Global Flame Retardants Chemicals Market: Overview
Rising demand for fire retardant materials from different end-use sectors, including as transportation, electrical and electronics, construction, and textiles is likely to propel the global Flame Retardants Chemicals market forward. Consumer knowledge of the importance of escaping during a fire, the efficiency of flame retardants, and their benefits is likely to boost demand for fire-resistant materials. In addition to that, global fire safety regulations and standards are likely to have a beneficial influence on demand of the product.
Flame retardants are a class of chemicals that slow the spread of fire and extend the time it takes to escape. The need for flame-retardant materials has grown as the number of fire incidents has increased. The strengthening of fire safety standards, particularly for aluminum composite panel cladding utilized in buildings, has fueled demand for Flame Retardants Chemicals in the construction industry.
This study from Transparency Market Research (TMR) provides a complete insight of the global flame retardants chemicals market. It provides well-researched data on a variety of market aspects in order to provide useful business input for profit generation.
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Global Flame Retardants Chemicals Market: Notable Developments
Tosoh Corporation announced in June 2020 that it would increase its capacity to produce bromine at its Nanyo Complex in Shunan City, Japan, by 30% for utilization in flame retardants and various other applications. The project is expected to be completed by January 2023, allowing the company to expand its business and improve profitability.
The noted players that are operational in the global flame retardants chemicals market are Shandong Brother Sci. &Tech. Co. Ltd, Nyacol Nano Technologies Inc., Jiangsu Jacques Technology Co. Ltd, Daihachi Chemical Industry Co., Ltd, The Dow Chemical Company, and Clariant International Ltd.
Global Flame Retardants Chemicals Market: Key Trends
Below-mentioned market trends and opportunities mark the global flame retardants chemicals market:
High Demand from the Construction Sector to Drive Demand in the Market
Household fires are amongst the leading causes of death in the United States. Due to rigorous fire safety standards, flame retardants are utilized in construction materials and goods. Flame retardants are commonly utilized in structural insulation in buildings. Insulation is used in houses and other structures to keep the temperature comfortable and save energy.
The most widely utilized flame retardants in polyurethane foams, particularly liquid compounds, are phosphorus-based flame retardants. Reactive liquid flame retardants, additive liquid flame retardants, and solid flame retardants are the three types of flame retardants utilized in rigid PU foams. The global flame retardants chemicals market is driven by various fire standards across the world.
In the near future, R&D breakthroughs and technical advancements driving the launch of new products with improved performance and efficiency are expected to drive market expansion. For example, the market has been pushed towards sustainability by the introduction of environmentally friendly fire-resistance epoxy resins with great efficiency.
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Global Flame Retardants Chemicals Market: Geographical Analysis
Asia Pacific accounted for a large chunk of total revenue in 2019 and is anticipated to rise at a very high rate during the forecast period. Due to considerable growth in resin consumption across both countries, Asia Pacific is anticipated to see greater sales from China and India during the forecast period, from 2021-2031. Furthermore, because a big amount of their production is exported to other countries, companies in Asia Pacific are focusing their efforts on developing eco friendly flame retardant products in order to fulfill the safety criteria of Europe or North America.
The expansion of the regional market is being fueled by an increase in transportation and industrial operations in Asia Pacific, as well as other factors such as low labor costs and inexpensive raw materials. In addition, rising tendency of important mining firms toward growth due to the region's significant mineral resources and the use of flame retardants in mine uniforms are boosting demand in Australia, Japan, India, and China.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.