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. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Brominated Flame Retardants Market, 2022-2029.” They are organobromine compounds, which are also key elements in the halogen chemical group. They are added to a variety of commercial and consumer products to prevent them from burning when exposed to heat or a smoldering cigarette. For instance, according to IHS Consulting’s 2020 market study, flame retardant usage has increased significantly in the last four years, particularly in electronics, and will continue to expand at a global annualized pace of 2.7 percent between 2019 and 2025.
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Cumulative Impact of COVID-19 on Market Growth
The market is being impacted by trade restrictions caused by the COVID-19 epidemic. During the COVID-19 period, the market kept growing due to a drop in demand for flame retardants due to the economic downturn. However, the market for brominated flame retardants is expected to grow due to the expansion of polymeric-based materials, owing to their use in the plastic and polymer production industries.
List of Key Players Profiled in the Global Market for Brominated Flame Retardants:
- Kisuma Chemicals
- Applied Technical Services
- Chemtura Corporation
- ADEKA CORPORATION
- GAB Neumann GmbH
- RTP Company
- Albemarle Corporation
- Jiangsu Yoke Technology Co. Ltd.
By application, the market is segmented into electrical & electronics, chemical, plastic, construction, transportation, and others. On the basis of geography, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Offer?
The major countries have been plotted based on their individual revenue contributions to the regional market. The report explains the major drivers, constraints, market opportunities, and their comprehensive impact analysis. The market study provides detailed information on the industry participants’ market share in brominated flame retardants.
Drivers & Restraints-
Increasing Application in Electronics and Plastic Industries to Stimulate Growth
The global brominated flame retardants market growth is expected to grow due to the increasing application in electronics and plastic industries during the projected period. Because of its capacity to reduce the combustibility of burnable substances, it has been adopted in the electrical and electronics industries. It’s widely used in PCBs, electronic casting, and circuit processing. Moreover, in the plastics sector, they are primarily used to delay fire combustion in polymeric resins. Flame retardants are being more widely used in areas such as building and construction, aerospace, and automobiles.
Increasing Demand in Chemical Industry to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global brominated flame retardants market share during the forecast period. The rising demand for the product in the chemical industry in India and China are the leading countries in the region.
Europe is expected to have a sizable share of the market. This is due to rising demand in the construction industry which is expected to drive the market in the region.
Increasing Number of Mergers to Create Lucrative Opportunities
The availability and cost of raw ingredients are critical in the production of brominated flame retardants. Manufacturers are also concentrating on creating long-term supply arrangements with distributors and suppliers to ensure that their products are available. Manufacturers have the option of selling their goods directly or through distribution channels.
- June 2020: Tosoh Corporation plans to increase its bromine production capacity by 30% at its Nanyo Complex in Shunan City, Japan, used in flame retardants and other applications. The development is expected to be finished by January 2023, allowing businesses to grow its market and boost profits.
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