Global Flame Retardants Chemical Market: Overview
Flame retardant chemicals are basically added to consumer goods, namely clothing, furniture, coverings for electronic products, and for baby products to lessen their flammability. They do not alter the flammable property of the parent material but they do thwart the quickness of the burning of the material. Take for example polybrominated diphenyl ethers or PBDEs which are organobromine compounds used as flame retardant. Akin to various other brominated flame retardants, PBDEs find application in a range of products such as electronics, building marterials, motor vehicles, furnishings, airplanes, polyurethane foams, and textiles. The other kinds of flame retardant chemicals available in the market are be broadly classified as antimony oxide, chlorinated, and phosphorus.
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Global Flame Retardants Chemical Market: Drivers and Restraints
At the forefront of driving demand in the market for flame retardants chemicals are the increasing regulations pertaining to fire safety. Further, flourishing end use industries such as electrical and electronics, and construction has also stoked the market big time. Flame retardant chemicals serve to lower the flammability of combustible surfaces and components. As a result, they find usage in making automobile parts and home furnishings. Both of these end use segments are seeing rapid growth because of the rising disposable incomes of people, particularly in nations of India and China.
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Despite such a promising outlook on account of the aforementioned drivers, the global market for flame retardants is not being able to achieve its full potential because of the rising prices of raw materials, which in turn, is because of their shortage. Another factor posing a major challenge to the market growth is the toxicity issues with the product which can cause harm to human health. For example, the brominated flame retardants, including the PBDEs, which are a widely used class of chemicals can cause thyroid and cancer, and even interfere with the brain development of children. As a result, commercial usage of such chemicals are being phased out. This is one crucial roadblock the market needs to overcome.
Global Flame Retardants Chemical Market: Trends and Opportunities
A noticeable trend in the global market for flame retardants chemical is companies pouring money into research and development to come up with products that comply with strict rules pertaining to their chemical compositions. Realizing the harm it can cause to the environment, and more importantly to human health, governments of various nations have framed stringent regulations regarding their production and usage. As a result, savvy manufacturers are seen working on improved production processes for bio-based flame retardant chemicals which might provide a much needed fillip to the market in the near future.
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In order to overcome the various challenges in the market, players are also seen developing substitutes for traditional raw materials that are cost effective and available easily. They are also banking upon different promotional activities to tap into the relatively underpenetrated markets of the Middle East and Africa.
Global Flame Retardants Chemical Market: Regional Analysis
From a geographical perspective, Asia Pacific is an attractive market owing to the burgeoning electronics and construction industry in the region. This is mainly account of the large developing and populous economies of India and China. Europe and North America are other key markets that are responsible for substantial sales.
Global Flame Retardants Chemical Market: Competitive Landscape
Some of the key participants in the global market for flame retardants that have been profiled in the report are Dow Chemical Company, Clariant AG, Lanxess AG, BASF SE, Du Pont, Albemarle Corp., and Akzo Nobel N.V.