Brominated Flame Retardant Market Size to Hit USD 3.33 Billion By 2030

A new report by Reports and Data forecasts that the global brominated flame retardant market will reach USD 3.33 Billion by 2030. Brominated flame retardants (BFR) are widely used in the manufacturing of printed circuit boards (PCBs), polymer foams, computer casing, electrical cables, and various insulation coatings, among others, due to their inhibitory effect on the combustion chemical process. The report states that the continuous expansion of the consumer electronics, textile industries, leather industries, electrical systems, and flame insulation coatings is expected to drive the demand for this market throughout the forecast period.

The Asia Pacific region is expected to experience the highest growth rate of 6.4% during the period 2019-2030, primarily due to the high market penetration for consumer electronics and enormous use of brominated flame retardant in such products, especially in regions like India and China. The unsaturated polyesters sub-segment is expected to grow at a CAGR of 6.7% during the forecast period.

The report also highlights the growing penetration of online retailing businesses for chemicals and materials, especially in emerging nations in Asia Pacific, helping the market grow by broadening the outreach in the areas where offline vendors are unavailable. Additionally, online retailing is expected to gain a market share of 34.1% by 2030, growing at a CAGR of 9.7% throughout the forecast period.

Key participants in the market include Albemarle Corporation, Akzo Nobel N.V., Jiangsu Yoke Technology Co., Ltd., Velsicol Chemical Corporation, Israel Chemicals Ltd., Lanxess Aktiengesellschaft, BASF SE, Nabaltec AG, The Dow Chemical Company, and Clariant AG, among others.

Reports and Data have segmented the global brominated flame retardant market based on the end-use verticals, type, sales channel, applications, and region. The end-use verticals include consumer electronics, textile and leather industries, polymer industries, electrical machineries, and others. The sales channel includes online retailing and offline retailing, while the types of brominated flame retardants include tetrabromobisphenol A, decabromodiphenyl oxide, octabromodiphenyl oxide, pentabromodiphenyl oxide, hexabromocyclododecane, and others. The applications segment includes polyamides, styrene copolymers, unsaturated polyesters, polyolefins, polystyrene, and others. Finally, the regional outlook covers North America, Europe, Asia Pacific, MEA, and Latin America.

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Brominated Flame Retardant Market: Drive factors

The Brominated Flame Retardant market is expected to grow due to several driving factors. One of the primary reasons is the extensive use of brominated flame retardants in various components of consumer electronics products. The continuous expansion of consumer electronics, textile industries, leather industries, electrical systems, and flame insulation coatings, are expected to drive the demand of this market throughout the forecast period.

The unsaturated polyesters sub-segment is also expected to grow at a CAGR of 6.7% during the forecast period due to the addition of 15 to 30% of the Tetrabromobisphenol A (TBBPA) brominated flame retardant in the unsaturated polyesters substance. These are then used in the fiber-reinforced plastics (FRP), which are used in various products such as consumer electronics, household goods, and automotive parts, among others.

Moreover, the growing penetration of online retailing businesses for chemicals and materials, especially in emerging nations in Asia Pacific, is helping the market grow by broadening its outreach in areas where offline vendors are unavailable. The non-involvement of distributors in the supply chain model results in higher profit margins compared to offline retailing. Online retailing is expected to gain a market share of 34.1% by 2030, having grown with a CAGR of 9.7% throughout the forecast period.

Asia Pacific is expected to remain the dominant region with the highest growth rate of about 6.4% throughout the forecast period due to its extensive growth in consumer electronics applications and the continuous expansion of textile products. China and India are some of the fastest market propellers in this region.

Lastly, the report identifies key players in the market, including Albemarle Corporation, Akzo Nobel N.V., Jiangsu Yoke Technology Co., Ltd., Velsicol Chemical Corporation, Israel Chemicals Ltd., Lanxess Aktiengesellschaft, BASF SE, Nabaltec AG, The Dow Chemical Company, and Clariant AG, among others.

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