Market Research Future (MRFR) has revealed in its latest report that the global Halogen-Free Flame Retardants Market is projected to thrive moderately at a CAGR of 5.76% during forecast period 2018 to 2023. The Halogen-Free Flame Retardants Market is estimated to grow from USD 2191.95 Mn in 2017 to USD 3067.05 Mn by the end of 2023. The disclosure about the toxin emissions from halogen and its severe effects on life and earth in the 1990s has paved the way for the adoption of halogen-free flame retardants over the years.
The shift towards non-halogenated retardants supported by the stringent laws enforced such as Restriction of Hazardous Substances (RoHS); Registration, Evaluation, Authorization and Restriction of Chemicals (REACH); Waste Electrical and Electronic Equipment Regulation (WEEE), etc. is likely to augment the global Halogen-Free Flame Retardants Market growth in the foreseeable future. The strong value maintained by the construction industry is expected to catapult the market on an upward trajectory. The extensive use of polymers in the construction sector in the form of plastics, composites, foams, textiles, and paints and coatings, among others has intensified the adoption of halogen-free flame retardants for meeting safety standards. The demand from the construction sector is poised to catalyze with the accelerated construction activities being undertaken globally. Additionally, the increasing demand from the electronics industry and opportunities posed by transportation industry are projected to open avenues of market growth over the next couple of years. Nevertheless, high loading levels of halogen-free flame retardants remain an impediment to the market proliferation.
Global Market for Halogen-Free Flame Retardants-Competitive Dashboard:
Global Market for Halogen-Free Flame Retardants-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the global Halogen-Free Flame Retardants Market based on type, resin type, and end-use. By type, the market has been segmented into aluminum trihydrate, phosphorous-based, magnesium hydroxide, and others. Among these, the aluminum trihydrate segment is poised to capture a relatively higher share of the market thriving at the highest pace. The growth of the segment can be ascribed to the availability of aluminum trihydrate at meager costs.
By resin type, the market is segmented into polyethylene, polypropylene, epoxy, unsaturated polyesters, polyvinyl chloride, styrenics, engineered thermoplastics, rubber, and others. The polyethylene segment is estimated to reach a valuation of USD 775.98 Mn by the end of 2023 accounting for a substantial share of the market.
By end-use, the market has been segmented into building and construction, electrical and electronics, transportation, consumer goods, and others. The building and construction segment commanded the most significant share of the market in 2017. It is likely to remain a highly lucrative market in the foreseeable future reaching a valuation of USD 1320.45 Mn by the end of 2023.
By region, the Halogen-Free Flame Retardants Market has been segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific held the most substantial share of the market in 2017 and is projected to retain its prominence towards the end of 2023 registering a CAGR of 6%. The developments in the building and construction, and, electrical and electronics industries have augured well for the Halogen-Free Flame Retardants Market in the region. Led by China, the regional market is expected to witness increased demand from the automotive industry.
Europe is expected to retain a significant fraction of the market over 2023 exhibiting a healthy CAGR of 5.61% during the assessment period. The growth is attributable to the increased renovation and rebuilding activities coupled with strict regulatory enforcements such as REACH, RoHS, WEEE, etc.
North America is anticipated to be an emerging growth pocket in the global Halogen-Free Flame Retardants Market. The region is set to expand at a CAGR of 5.75%. Stringent environmental regulations and building codes in the developed economies are poised to pave the way for growth opportunities in the region.
The Middle East & Africa and Latin America currently account for the least shares in the global market. However, the regions exhibit tremendous potential owing to the growing building and construction industry, and, stabilizing economies.