APAC Non-halogenated Flame Retardant Chemicals Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The APAC non-halogenated flame retardant chemicals market is expected to register a CAGR of around 7% during the forecast period, 2018 to 2023. China accounted for the largest market in 2017. Japan is expected to register the fastest growth during the forecast period.
Environmental and Health Concerns Regarding Brominated and Other Halogenated Flame Retardants
With the advent of the millennium, most of the developing countries introduced strict fire safety and regulation standards for various household items, like furniture. This led to the development of numerous halogenated flame retardants. However, the check for toxicity levels of such products was neglected. Various studies carried out in the recent years have led to the increasing awareness among consumers and governments, resulting in the ban on various hazardous chemicals. Few halogenated flame retardants used in building insulations were banned owing to the ill effects on the environment. Such bans are negatively affecting the sales of halogenated flame retardants. Therefore, environmental and health concerns regarding brominated and other halogenated flame retardants are expected to drive the non-halogenated flame retardants market.
Buildings & Construction to Dominate the Market
Non-halogenated flame retardant chemicals are commonly used in building materials to meet the important fire safety standards and codes. Non-halogenated flame retardant chemicals increase the threshold temperature of the material at which it catches fire, and reduce the rate of spreading of fire along with providing the critical escape time required to escape from the surroundings. The stringent building standards and the increase in usage of materials, such as vinyl flooring, foam insulation and plastic roofing, particularly in the developing countries, such as China and India, offer an exciting prospect for the development of the non-halogenated flame retardant chemicals market. Thus, the growth in the construction sector is expected to certainly boost the growth of the Asia-Pacific non-halogenated flame retardant chemicals market during the forecast period.
China to Dominate the Market
In 2017, China held the highest market share, accounting for a major chunk of the Asia-Pacific market. China is one of the major countries in Asia-Pacific, with ample construction activities being supported by the growing economy. Despite the volatile growth in real estate sector, the significant development of rail and road infrastructure by the Chinese government to withstand the growing industrial and service sectors has resulted in a significant growth of the Chinese construction industry in the recent years. As the construction industry is dominated by state-owned enterprises, the increased government spending is boosting the industry in the country. Apart from that, the growing electronics and transportation industry in the country are also expected to propel the demand for non-halogenated flame retardant chemicals during the forecast period.
Major Players: BASF SE, CHALCO Shandong Advanced Material Co., Ltd, Clariant, LANXESS, Sumitomo Chemical Co., Ltd., and Jiangsu Yoke Technology Co., Ltd., amongst others.
Reasons to Purchase this Report
The environmental and health concerns regarding brominated and other halogenated flame retardants that is expected to drive the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Type, and end-user industry that is expected to dominate the market
Country that is expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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