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Fire, Smoke, And Toxicity Retardant Composite Resin Market Overview
Fire, smoke, and toxicity retardant composite resin market size is expected to reach a value of US$803.2 million by the end of the year 2027 after growing at a CAGR of 9% during the forecast period from 2022-2027. Fire, smoke, and toxicity retardant composite resin is a substance that reduces the spread of fire, smoke, toxic gases. Fire, smoke, and toxicity retardant composite resin include cooling the fuels, fire-fighting foams, and fire-retardant composite resins which help to reduce flammability in end-use industries, in turn, is estimated to grow the FST retardant composite resin market size. Fire, smoke, and toxicity retardant composite resin is made of different materials using various processes such as filament winding, hand layup, resin transfer molding, and others. Fire, smoke, and toxicity retardant composite resin is used in various industries such as aerospace as it helps to reduce curing time which is creating an opportunity for the FST retardant composite resin industry growth. FST composite resin in interior components of rail, automotive, and other heavy vehicles help to improve engine efficiency, reduction in CO2 emissions, and superior performance which makes them ideal for various end-use industries such as aerospace, automotive, construction, and marine industry which, in turn, is driving the fire, smoke, and toxicity retardant composite resin market.
COVID-19 impact
Amid the Covid-19 pandemic, the fire, smoke, and toxicity retardant composite resin market was highly affected. In the tragedy of COVID-19, most of the countries have gone under lockdown, due to which the projects and operations of various industries such as the construction and aerospace sector are disruptively stopped, which is hampering the FST industry growth. According to International Air Transport Association (IATA), passenger air transport was down 90% year-on-year in April 2020 and still down 75% in August 2020. According to U.S. Census Bureau, construction spending in the US decreased 0.8% in January 2021. According to the American Institute of Architects (AIA), construction spending on office buildings declined over 9%, hotels investment decline by 20%, and amusement and recreation centers down almost 13% in January 2021. Thus, the global demand for FST was hugely affected in terms of consumption from the construction and aerospace industry which is limiting the market growth.
Fire, Smoke, And Toxicity Retardant Composite Resin Market Analysis – By Formulation
Halogenated held the largest share of more than 40% in the fire, smoke, and toxicity retardant composite resin market in 2021. Halogenated formulation of fire retardant has better performance than non-halogenated fire retardant. The halogenated fire-retardant formulation is less expensive, easy to process, and has excellent physical properties. The halogenated fire-retardant formulation provides long-term stability to the composite and maintained flame retardant performance, mechanical properties, and easy processability. Halogenated fire retardants are useful to improve flame retardancy of epoxy fire retardant composite resins. Halogenated fire retardants are associated with health and environmental problems. Due to its eco-friendly nature, this formulation is highly required for the formulation of fire, smoke, and toxicity retardant composite resin.
Fire, Smoke, And Toxicity Retardant Composite Resin Market Analysis – By Resin Type
Phenol resins held the largest share of more than 30% in the fire, smoke, and toxicity retardant composite resin market in 2021. Phenol resins have superior fire retardancy compared to polyester or epoxy fire retardant resins. Phenol fire retardant offers a high-temperature resistance (up to 300 ºC), less reduction of its mechanical features at operating temperatures up to approx. 200 ºC. Phenol resins are insulated at up to 5000 ºC and protect structures from jet fires. It has various properties such as no auto-propagation of flame, low smoke, low toxicity emission, low heat release, less reduction of strength at high operating temperatures up to 200 ºC, and low thermal conductivity. Phenolic composites have good flammability which increases the fire safety of aircraft cabins, ceiling panels, interior wall panels, partitions, galley structures, large cabinet walls, structural flooring. According to the Australian Safety Transport Bureau, phenolic composites account for 80%-90% of the interior furnishings of modern passenger aircraft. Hence, the growing consumption of phenol fire retardant composite resin is expected to propel the fire, smoke, and toxicity retardant composite resin industry growth.
