Flame Retardant Resins Market Size, Share & Industry Analysis, By Resin (Polycarbonate (PC), ABS, PC/ABS Alloy, Polystyrene (PS), PS/PPE Alloy, Polypropylene (PP), PA & PA66, PC/ABS Alloy, PVC, PS/PPE Alloy, PBT, and Others ), By Application (Electrical & Electronics { TV, Audio, PC, Game, Copier, Refrigerator, and Others}, Automotive {Exterior, Interior, LIB cover for EV, Others}, Aerospace & Defense, and Others), and Regional Forecast, 2024-2032

The global flame retardant resins market size was valued at USD 51.93 billion in 2023. The market is projected to grow from USD 53.79 billion in 2024 to USD 72.72 billion by 2032, exhibiting a CAGR of 3.8% during the forecast period. Asia Pacific dominated the flame retardant resins market with a market share of 45.79% in 2023.

Flame retardant resins are thermoplastics enhanced with additives to reduce flammability and delay spread of fire. Flame retardants such as halogenated compounds, phosphorus-based compounds, nitrogen-based compounds, minerals fillers, and intumescent additives are used for producing flame retardant thermoplastics. These compounds are vital for enhancing the safety of various products from electronics to construction materials. The primary function of flame-retardants is to inhibit or suppress the ignition/burning of plastic by improving properties such as viscosity, flexibility, density, and thermal stability.

The increased adoption of flame retardant resins is due to the implementation of stringent regulations and standards related to fire protection across different industries. Governments worldwide impose stricter rules to minimize fire-related accidents and enhance public safety. Compliance with these regulations necessitates using flame retardant materials, boosting the demand for flame retardant resin.

There is a heightened awareness of fire safety among consumers, businesses, and regulatory authorities, flame retardant resins emerge as a viable solution to mitigate fire risks effectively. With increasing incidents of fire accidents and their catastrophic consequences, these resins witness widespread adoption across various sectors such as construction and automotive.

Many industries that are major consumers of flame retardant resins, such as automotive, construction, and electronics, experienced a downturn in demand during the COVID-19 pandemic. Lockdown measures, economic uncertainty, and reduced consumer spending decreased sales of vehicles, building materials, and electronic devices, leading to lower demand for flame retardant resins.

Flame Retardant Resins Market Trends

Emerging Field of 3D Printing Has Driven the Growth of the Market

3D printing, also known as additive manufacturing, has witnessed explosive growth in recent years, fueled by materials, hardware, and software advancements. This technology enables the creation of complex, customized objects layer by layer, offering unparalleled design freedom and agility. From aerospace and automotive to healthcare and consumer goods, 3D printing reshapes traditional manufacturing paradigms and unlocks new possibilities across diverse industries. Flame retardant resins significantly enhance the fire safety of 3D-printed parts by imparting flame retardant properties to the printed materials. These resins contain additives that inhibit or suppress the ignition and propagation of flames, thereby reducing the risk of fire-related incidents. By incorporating flame retardant resins into 3D printing formulations, manufacturers can produce parts with improved fire safety performance without compromising other material properties.

Flame Retardant Resins Market Growth Factors

Rising Demand From the Automotive Industry is Anticipated to Aid Market Growth

Flame retardant resins are integral in ensuring the safety and reliability of automotive components. In the event of a fire, these materials inhibit the spread of flames, providing valuable time for occupants to evacuate and reducing the risk of catastrophic outcomes. As safety regulations become more stringent and consumer awareness of fire safety increases, automakers are turning to flame retardant resins to meet regulatory requirements and enhance the overall safety of their vehicles. The automotive industry is focusing on lowering vehicle weight to improve fuel efficiency and reduce emissions. Flame retardant resins offer a viable solution for replacing traditional materials with lightweight alternatives without compromising fire safety standards, thereby presenting opportunities for the global flame retardant resins market growth.

RESTRAINING FACTORS

Environmental & Health Concerns Related to the Use of Flame Retardants May Hamper Market Growth

Certain flame retardants, such as brominated and chlorinated compounds, have been identified as persistent organic pollutants with adverse environmental effects. These chemicals can bioaccumulate in the environment and pose risks to ecosystems, wildlife, and human health through long-term exposure. Flame retardants can persist in the environment for extended periods, leading to contamination of air, water, soil, and biota. Despite regulatory efforts to restrict the use of certain flame retardants, their persistence poses ongoing challenges for environmental management and remediation. Exposure to flame retardants during manufacturing, handling, and disposal can pose significant health risks to workers, including respiratory irritation, skin sensitization, and neurological effects. Additionally, everyday products exposing consumers to flame retardants raise concerns about potential health impacts.

Flame Retardant Resins Market Segmentation Analysis

By Resin Analysis

ABS Segment to Dominate due to their Exceptional Material Properties

Based on resin, the market is segmented into Polycarbonate (PC), ABS, PC/ABS Alloy, Polystyrene (PS), PS/PPE Alloy, Polypropylene (PP), PA & PA66, PC/ABS Alloy, PVC , PS/PPE Alloy, PBT, and others.

The ABS segment is anticipated to account for the largest market share during the forecast period. Acrylonitrile butadiene styrene (ABS) is a common and economical thermoplastic polymer that can be easily fabricated according to application’s requirement. ABS’s exceptional impact strength, stiffness, and flame retardant qualities make it suitable for range of applications that includes computer housings, electronic data processing equipment, and others.

