Top Emerging Trends Of North America Flame Retardant Thermoplastics Market Progress Forecast 2030

Posted by Mrudula Karmarkar on September 30th, 2022

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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Mrudula Karmarkar

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Mrudula Karmarkar
Joined: March 30th, 2020
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