Global flame retardant coating additives market is forecast to witness a positive growth of ~5% over the forecast period of 2019-2029. Brominated flame retardant coating additives account for 25% of the market share.
Flame retardant coating additives are applied on furnishings (upholstery, matresses, fabric blinds, curtains etc), consumer goods (laptop boards, mobile phone chips, television, wires and cables), vehicle bodies (fuselage, automotive bodies, train overheads, near wheels etc.,). Factors such as the utilization of bromine in flame retardant additive coatings to the aforementioned applications will bolster market growth.
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Key Driving Forces Accelerating the Market Growth
- Various geographies are witnessing substantial construction activities and infrastructure development projects, including residential, commercial, and industrial sectors. Coating additives play a crucial role in enhancing the performance, durability, and aesthetics of coatings used in these projects, leading to increased demand.
- There is a rising demand for high-performance coatings with enhanced properties such as durability, scratch resistance, chemical resistance, UV protection, and corrosion resistance. Coating additives, such as rheology modifiers, dispersants, and surface modifiers, are essential in achieving these properties, thus driving market growth.
- Various regions such as North America have stringent environmental regulations regarding volatile organic compounds (VOC) emissions and hazardous substances used in coatings. Coating additives help in reducing VOCs and enhancing the sustainability of coatings, making them compliant with regulations. The need for environmentally friendly coatings is propelling the demand for coating additives.
- Waterborne coatings are gaining popularity due to their low VOC content, reduced odor, and environmental benefits. Coating additives, such as wetting agents, defoamers, and rheology modifiers, are essential in formulating and improving the performance of waterborne coatings.
- The automotive industry in North America is witnessing steady growth, driven by factors like rising vehicle production, technological advancements, and increasing consumer demand. Coating additives are extensively used in automotive coatings to provide enhanced durability, weather resistance, gloss, and scratch resistance. The growth of the automotive sector is contributing to the expansion of the coating additives market.
Global flame retardant coating additives market is consolidated in nature. Top three players in market account for over 50% of revenue share at a global level.
Prominent players with established market presence in flame retardant coating additives market are
- Albemarle corporation
- Israel chemicals,
- Lanxess AG
- Clariant AG
- BASF S.E
- Nabaltec AG
- Italmatch Chemicals.
Market leaders such as Lanxess AG have adopted inorganic as well as organic approaches such as acquisition of Chemtura in 2017 and adoption of backward integration for expanding their foothold in flame retardant coating additives market.
Italmatch has acquired RecoPhos project technology from Israel chemicals. RecoPhos is the recovery of phosphorus technology, which Israel Chemicals is strategically looking to utilize in the production of phosphorus type flame retardant coating additives.
Obstacles Impeding Market Expansion:
The growth of the market faces impediments stemming from various factors. Notably, in regions such as North America, there exist rigorous environmental regulations that govern the utilization of specific chemicals within coatings. Adhering to these regulations can be an arduous and resource-intensive endeavor for manufacturers of coating additives. The strict limitations imposed on volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) may necessitate the reformulation of products to align with regulatory prerequisites.
Additionally, the production of coating additives hinges on a range of raw materials, encompassing resins, solvents, pigments, and additives. The inherent volatility in raw material prices presents a significant challenge for manufacturers in terms of cost management and profit margins. Sudden and unpredictable fluctuations in pricing can disrupt the planning process and make it challenging to maintain stable pricing structures for clientele.
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Questionnaire answered in the Market outlook Report of Flame Retardant Coating Additives include:
- What is the key strategy deployed by large players to maximize Flame Retardant Coating Additives Market growth?
- What are the main challenges faced by players in the Flame Retardant Coating Additives market Demand?
- With the advent of technological advancement, how will the Flame Retardant Coating Additives market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Flame Retardant Coating Additives market size?
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