The polypropylene segment is anticipated to account for a moderate growth rate during the forecast period. Owing to its versatile application range and unique set of properties, it is widely used in various applications, including wire and cable jacketing, small appliances, lawn and garden tools, furniture components, toys, kitchen tools, and others.

By Application Analysis

Growing Demand from Electrical and Electronics Industry is Set to Drive Sales Revenue

Based on application, the market is segmented into electrical & electronics (TV, Audio, PC, game, copier, refrigerator, and others), building & construction, automotive (exterior, interior, LIB cover for EV, and others), aerospace & defense, and others.

The electrical and electronics segment further divided into TV, audio, PC, game, copier, refrigerator, and others. The electrical and electronics segment held the most significant market share in 2023. The highest consumption is anticipated on the back of flame retardant resin’s wide array of application in the electronics industry. Owing to various unique properties such as flexibility, high impact strength, exceptional flame retardancy and electrical insulating properties, making them the material of choice for various electronics -related applications.

The automotive segment further divided into exterior, interior, LIB cover for EV, and others. The segment growth is associated with the rapid development in the automotive industry and increasing implementation of energy-saving products while being eco-friendly, which is expected to affect the market positively. Technological breakthroughs and innovations in flame retardant resin for automotive applications to provide better consumer experience and safety are driving the industry growth, fueling the demand for flame retardants and overall market growth.

REGIONAL INSIGHTS

Based on the region, the market is categorized into Europe, North America, the Asia Pacific, Latin America, and the Middle East & Africa.

The Asia Pacific region held the largest flame retardant resins market share and is anticipated to dominate the market during the forecast period. Increasing consumption of flame retardant resins among leading countries such as China, Japan, India, and South Korea has resulted in high regional sales revenue. China accounted for nearly half of the regional consumption in 2023 and is poised to maintain its dominance in the region during the forecast period. The humongous demand is attributed to the presence of prominent plastic producers and their associated end users.  

The presence of prominent plastic producers such as BASF, DuPont, and Solvay along with various strategic initiatives taken by them will create a progressive environment in the market and aid in propelling sustainable growth in North America.

The growth in Europe is anticipated due to the high automotive production. For instance, according to the European Automobile Manufacturers' Association, countries like Germany, U.K., France, Italy and Spain collectively produced 8.5 million cars in 2023.

The Latin America and  Middle East & Africa are anticipated to witness significant growth owing to the adoption of the flame retardant resins in automotive industry.

KEY INDUSTRY PLAYERS

Key Players are Conducting R&D Activities to Gain Competitive Edge

A few major players primarily dominate the market. The existing players have developed proprietary products, and they maintain a competitive edge over other players owing to their unique product offerings. Furthermore, the companies are continuously conducting R&D activities to develop better solutions with an aim to match the changing needs of the electronic industry.

The major manufacturers of flame retardant resins in this market are Asahi Kasei Corporation, BASF SE, Covestro AG, DuPont, and LANXESS. Plant expansions and strategic mergers and acquisitions characterize the global market, and the market's major businesses have been actively acquiring competitors for better economies of scale.

List of Top Flame Retardant Resins Comapanies:

• Asahi Kasei Corporation (Tokyo)


• BASF SE (Germany)


• Covestro AG (Germany)


• DuPont (U.S.)


• Idemitsu Kosan Co.,Ltd. (Japan)


• LANXESS (Germany)


• Mitsubishi Engineering-Plastics Corporation (Japan)


• RTP Company (U.S.)


• Solvay (Belgium)

KEY INDUSTRY DEVELOPMENTS:

• July 2023- SABIC introduced two PP-based, intumescent flame retardant materials: SABIC® PP compound H1090 resin and STAMAX™ 30YH611 resin, well-suited for sheet extrusion and thermoforming. These new products, which are 30 percent glass fiber-reinforced, can be used for electric vehicle (EV) battery pack components such as top covers, enclosures, and module separators.


• April 2023- Stratasys Ltd. acquired Covestro AG's additive manufacturing materials business. The acquisition, which is immediately accretive, includes R&D facilities and activities, global development and sales teams across Europe, the U.S., and Asia, along with approximately 60 additive manufacturing materials and an extensive IP portfolio of hundreds of patents and pending patents.


• October 2022- Asahi Kasei Kasei Corporation decided to expand its resin compound manufacturing plant in China (Changshu City, Jiangsu Province, China) by introducing a state-of-the-art extruder. This expansion aimed to attract new customers and also assist in increasing market presence.


• September 2022- LANXESS launched a non-halogen flame retardant that would be offered under brand name Emerald Innovation NH 500. The phosphorus-based additive is designed primarily for use in glass fibre-reinforced plastics to manufacture products for the electrical and electronics (E&E) industry.


• July 2022- BASF and THOR GmbH combined their expertise in non-halogenated flame retardant additives to provide customers with a comprehensive solution that would enhance the sustainability and performance of specific plastic compounds and meet stringent fire safety requirements.

REPORT COVERAGE

The research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies and end-use industries. In addition, it offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors contributing to the market's growth in recent years. It further includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest market dynamics and opportunities.

Report Scope & Segmentation