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Fire, Smoke, And Toxicity Retardant Composite Resin Market Analysis – By Manufacturing Process
The hand lay-up manufacturing process held the largest share of more than 35% in the fire, smoke, and toxicity retardant composite resin market in 2021. This hand lay-up process acts as the form and esthetic surface of the part. The hand lay-up process requires the least amount of equipment. In this process, resins are applied with a brush or roller. The hand lay-up process is suitable to make composite resins from small to very large at less cost. This process offers low-cost tooling, easy processing, and excellent production capacity. This process is used to make boats, storage tanks, tubs, and showers which is creating a growth opportunity for the market. According to National Marine Manufacturers Association, in May 2020, new boat sales rebounded sharply, up to 59% as compared to April 2020. In 2020, the South Korean government, Ministry of Oceans and Fisheries, and the Ministry of Industry jointly committed to investing more than US$870 million between 2022 and 2031 to develop and promote innovative technology for eco-friendly ships. Hence, these are hugely creating growth for the fire, smoke, and toxicity retardant composite resin market.
Fire, Smoke, And Toxicity Retardant Composite Resin Market Analysis – By End-Use Industry
The Aerospace & defense sector dominated the fire, smoke, and toxicity retardant composite resins market in the year 2021 and is growing at a CAGR of 7% during 2022-2027. Fire, smoke, and toxicity retardant composite resins (produced by filament winding, hand layup, resin transfer molding) are used in aircraft cabins due to their excellent flammable property which increases the fire safety of aircraft cabins. These composite resins are lightweight, have high specific stiffness and specific strength, fatigue endurance, excellent flexibility, and corrosion resistance which makes them useful for civil structure, commercial, and military aircraft. Thus, the growing aerospace & defense sector is estimated to fuel the demand for fire, smoke, and toxicity retardant composite resins. According to the India Brand Equity Foundation (IBEF), the number of airplanes is expected to reach 1,100 by 2027. According to the International Air Transport Association (IATA), global commercial aerospace revenue is forecast to reach 9% YoY in 2021. According to the General Aviation Manufacturers Association (GAMA), the total value of airplanes shipped through the second quarter of 2021 was US$8.6 billion, an increase of approximately 9.4% over the second quarter of 2021. Hence, the growing aerospace & defense sector is expected to propel the fire, smoke, and toxicity retardant composite resins industry growth.
Fire, Smoke, And Toxicity Retardant Composite Resin Market Analysis – By Geography
Asia Pacific region held the largest share of more than 38% in the fire, smoke, and toxicity retardant composite resin market size in the year 2021, due to the increasing demand from various end-use industries such as the automotive and railway industry in Asian countries such as India and China are estimated to grow the demand for fire, smoke, and toxicity retardant composite resins. According to the National Investment Promotion & Facilitation Agency, the railway sector in India has planned for a capital expenditure of US$29.5 bn in 2021-22. According to the India Brand Equity Foundation (IBEF), Indian Railways’ gross revenue stood at Rs. 174,660.52 crore (US$ 24.78 billion) in FY20 and Rs. 85,588.96 crore (US$ 11.44 billion) in September 2021. According to the International Trade Administration (ITA), the Chinese government expected to run the production of automobiles with 35 million units by 2025. Hence, these are hugely creating an opportunity for market growth in the region.
Fire, Smoke, And Toxicity Retardant Composite Resin Market Drivers
Rising Adoption from the Transportation Sector
Fire, smoke, and toxicity retardant composite resins are ideal used in ceiling panels, interior wall panels, partitions, galley structures, large cabinet walls, structural flooring, and overhead storage bins. These resins, which are manufactured by filament winding, hand layup, resin transfer molding, are also used in aircraft structures that are flammable and readily decompose when exposed to heat and fire. Thus, growth in the transportation industry is expected to augment the demand for fire, smoke, and toxicity retardant composite resin. According to India Brand Equity Foundation (IBEF), the Union Ministry of Défense formulated the Défense Production and Export Promotion Policy 2020 aims for aerospace & defense products and services space to generate revenue and exportation worth Rs. 175,000 crore (US$ 23.49 billion) and Rs. 35,000 crore (US$ 4.70 billion), respectively by 2025. According to the India Brand Equity Foundation (IBEF), the Indian aerospace & defense (A&D) market is projected to reach ~US$ 70 billion by 2030. According to the European Automobile Manufacturer Association (ACEA), the automotive sector is a major investor in R&D in Europe, which has increased by 6.7% to reach €57.4 billion (US$ 64.25 billion) annually as of 2019. In 2020, according to the European Automobile Manufacturers Association (ACEA), automobile manufacturers operate some 226-vehicle assembly and production plants in the European Union. In October 2020, Hitachi Rail STS USA, Inc. Hitachi Rail announced a partnership with San Francisco Bay Area Rapid Transit District to design, build and install the latest generation of technology for digitally controlling trains which are called Communications-Based Train Control. Hence, the globally increased transportation industry is estimated to boost the demand for fire, smoke, and toxicity retardant composite resin.
