Flame-Retardant Resin Market in the Composites Industry to reach US$ 5735.8 Million in 2024
February 06, 2020
Flame-retardant resins account for approximately 25% of the total composite resins (thermoset + thermoplastic) market. As per Stratview Research, the flame-retardant resin market in the composites industry is estimated to grow at a healthy rate over the next five years to reach an estimated value of US$ 5,735.8 million in 2024. In resin systems, flame retardancy is of paramount importance, especially where fire, smoke, and toxicity (FST) and high-temperature properties are most importantly required. 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 foreseen future.
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Flame-Retardant Resin Market in the Composites Industry Segment Insights:
By Resin Type:
The market is segmented based on the resin type as phenolic resin, polyester resin, epoxy resin, and other resins. Epoxy resin is expected to remain the largest segment of the market over the next five years, propelled by the electrical and electronics industry. The printed circuit board (PCB) is the most dominant application where FR epoxy resins are used. Other major application of FR epoxy resins are GRE pipes for the oil & gas industry and interior applications of aircraft. This resin is gaining traction in the composites market because of its excellent performance, such as strength, adhesiveness, versatility, moisture absorbent, and less volumetric shrinkage.
By End-Use Industry Type:
The flame retardant resins market is also segmented based on the end-use industry type as aerospace & defense, transportation, building & construction, electrical & electronics (E&E), marine, pipe & tank, and others. E&E is expected to remain the largest segment of the market over the next five years. The segment is also likely to witness a healthy growth in the same period. PCB is the major application of FR resins in the E&E industry. PCBs are manufactured using different types of laminates, such as paper, FR-4, CEM, and polyamide. Among these types, FR-4 and CEM are the most commons, which primarily use FR epoxy resins.
The transportation segment is projected to witness the highest growth rate over the next five years. In the transportation industry, rail, bus, and recreational vehicles are the major users of FR composite parts. In rails, FR resins are used for making interior parts, such as lavatory, seats, partitions, sidewalls, ceiling panels, doors, and windows, for high-speed trains, metro, locomotives, and monorails. In recreational vehicles, FR resins are used to make roof, sidewalls, and slide out panels.
By Region:
In terms of region, Asia-Pacific is likely to remain the largest and the fastest-growing market during the forecast period in terms of both value and volume. The demand for FR resins in the region is driven by a host of factors including a gradual shift of the E&E industry from the developed economies to the developing Asian economies, increasing demand for high-speed and metro rails, development of commercial and regional aircraft indigenously, and increasing oil & gas activities. The region is likely to remain the most attractive market in the foreseeable future.
North America is likely to remain the second-largest market over the next five years in terms of both value and volume. The region is the largest FR resin market for various end-use industries including marine, A&D, pipe & tank, and building & construction. It is estimated that the region is expected to maintain its undisputed leadership in these end-use industries in the foreseeable future as well.
Europe is likely to maintain its third position in the market during the forecast period in terms of both value and volume. Building & construction and ground transportation are the growth engines of the region’s market. Recovery of the European construction market and high demand for high-speed trains and metro rails are fuelling the region’s growth.
Key Players:
The market has a robust supply chain with the presence of several large-to-small-sized players. Hexion Inc., Olin Corporation, Nan Ya Plastics, Ashland Global Specialty Chemicals Inc., Huntsman Corporation, Polynt Reichhold, Group, Sumitomo Bakelite Co., Ltd., Georgia-Pacific Industries ltd., and AOC, LLC are some of the major players in FR resins market for the composites industry. Development of innovative resin systems and formation of strategic alliances and mergers and acquisitions are some of the key strategies adopted by major companies in order to gain competitive advantage over others.
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