry. The probability of buildings catching fire is high due to the presence of furniture, curtains, and other fire-catching things in homes and offices. Gas leakage can also cause a fire in a building.
Electric Vehicles - A Lucrative Opportunity
· The demand for electric vehicles is expected to substantially increase in the near future. This is driving the need for new flame retardant solutions. More than 3 million electric vehicle were sold around the world in 2017. This number is expected to rise to 40 million by 2030, leading to a radical change in the car industry.
· An electric car has 200 parts as compared to 1,200 in non-electric cars. This carries fire risks due to the high energy concentration in batteries and risk of thermal runaway. As a result, manufacturers are striving to introduce fire-resistant specifications to limit the risk of short circuiting due to high current.
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Safety Concerns in Terms of Usage to Hamper Market
· Concerns related to the safe usage of halogenated flame retardant materials in plastics, toxicity, and environmental compatibility are hampering the flame retardant masterbatches market.
· Currently, the price-performance ratio of flame retardant masterbatches is high. Therefore, manufacturers are more likely to skip the addition of flame retardant masterbatches. This is also hampering the flame retardant masterbatches market.
Asia Pacific Prominent Flame Retardant Masterbatches Market
· Based on region, the global flame retardant masterbatches market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In terms of production, Asia Pacific holds a substantial share of the global flame retardant masterbatches market, as key consuming countries such as China, India and Japan are based in the region.
· China leads in terms of production and consumption of flame retardant masterbatches in Asia Pacific. The building & construction industry held a prominent share of the flame retardant masterbatches market in Asia Pacific.
· The presence of rapidly expanding economies such as India and China is estimated to create lucrative opportunities for the flame retardant masterbatches market in Asia Pacific in the near future.
Flame Retardant Masterbatches Market: Top Five Players Accounted for 66% Market Share
· Major players operating in the global flame retardant masterbatches market engage in product development and acquisitions. These include Albemarle Corporation, Nouryon, Ampacet Corporation, Cromex S/A, and Tosaf.
· Ampacet Corporation produces brominated flame retardants that are copolymer-based and used in various resin systems. Flame retardant masterbatches are suitable for extrusion coating and other high temperature applications. Flame retardant masterbatches exhibit high thermal and UV stability. They do not harm the sealability in films. The company also manufactures non-halogenated flame retardants, which are copolymer-based and highly concentrated.
