ALBANY, N.Y., Feb. 2, 2021 /PRNewswire/ — Flame retardant masterbatches are particularly useful for formulating thermoplastics to make them safe from ignition, combustion, or burning. A number of additives are incorporated by manufacturers to expand the array of products that meet the flammability norms for end-use industries in the flame retardant masterbatches market. These additives are integrated with the base resin to make plastics with low risk of catching fire on one hand and allow the resin to retain its integrity on the other.
The myriad applications where plastics find use are key to expanding sales in the flame retardant masterbatches market. Some of the popular plastics containing flame retardant masterbatches are found in roofing and ceiling of commercial buildings, construction and automotive fabrics, wiring and cabling in vehicles especially in mass-transit ones, and components in trains and planes.
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North America and Europe have emerged as key regions where most of the prominent manufacturers are domiciled. However, in recent years, the scale has tilted toward Asia Pacific, where high-end plastics are seeing extensive demand in making electric vehicles (EVs).
Clocking CAGR of ~ 7% from 2019 to 2027, the valuation of the flame retardant masterbatches market is projected to reach approximately US$ 3.5 Bn by the period-end.
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Key Findings of Flame Retardant Masterbatches Market
- Flammability Norms for Buildings Propel Popularity
Construction and building industry has been one of the prime adopters of plastics added with flame retardant masterbatches. Over the years, the risk of building materials catching fire and spread has also caused concerns for loss of lives and property. Hence, stringent regulatory norms are in place in various countries to reduce the incidents of fire. Thus, there has been extensive and rising demand for flame-retardant plastics from the construction industry, spurring sales in the flame-retardant masterbatches market.
- Industry-specific standards drive development of customized formulations
Different end-use industries such as automotive, electronics, and construction differ in the flammability characteristics to meet the functional requirements. For instance, the requirements for automotive cabling and fabrics differ than the ones for housing and construction. Evidently, this has driven manufacturers in the flame-retardant masterbatches market to come out with varying formulation tailored to the end-use industries. This also expands the canvas for players to innovate in the flame-retardant chemistries.
- Automotive industry to offer vast revenue potential
Plastics of different functionalities continue to make advances for use in automotive and automobile industry such as in vehicles bodies and in cabling and internal wiring. These are especially prone to flammability or fire risks. Strides made in the automotive industry has veritably surpassed the supply of plastics that can match the regulatory as well as the functional requirements. Thus, there is seemingly an unmet need for developing more plastics formulated with flame-retardant masterbatches which can also help automakers meet the functional criteria. A potential revenue stream in the flame retardant masterbatches has come from the rapid manufacturing of electric vehicles.
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- Formulations that can keep the integrity of plastics intact gathering steam
The scope of innovation in the flame retardant masterbatches market also come from the need for formulations that reduce the health safety hazards. Even after plastics added with flame retardant masterbatches emit smoke after ignition, care is taken that the smokes and the melting resin do not emit any hazardous chemicals. In this regard, the demand for polymeric and reactive flame retardants is gathering traction. Another formulation in the flame-retardant masterbatches market that will gain traction across end-use industries is halogen-free flame retardant chemicals.
Flame Retardant Masterbatches Market: Key Driving Factors and Promising Avenues
- Growing pace of commercialization of electric vehicles bolsters uptake of flame-retardant plastics in the automobile and automotive industry
- Strides made in construction of commercial and public-use buildings drive end-use demand in the flame-retardant masterbatches market
- Investments in consolidating manufacturing facilities to drive growth in the flame-retardant masterbatches market
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