Bromine Flame Retardant (BFR) Market To Reach USD 4,264.0 Million By 2034, Growing At A CAGR Of 5.9% | Future Market Insights, Inc.

(MENAFN- GlobeNewsWire - Nasdaq) The global brominated flame retardants market size is expected to gain momentum owing to the rising demand in the electrical & Electronics applications during the forecast period. The brominated flame retardants are organobromine compounds, it is also an important element in the chemical group halogen

NEWARK, Del, Sept. 09, 2024 (GLOBE NEWSWIRE) -- The bromine flame retardant (BFR) market is forecasted to experience steady growth over the next decade, with its size expected to expand from USD 2,399.5 million in 2024 to USD 4,264.0 million by 2034 , reflecting a compound annual growth rate (CAGR) of 5.9% . This growth is largely driven by the increasing use of flame retardants in critical applications such as electronics, automotive, and construction.

BFRs are essential for reducing the risk of fire in various products, especially in the electronics and electrical equipment sectors, where safety standards are becoming more stringent. The growing trend toward miniaturization of electronic devices and the rise in electric vehicle (EV) production are contributing to the increasing demand for BFRs.

Geographically, North America and Asia-Pacific are expected to dominate the market, with Asia-Pacific experiencing the fastest growth. This region's booming electronics manufacturing sector and rising investments in the automotive industry are key growth contributors.

However, growing environmental concerns regarding the potential health hazards of brominated compounds, as well as the development of alternative flame retardants, may pose challenges to market expansion. Still, the high efficiency of BFRs continues to keep them in demand across multiple industries.

Drivers and Opportunities

The primary drivers of the Bromine Flame Retardant (BFR) market include the increasing need for fire safety in electronics and automotive industries, coupled with growing awareness about fire prevention measures. The rise in electric vehicle production is further boosting the demand for BFRs due to the need for flame retardant materials in battery components.

Additionally, opportunities exist in the development of more eco-friendly BFR alternatives. Innovations in recycling technologies and advancements in sustainable production processes are likely to mitigate environmental concerns associated with BFRs, opening new avenues for growth.

“Bromine Flame Retardant (BFR) market is poised for steady growth, driven by rising demand in electronics and automotive sectors, though environmental concerns may accelerate the shift toward greener alternatives”, says Nikhil Kaitwade , Associate Vice President at Future Market Insights (FMI)

Key Takeaways from Market Study

• The Bromine Flame Retardant (BFR) market is projected to grow at a CAGR of 5.9% from 2024 to 2034 .
• Asia-Pacific is expected to experience the fastest growth due to its expanding electronics and automotive sectors.
• The electronics industry remains the largest consumer of BFRs, followed by the automotive sector .
• Rising concerns over the environmental impact of BFRs are expected to push manufacturers towards greener alternatives.

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Component Insights

The Bromine Flame Retardant (BFR) market is composed of various segments based on product types, including tetrabromobisphenol-A (TBBPA), hexabromocyclododecane (HBCD), and decabromodiphenyl ether (Deca-BDE) . TBBPA holds the largest share due to its widespread application in electronics, especially in circuit boards and enclosures.

HBCD is predominantly used in building insulation materials, while Deca-BDE is employed in the automotive and textile industries. The growing use of these compounds in high-performance materials, particularly in automotive and consumer electronics , is driving their demand.

Prominent players of Bromine Flame Retardant (BFR) in the World?

The largest vendor of Bromine Flame Retardants globally is Albemarle Corporation , followed closely by Lanxess AG and Israel Chemicals Ltd. (ICL) . These companies dominate the market due to their extensive product portfolios, strong distribution networks, and significant investments in research and development for flame retardant solutions.

other companies profiled

• Akzo Nobel N.V.
• BASF SE
• Clariant
• ISU Chemical
• Eastman Chemical Company
• Muby Chemicals
• Chemtura
• Echemi
• Ciba Specialty Chemicals
• Tosoh corporation

Market's Prime Determinants of Growth, Trends, and Opportunities

The major factors driving the growth of the bromine flame retardant (BFR) market include:

• Increasing demand for fire-resistant materials in electronics and automotive applications.
• Growing safety regulations in building and construction sectors, mandating the use of flame retardants.
• The expansion of electric vehicle production worldwide, driving demand for flame retardant materials in batteries and related components.
• Advancements in sustainable flame retardants to reduce environmental and health concerns are expected to create growth opportunities in the market.

Bromine Flame Retardant (BFR) Market Segmentation by Category

By Type:

• Tetrabromobisphenol A (TBBPA)
• Hexabromocyclododecane (HBCD)
• Polybrominated Diphenyl Ethers (PBDEs)
• Decabromodiphenyl Ethane (DBDPE)
• Brominated Polystyrene (BPS)
• Others

By Application:

• Electrical and Electronics
  • Semiconductor
  • Wires and Cables
  • Others
• Building & Construction
  • Insulation Materials
  • Structural Elements
  • Flooring
  • Wall Coverings
  • Roofing Materials
• Textile & Furniture
  • Textile Coatings
  • Furniture and Upholstery
  • Others (Mattresses, Carpets, Curtains)
• Automotive
  • Interior
  • Exterior
• Aerospace & Defense
  • Aircraft Interiors
  • Military Equipment
  • Vehicle Components
• Plastic & Polymer
  • Polymer Additives
  • Synthetic Fibers
  • Others
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• East Asia
• South Asia Pacific
• Middle East and Africa
  

Author by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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