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Flame retardants are the chemicals that are added to fabrics, plastics, composites, and other various materials to reduce the threat of catching flames and smoke by increasing the resistance to ignition temperature. Masterbatches are the unprocessed material of plastics that contains high coloring pigments and additives. In plastic industry, various additives are added in the plastic during the masterbatch formulation and further are integrated in the different types of plastics like polyolefins, polycarbonates, polyesters, and polyamides as additives. Flame retardant additives are type of masterbatches designed and formulated to prevent or reduce the chances of ignition in highly flammable objects like plastics and textiles.
The robust growth in demand for plastics from automotive industry is expected to drive the market. Technological advancements in the involvement of plastics and polymers instead of metals to cut down the total weight of the vehicle and make it light weight, is creating a positive impact on the market growth. Moreover, the increasing risks of fire related accidents are leading to adoption of flame retardants which further is expected to foster the market growth.
Key Market Driver -
Robust growth of automotive industry.
Key Market Restraint -
Stringent rules imposed by government.
Stringent rules associated with usage of flame retardants are likely to slow down the product demand. Certain flame retardants like polybrominated diphenyl ethers (PBDE) are responsible for dysfunction of the nervous and reproductive system in humans and even animals to certain extent which is expected to hinder the overall market growth.
Based on type, the market is segmented into halogenated and non-halogenated. Based on end-use, the market is segmented into Construction, automobile, textiles, electronics, aerospace, packaging, paints & coatings, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global flame retardant masterbatch market share is competitive consisting of global & regional players in the market. Some of the key players are Albemarle Corporation, BASF SE, DIC Corporation, Ampacet Corporation, Velox, LANXNESS, Clariant International AG, Cromex S/A, Dongguan Greentech Plastics Co. Ltd, and Others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to dominate the market for flame retardant masterbatch market, attributed to the high demand for plastic from emerging nations like China and India. Additionally, the growing plastic and packaging industry is considerably increasing the demand for flame retardants. North America is expected to show significant growth due to the technological advancements in the aerospace and construction sectors. Europe is expected to grow considerably due to the robust growth in the automobile business. Latin America and Middle East and Africa are expected to show sluggish growth by the end of the forecast period.
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