(MENAFN - GetNews)Flame Retardants Market for Engineering Resins Market by Type (Brominated, Phosphorous), Application (PA, ABS, PET & PBT, PC, PC /ABS Blends), End-use (Electrical & Electronics and Automotive & Transportation)
The flame retardants market for engineering resins market size is estimated to be USD 1.7 billion in 2021 and is expected to reach USD 2.3 billion by 2026, at a CAGR of 7.2% during the forecast period. Factors such as the growth of end-use industries and increasing fire safety regulations will drive the flame retardants market for engineering resins market. The major restraint for the market will be environmental and health concerns and high loading levels associated with mineral-based flame retardants. However, the innovation in technology and the development of more effective synergist compounds for better performance will act as an opportunity for the market.
The key market players profiled in the report include Albemarle Corporation(US), Clariant AG (Switzerland), Israel Chemicals Ltd(Israel), LANXESS AG(Germany), BASF SE(Germany), Huber Engineered Materials(US), DuPont de Nemours (US), Nabaltec AG (Germany), Italmatch Chemicals S.p.A(Italy), RTP Company(US) and Budeheim Chemicals KG (Germany).
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Players in the flame retardants market for engineering resins market are mainly concentrating on new product launches, and acquisitions to meet the growing demand for flame retardants for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the flame retardants market for engineering resins market has been influenced by new product launches that were undertaken between 2016 and 2020. Companies such as BASF SE and Huber Engineered Materials have adopted inorganic developments to enhance their market position.
Clariant AG is one of the major players in the flame retardants market for engineering resins. In order to strengthen their product portfolio, the company is moving towards sustainable flame retardants in the construction application. For instance, in 2019, Company started developing oligomeric and reactive phosphorous compounds for polyurethane and polyisocyanurate and polyamides. In 2020, the company collaborated with Floreon to expand its high-performance biopolymer applications to additional markets. Company also collaborated with Lavergne and developed halogen free compounds from ocean bound plastics with a high-performance life for plastic waste. With these developments Clariant AG aims to become the global leader in flame retardants market for engineering resins market.
On the other hand, LANEXESS AG has launched new products in 2019, Phosphorus based flame retardants, a sustainable flame retardant used in the construction application. Company also acquired IPEL productos Especiais Ltd., a biocide manufacturer from Brazil which can enhance LANXESS’s position as one of the largest producers and manufacturers of speciality additives.
Another player, BASF SE, another major player in this market. In 2020, company launched phosphorous-based flame retardant, which are majorly used in construction industry, electrical & electronic applications. Company also aims to enhance its chemical production with its joint venture with Sinopec Group.
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