Some of the major reasons that will power the development of the market comprise rising application of plastics in various markets and alertness for fire safety goods among the user in addition to different rules led by the governments on the employment of halogenated flame retardants. End-users are restoring a variety of metal materials with plastic elements in their process of manufacturing to reduce costs and lower the general weight. On the other hand, plastic materials are more vulnerable to catch fire in comparison to metal elements. Hence, halogen-free flame retardant materials are extensively employed to make these plastic substances that are used in production industries.
The global market for halogen-free flame retardant was capitalized at more than USD 3,000 Million in the year 2016 and it is hoped to reach more than USD 6,900 Million by the end of 2024. The global market for halogen-free flame retardant is anticipated to show a CAGR of over 8% from 2017 to 2024. As far as volume is considered, the halogen-free flame retardant demand is anticipated to reach almost 3,000 Thousand Tons in 2024 at a CAGR of over 7%.
There will be a rising requirement for aluminum hydroxide flame retardant due to its non-toxicity, easy availability, and low cost. The major usages of aluminum hydroxide flame retardants are rubber products, cables, electrical arcing, flame retardant wires, and carpet backing.
In the type sector, aluminum hydroxide flame retardant has a huge share. The aluminum hydroxide flame retardant ruled the market with almost 70% market share in 2016 and is anticipated to sustain this trend in the near future. Factors such as easy availability, nontoxic nature, and low cost are fueling the development of aluminum hydroxide flame retardants.
In the sector of end-user industry, construction and building rule the global market for halogen-free flame retardant. Majorly flame retardants are employed in different construction materials that might elevate the confrontation of the materials prior to it catches fire, it minimizes the extent of flames and reduces the rate of materials burn. Electrical & electronics is anticipated to appear as the quickest increasing sector in the market of halogen-free flame retardant in the near future.
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In the segment of application, the polyolefin is ruling the market for halogen-free flame retardant. The wide range of application of polyolefin in electrical cables and wires, automotive parts, and roofing is anticipated to boost the market for halogen-free flame retardant.
North America ruled the market of halogen-free flame retardant in 2016 chased by Europe. The execution of new environmental rules in North America and Europe had resulted in a huge development of the market in halogen-free flame retardant in these areas. The Asia Pacific is anticipated to be the quickest developing area in the near future. The speedily increasing construction market in India and China in addition to the sharp increment in electrical & electronics market in this area is anticipated to power the market of halogen-free flame retardant in the near future.
The major companies in the market are LANXESS AG, BASF SE, Albemarle Corporation, and Clariant among others.