July 24, 2024

Projected Growing Demand For Eco-Friendly Products To Boost The Growth Of Non-Halogenated Flame Retardant Market

The global Non-Halogenated Flame Retardant Market is estimated to be valued at US$ 4.2 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Non-halogenated flame retardants are chemical products that are added to materials to inhibit or resist the spread of fire. They help slow or stop the occurrence of combustion in materials. Non-halogenated flame retardants have advantages over halogenated flame retardants like low toxicity and eco-friendliness. They are used in a variety of applications such as plastics, textiles, coatings, adhesives and sealants. Growing consumer awareness regarding fire safety as well as environmental regulations restricting use of halogenated flame retardants are expected to drive the demand for non-halogenated flame retardants.

Market Key Trends:

One of the key trends in the non-halogenated flame retardant market is growing preference for inorganic flame retardants. Inorganic flame retardants have advantages in terms of non-toxicity and higher thermal stability. Growing regulations on use of halogenated flame retardants is also driving the demand for inorganic flame retardants like aluminum trihydrate. Further, rapid growth of applications such as electrical & electronic equipment and transportation is expected to boost the demand for fire retardant materials and subsequently for non-halogenated flame retardants over the forecast period.

Porter’s Analysis

  • Threat of new entrants: The threat of new entrants is low for the non-halogenated flame retardant market as significant investments are required to establish production facilities and develop new technologies. The market also currently has several established players.
  • Bargaining power of buyers: The bargaining power of buyers is moderate as there are a few large buyers in the market and buyers can easily switch between suppliers based on the product and price.
  • Bargaining power of suppliers: The bargaining power of suppliers is moderate as there exist quality substitutes for raw materials and suppliers do not have significant influence over buyers.
  • Threat of new substitutes: The threat of new substitutes is moderate as new product innovations can emerge as substitutes. However, compliance with fire safety regulations poses challenges for widespread adoption of substitutes.
  • Competitive rivalry: Intense as key players compete on pricing and product innovation.

Key Takeaways

The global non-halogenated flame retardant market is expected to witness high growth, exhibiting CAGR of 8.1% over the forecast period, due to increasing stringent fire safety regulations across industries especially in Asia Pacific and Europe.

Regional analysis: Asia Pacific dominates the market and is expected to grow at the fastest rate during the forecast period due to rapid industrialization and stringent fire safety norms in countries such as China and India. North America is also a major market supported by the presence of leading manufacturers.

Key players operating in the non-halogenated flame retardant market are Clariant International Limited, Albemarle Corporation, Israel Chemical Limited, Italmatch Chemicals S.p.A, Chemtura Corporation, Nabaltec AG, FRX Polymer Inc, Huber Engineered Material, Amfine Chemical Corporation, and THOR Group Ltd. Key players are focusing on new product launches to strengthen their market position. For instance, in 2022 Clariant International launched new non-halogen flame retardant products – Exolit OP series and Exolit TC-DP aiming to expand its portfolio of phosphorus-based and inorganic offerings.