The flame retardant coating additives industry is projected to reach a value of US$ 200 Mn by the end of 2020, with a healthy growth through the forecast period (2019 – 2029). The widespread use of bromine in flame retardant additive coating formulations is the key factor bolstering growth. The rising consciousness among consumers about safeguards against fire hazards support the flame retardant coating additives market. This promising growth outlook can be attributed to the regulations associated to conventional products, reveals Fact.MR in its new study.
“The global flame retardant coating additives market is in a nascent stage in the life cycle of the product, aided by regulations over traditional products,” says the Fact.MR report.
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Flame Retardant Coating Additives Market – Key Takeaways
- The bromine segment holds a leading market share of more than 30% in the global flame retardant coating additives market.
- Intermediate functions are projected to surpass 3%, with key applications in flame retardant production.
- Phosphorus is set to rise at a sluggish 3% growth rate through the end of the assessment period.
- Europe is a leading market, accounting for 20,000 tons of flame retardant coating additives of the global demand share, with major impetus arising from regional end use industry.
- South Asia & East Asia is set to rise at a steady rate, due to limited demand in this region through 2029.
Flame Retardant Coating Additives Market – Key Driving Factors
- The widespread use of bromine in flame retardant materials is driving the growth in flame retardant coating additives market.
- Rising consumer consciousness to safeguard products from unanticipated fire hazards support growth of global market.
- The rising efforts to develop and produce sustainable alternatives to conventional flame retardant coating additives has resulted in substantial application, bolstering growth.
- Stakeholders are transitioning towards circular economy practices, which is propelling the flame retardant coating additives market.
Flame Retardant Coating Additives Market – Key Constraints
- A number of conventional flame retardant additives have been banned across North America owing to numerous severe health risks, which is impacting market growth.
- The legal restrictions on the transportation of prohibited products over long distances, is also a challenge, particularly for new entrants.
Impact of COVID-19 on Flame Retardant Coating Additives Market
The outbreak of the coronavirus has been sending ripples across the global economy, and the consequences are already starting to be felt. The ban on travel, quarantines, social distancing practices, and import and export restrictions, are significantly affecting the flame retardant coating additives market in 2020. Europe – the leading regional market – being severely affected by the outbreak is hindering sales in the region on the back of the aforementioned factors.
Likewise, South Asia being the epicenter of the initial outbreak has stringent emergency regulations in place that are posing a challenge to efficient manufacturing due to the shortage of manpower and supply chain disruption due to travel restrictions. However, on the basis of containment of the outbreak, revamp in production in the upcoming quarters can cover the lost ground.
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The global flame retardant coating additives market is largely consolidated. The leading players profiled in the report include, but are not limited to Italmatch Chemicals, Albemarle Corporation, Nabaltec AG, Israel Chemicals, DuPont, Lanxess AG, Dow, Clariant AG, and BASF SE. Market leaders are investing in backward integration practices. Manufacturers are also channeling their efforts in the development of greener poly flame retardant coating additives, along with organic and inorganic business approaches, as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the flame retardant coating additives market. Global, regional and country level analysis of the latest industry trends impacting the flame retardant coating additives market are covered in this Fact.MR study. The report offers compelling insights on the flame retardant coating additives market on the basis of type (ATH, antimony oxide, brominated, chlorinated, phosphorus, zinc sulfide, zinc oxide, boron compounds, and others), end use (aerospace, automotive and transportation, building and construction, electronics and appliances, furniture, and others), across six regions (Middle East and Africa, South Asia & Oceania, East Asia, Europe, Latin America, North America).