Flame-Retardant Resin Market in The Composites Industry: Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026
発行: Stratview Research
ページ情報: 英文 140 Pages
Flame retardants are substances that are activated by the presence of an ignition source and are designed to control the spread of ignition through a variety of physical and chemical methods. They can be either introduced as a co-polymer during the polymerization process, afterward added to the polymer during the molding or extrusion process, or applied as a topical finish. Flame retardancy in resins is of paramount significance, especially where fire, smoke, and toxicity (FST) and high-temperature properties are the primary requirements. It is estimated that FR resin is likely to remain one of the most important resin types in the overall composite resins market in the forthcoming years.
The strict legislative frameworks and industrial requirements have a big influence on the development of flame retardants. Depending on the corresponding national legislation for health and environmental security, fire safety requirements vary by region, particularly in Europe and North America. In the end-use industries, such as aerospace & defense, transportation, electronics, marine, and oil & gas, the composite parts offer a wide array of advantages over the metal parts, such as weight reduction, excellent strength-to-weight ratio, ability to withstand a wide range of operating temperatures, high corrosion resistance, high fatigue resistance, and ability to form complex shapes. Several regulations require composite materials, which are used for interior and high-temperature-resistant applications, to meet the FST (fire, smoke, and toxicity) norms.
The FR resin market is a unique business with usage in specific applications. The COVID pandemic had different impacts on the demand for FR resins in different applications/industries. For instance, aerospace & defense, transportation, and marine were some of the major markets that recorded hefty declines in 2020. However, the E&E industry, the biggest demand generator for FR resins, registered growth in that trying time, offsetting the declines of other market segments. As a whole, the FR resin market in the composites industry witnessed a contracted growth of 2% from 2019 to 2020). In the long run, the market is likely to generate a myriad of opportunities for its stakeholders by reaching an unprecedented figure of US$ 7.0 billion in 2026. The primary growth drivers are the stringent fire and safety standards along with the increased need for FR4 laminates in the electronics industry.
Based on end-use industry type, the FR resin market in the composites industry is segmented as marine, transportation, electrical & electronics (E&E), building & construction, aerospace & defense, pipe & tank, and others. Over the next five years, E&E is likely to remain the largest market segment, witnessing growth at a significant pace. In the E&E business, the FR resins are largely used in the manufacturing of printed circuit boards (PCB). The PCBs are made with a variety of laminates, including paper, FR-4, CEM, and polyamide. The most prevalent varieties are FR-4 and CEM, both of which predominantly use FR epoxy resins.
On the basis of resin type, the market is bifurcated into epoxy, phenolic, polyester, and others. Among these segments, epoxy is expected to maintain its market dominance during the forecast period. The FR epoxy resins have several superior properties, including strength, adhesiveness, adaptability, moisture absorbency, and minimal volumetric shrinkage, as a result of which, this resin is gaining popularity in the composites market. The most common application for FR epoxy resins is printed circuit boards (PCBs).
In terms of fiber type, the market is classified as glass fiber and other fibers. Glass fiber is expected to remain dominant over the next five years. The fiber type is extremely preferred across all the end-use industries. The other fibers segment is expected to grow at a higher pace, during the forecast period, driven by the increasing penetration of carbon composites due to a higher requirement of lightweight components.
In terms of regions, Asia-Pacific is expected to generate the largest demand for FR resins during the forecast period. This is because of several factors including the gradual shift of the E&E industry from the developed global economies to the developing countries in Asia, rising demand for high-speed trains and metro rails, indigenous development of commercial and regional aircraft, and increased construction activities. In the forthcoming years, the region is also likely to remain the most appealing market across the globe.
The following are the key players in the FR resin market in the composites industry:
In recent years, there were several key strategic alliances and M&As in the market with the purpose to strengthen product portfolio, widen geographical reach, increase the customer base, enhance product development and technical capabilities, etc. For example, in 2019, INEOS acquired the composites business of Ashland Global Holdings Inc. This transaction, when combined with Ashland's cost reduction program, helped Ashland to be in a better position to deliver sustained growth earnings and significant value for shareholders. In addition, in 2020, Huntsman Advanced Materials completed the acquisition of CVC Thermoset Specialties (CTS), a North American specialty chemical manufacturer, serving industrial composites, adhesives, and coating markets.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects the industry realities and future market possibilities of today's FR resin market in the composites, for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research's internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The FR resin market in the composites industry is segmented into the following categories: