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Key Market Trends
Plastic to Dominate the Market
Plastic stands to be the dominating segment owing to the broad application in automotive, packaging, construction and among others.
UV absorber is used for outdoor applications due to its better performance and broad spectral coverage in both UV-A as well as UV-B region.
Plastics such as polyvinyl chloride and polycarbonate tend to degrade when exposed to UV radiation. UV radiations initiate chemical reactions in plastics that result in the breakdown and loss of chemical and physical properties of plastics, thereby prompting the need for UV absorbers
Initiatives beneath Clean Energy Ministerial (CEM) like electric vehicle initiative and growing popularity of electric vehicles are likely to increase the consumption of plastic in the automotive industry subsequently utilization of UV absorber in plastic is anticipated to grow.
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Non-Toxic Halogen Free Flame Retardants to Witness High Sales
The Type-Based Segments of the Global Flame Retardants Market are halogenated Flame Retardants and non-halogenated retardants. The non-halogenated segment can hold over 60% of the worldwide market by 2025. The segment can thrive at 7% CAGR in the analysis period due to increase in preference for people towards non-toxic halogen free Flame Retardants. In addition, the enforcement of stringent regulations on different conventional Flame Retardants can also boost the segment.
The Resin-Based Segments of the Global Flame Retardants Market are polypropylene, polyethylene, epoxy, polyvinyl chloride, unsaturated polyesters, styrenics, rubber, and engineered thermoplastics among others. The polyethylene segments can secure the highest share in the worldwide market. The segment can thrive owing to the versatile physical properties of polyethylene, such as high strength, toughness, and rigidity. Moreover, the surge in demand for
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The halogen-free flame retardants market is estimated to grow from USD 4.1 billion in 2020 to USD 6.2 billion by 2025, at a CAGR of 8.60%.
The halogen-free flame retardants market is driven mainly by stringent regulations against use of toxic halogentated flame retardants. However, lower performance than halogenated flame retardants is expected to restrain the market growth.
The major application of flame retardants is in electric wire insulation in building & construction and transportation. Flame retardants are used in circuit boards, electronic casing, and cables & wire systems. Strict fire safety standards to reduce the spread of fires in residential and commercial buildings are driving the demand for halogen-free flame retardants.
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