North America Flame Retardant Thermoplastics Market Expected To Fuel Industry Growth With $5.6 Billion By 2030: Grand View Research Inc.
The North
America flame retardant thermoplastics market size is expected to reach USD 5.6 billion by 2030, registering a CAGR of 4.8%, during the forecast
period, according to a new report by Grand View Research, Inc. Developments in
the electrical & electronics and automotive & transportation industry
is likely to drive the demand for thermoplastics in these application segments.
Increasing use of environment-friendly and energy-saving products is also
expected to influence the market, positively.
Building &
construction industry in Canada is witnessing lucrative growth opportunities.
Low cost involved in facility set up and availability of labor at low cost in
comparison with that of the U.S. are the factors that are attracting the
attention of manufacturers to set up their plants in Canada. In addition,
investments by the government of Canada in infrastructure development are also
anticipated to boost the growth of the construction industry in the country,
thereby, creating a high demand during the forecast period.
Flame retardant
thermoplastics are finding increased utilization in the building &
construction industry for commercial & industrial applications. The
construction industry in the U.S. is expected to observe growth owing to new
import tariffs, changing trade deals, a strong economy, proliferation of mega
projects, focus on smart cities, and increasing household construction. The
electrical & electronics industry in the U.S. is growing on account of
increasing demand for electronics equipment from the gaming industry, which is
expected to drive the market.
Recent
developments in the electrical & electronics and automotive &
transportation industry are likely to drive the demand for thermoplastics in
these application segments. Increase in use of environment-friendly and
energy-saving products is also expected to influence the market positively.
Ongoing research & developments in technology-based flame retardant
thermoplastics are likely to boost the market growth as they offer excellent strength
and thermal resistance with lower thickness. Technological breakthroughs,
innovations, and studies carried out for expanding the product’s application
scope are projected to foster the demand.
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Recent
developments in the electrical & electronics and automotive &
transportation industry are likely to drive the demand for thermoplastics in
these application segments. Increase in use of environment-friendly and
energy-saving products is also expected to influence the market positively.
Ongoing research & developments in technology-based flame retardant
thermoplastics are likely to boost the market growth as they offer excellent
strength and thermal resistance with lower thickness. Technological
breakthroughs, innovations, and studies carried out for expanding the product’s
application scope are projected to foster the demand.
North America Flame Retardant Thermoplastics Market Report Highlights
- The North America
flame retardant thermoplastics market was valued at USD 3.7 billion in
2021 and is expected to expand at a CAGR of 4.8% from 2022 to 2030
- Acrylonitrile
Butadiene Styrene product segment occupied the largest revenue share on
account rising trend of its high strength, rigidity, and dimensional
stability.
- ABS is a tough
flame-retardant thermoplastic material and is resistant to physical impact,
corrosive chemicals, and heat
- Rising demand for
environment-friendly and energy-saving products & solutions is
expected to drive this market
- The automotive
& transportation application segment accounted for more than 17.0% in
North America in 2021 and is projected to expand at a CAGR of 4.6% during
the forecast period
- Stringent
environmental rules & regulations and a focus on indoor air quality is
expected to drive the polystyrene-based products
- Increasing
investment from government & private institutions in the automotive
& transportation and building & construction sector is projected
to contribute to the demand for these flame-retardant thermoplastics
Rising
utilization of flame-retardant thermoplastics in the electrical &
electronics, automotive & transportation, building & construction, and
industrial application sectors is anticipated to push the manufacturers to
backward integration in the value chain during the coming years. Greater
participation in the value chain is likely to result in time reduction for
transforming raw materials into finished products and in gaining cost
advantage.
Flame
retardant thermoplastics manufacturers are expanding in terms of production
capacity and infrastructure, with an aim to cater to the growing market requirements.
Moreover, many product manufacturing companies are using acquisition and
partnership strategies for procuring raw materials. Mergers and joint ventures
are an integral part of this market and allow companies to expand their market
position.
Most of the
key players operating in the North America flame retardant thermoplastics
market have integrated their raw material production and distribution
operations to maintain product quality and expand regional reach. This provides
companies a competitive advantage in the form of cost benefits thus increasing
the profit margin. Companies are undertaking research & development
activities to develop new products to sustain market competition and changing
end-user requirements. Research activities focused on new materials, which
combine several properties, are projected to gain wide acceptance in this
industry during the coming years. Some of the prominent players in the North
America Flame Retardant Thermoplastics Market include:
- BASF SE
- LANXESS
- Dow Inc.
- ICL
- RTP Company
- Huber Engineered
Materials
- Clariant AG
- Plastics Color
Corporation
- Albemarle
Corporation
- PolyOne
Corporation
- SABIC
- Asahi Kasei
Corporation
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