Increasing adoption of Fire, Smoke, and Toxicity Retardant Composite Resins from Building & Construction
Fire, smoke, and toxicity retardant composite resins are designed to stop or slow the spread of fire and provide critical escape time. FST resins are produced by various processes such as filament winding, hand layup, resin transfer molding, which provide very low smoke, low toxic fume emission, low heat release, and low thermal conductivity which is one of the major driving factors for market growth. Fire, smoke, and toxicity retardant composite resins are used in building materials to reduce the rate at which materials burn and minimize the spread of flames which is an increase in the demand for resins in the building and construction sector. According to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awas Yojana in 2021. The Ministry of Rural Development and Ministry of Housing and Urban Affairs indicate a housing shortage of about 3 crore units in rural areas and 1.2 crore units in urban areas. According to the National Development and Reform Commission (NDRC) approved 14 construction investment projects worth CNY177.8 billion (US$25.2 billion), following approvals of CNY68.9 billion (US$10.1 billion) in August 2020. According to the Federal National Mortgage Association, in the United States, housing starts were expected to jump with 1 million new homes in 2021. This will further drive the fire, smoke, and toxicity retardant composite resin industry.
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Fire, Smoke, And Toxicity Retardant Composite Resin Market Challenges
Fluctuation in Raw Material Prices
Volatility in material prices may hamper the market growth in upcoming years. Polyester and epoxy are fire retardants that are derived from crude oil. Thus, the fluctuation in crude oil production can be limiting the demand of the market. For instance, the global crude oil demand drops by 2.5 mb/d in Q2 of 2020. The second quarter declined by around 90,000 barrels a day compared with 2019. In addition, according to the International Energy Agency, oil demand in China fell by 1.8 million barrels per day (mb/d) in Q1 2020. This will further restraint the fire, smoke, and toxicity retardant composite resin industry.
Fire, Smoke, And Toxicity Retardant Composite Resin Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Fire, Smoke, And Toxicity Retardant Composite Resin Market. Major players in the Fire, Smoke, And Toxicity Retardant Composite Resin Market are;
1. AOC LLC
2. Asland Inc.
3. BASF SE
4. BUFA Composite Systems GmbH & Co. KG
5. Hexion Inc.
6. Huntsman International
7. Mader
8. NORD Composites
9. SABIC
10. Scott Bader Company Limited, and more.
Capacity Expansion
In June 2020, Tosoh Corporation planned to expand its bromine production capacity for use in flame retardants and other applications at its Nanyo Complex in the Shunan City of Japan. This expansion project will result in an approximately 30% increase over present production capacity with an investment of around 10 billion yen (US$93.7 million). The expansion is expected to be complete in January 2023.
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Key Takeaways
The Asia Pacific held the largest share in the fire, smoke, and toxicity retardant composite resin owing to the growing economy and various end-use industries such as automotive, aerospace, and marine.
According to the National Investment Promotion & Facilitation Agency, a total of 161 projects have been completed for US$12 billion in January 2021.
Additionally, fire, smoke, and toxicity retardant composite resin are produced by various manufacturing processes which are used to produce tubs, showers, and other fiberglass composite products which are estimated to create an opportunity for the use of fire, smoke, and toxicity retardant composite resins.
Relevant Reports
Fire Retardant Coatings Market – Forecast(2022 – 2027)
https://www.industryarc.com/Research/Fire-Retardant-Coatings-Market-Research-503049
Low Smoke Halogen Free Flame Retardant Polypropylene Market – Forecast (2022 – 2027)
https://www.industryarc.com/Research/Low-Smoke-Halogen-Free-Flame-Retardant-Polypropylene-Market-Research-503652
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