The North America flame retardant thermoplastics market size is expected to reach USD 116 million by 2025
NEW YORK, Nov. 14, 2018 /PRNewswire/ -- North America Flame Retardant Thermoplastics Market Analysis Report By Application (Electrical & Electronics, Transportation), By Product (Amorphous, Crystalline), And Segment Forecasts, 2018 - 2025
Read the full report: https://www.reportlinker.com/p05620898
The North America flame retardant thermoplastics market size is expected to reach USD 116 million by 2025, according to a new study by Grand View Research, Inc. The market is estimated to expand at a CAGR of 3.3% during the forecast period. Rising demand for flame retardant materials from end-use industries in North America due to high awareness levels regarding fire safety products is driving the regional market. Major consumers include construction, transportation, and electrical and electronics sectors.
Demand for plastic components across various industries, such as automobiles, marine, and aerospace, to reduce the overall size and weight of the vehicle, demands more flame retardant thermoplastic compounds.Electrical and electronics led the North America flame retardant thermoplastics market in 2017 and is anticipated to maintain its dominance over the forecast period.
Flame retardant materials are widely used in this industry and its degree is dependent on product function, materials, and the fire resistance level needed to be achieved.
Electrical and electronics products, such as laptops, smartphones, TV sets, refrigerators, and printed wiring boards, are subject to high degree of fire risk.Thus, flame retardant additives are used in wiring components to reduce the risks of device explosion.
Rising disposable income in the region is contributing toward the growth of the electrical and electronics sector, which, in turn, will benefit the North America flame retardants market over the forecast period.
Further key findings from the study suggest:
? U.S. led the North America flame retardant thermoplastics market. Positive outlook of the plastic industry in the region is expected to benefit the flame retardant thermoplastics market
? Amorphous flame retardant was the dominant product segment in 2017. These materials change viscosity when heated and exhibit isotropic flow as well as lower mold shrinkage
? Transportation is the fastest-growing application segment. Rising production of passenger and commercial vehicles in North America is expected to boost product demand
? Key companies in the market include Teknor Apex Company; Royal DSM; Washington Penn Plastics Co., Inc.; Asahi Kasei Plastics North America, Inc.; SABIC; A Schulman; PolyOne Corporation
? Several major companies focus on M&A activities, technological innovations, and other strategies to strengthen their market position
? For example, in June 2017, BASF announced the increase of propionic acid production capacity at its Verbund manufacturing site by 30,000 metric tons. The expansion is jointly headed by BASF and Sinopec and is expected to start production by 2019.
Read the full report: https://www.reportlinker.com/p05620898
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