GLOBAL BIO-BASED FLAME RETARDANTS MARKET SIZE (2023 - 2030)

The Bio-based Flame Retardants Market was estimated to be worth $4.8 billion in 2023, and it is projected to reach $7.94 billion by the end of 2030, growing with a CAGR of 6.5% during the forecast period (2023 - 2030).

The primary drivers projected to propel the bio-based flame retardants market are their environment-friendly properties over traditional flame retardants and the increase in fire safety regulations.

Industry Overview:

Fire is the cause of major damage across the globe. A recent study proved that overall, about 1% of global GDP was spent on fire protection, combatting, and prevention. This makes it an extremely dangerous event. Flame retardants can be used in different materials and products to make them flame resistant to a great extent. The fires that occur are a result of a chain reaction between several elements and oxygen or even water in some cases, the flame retardants ensure that the reaction is cut off before it fully flourishes and therefore the risk of a fire advancing can be completely avoided. But traditional fire retardants like halogenated products have proven to be very toxic and they are banned in several countries. Non-halogenated products are from metal and are not easily disposable. This calls for the development of bio-based flame retardants. They are beneficial for the environment, non-toxic, and give as strong results as their traditional counterparts. This makes them a very viable option and helps the market to grow.

COVID-19 Impact on the Bio-based Flame Retardants Market:

The COVID-19 pandemic was a result of the coronavirus which affected the entire globe. The virus emerged from the city of Wuhan in China and then slowly and gradually spread across the globe. It was very contagious in nature which made it very difficult to contain. The basis of the virus seemed to be symptoms like flu, cough, cold, and fever. But its intensity was only known later when several thousands of deaths were caused by it. To prevent further damage and destruction governments, imposed lockdowns internationally. This meant that products that were not essential could not be traveled or imported. This had a major impact on the bio-based flame retardants market. The prohibition of stoppage of delivery led to supply chain issues. It was difficult to obtain raw materials to manufacture products required in end-user industries like automotive and construction. Due to this, the market suffered a loss. But it is estimated to make a full recovery in the post-pandemic years as the supply chain issues become normal and the demand for bio-based fire retardants rises.

Market Drivers:

Their environment-friendly properties over traditional flame retardants are poised to drive the market growth for Bio-based Flame Retardants:

As the name suggests, bio-based flame retardants are developed primarily from biological or plant and animal-based products and materials. Some key bio-based flame retardants and additives like Lignin found in most cell walls and plant cells, starch that is found in several edible plant products, proteins, and other cellulose nanocrystals are all completely bio-degradable. They are a much greener option compared to previous metal-based flame retardants or toxic halogen-based flame retardants. These can be easily discarded and they have less of a risk of being harmful upon long-term exposure. All of these properties make bio-based flame retardants a very viable alternative to traditional flame retardants. They also have a similar caliber in developing and dealing with fire which helps in the growth of the market.

The increase in fire safety regulations is helping drive market growth:

Governments all across the globe, but especially in the Asia-pacific region have strengthened their rules and regulations in terms of fire safety. Overall, the worker safety rules have increased and this calls for more secure and more abundant protective equipment for the workers. In terms of building and construction, vehicles and transportation industries, and more, the number of safety laws has increased which in-turn has increased the demand for flame retardant materials. The newly developed apartment complexes and commercial establishments require to meet several baseline regulations to be developed which would require the use of bio-based flame retardants. This is helping the market develop forward.

Market Restraints:

The Bio-based Flame Retardants Market's growth is being stifled by the dangerous side effects of long-term exposure to the products:

Flame retardants are used to prevent and manage fires before they can be produced. This leads to their use in daily necessity items in people’s homes. Everyday furniture is often times coated with a fire preventing material or the flame retardants can be used. This may be helpful in prevention of fires but long-term exposure to this can be very harmful. Recent studies have showed the appearance of endocrine, especially thyroid related diseases, respiratory problems and even cancer in people who have been exposed continuously to flame retardants for long periods of time. This is harming the market and causing a dent in the growth.

GLOBAL BIO -BASED FLAME RETARDANTS  MARKET REPORT COVERAGE:

Market Segments:

This research report on the global Bio-based Flame Retardants Market has been segmented based on type, application, end-use, and regions.

Bio-based Flame Retardants Market- by Type

• Lignin

• Starch

• Proteins

• Cellulose Nanocrystals

Lignin is found in the most abundance as compared to its counterparts to be used as a bio-based flame retardant. It holds the largest market share and is estimated to grow with further innovations. It has the highest comparable molecular weight and it also corresponds to a stable formation of char which is a testament to its abilities. Starch has a high decomposition temperature which makes it an interesting choice to be used against other materials with high processing temperatures as well. Proteins show different characteristics based on their core type and cellulose nanocrystals have proved to be potentially unreliable despite being the largest available organic polymer.

Bio-based Flame Retardants Market- by Application

• Polyolefins

• Epoxy resins

• UPE

• PVC

• ETP

• Rubber

• Styrenics

• Others

Epoxy resins are extremely multi-faceted and are used across several industries in various different forms. This makes them the largest market share holder for the bio-based flame retardants market. They have been used widely in electronics items like transistors, circuit boards and more. They can also be mixed with various additives and be used across different industries like automotive, construction, transportation and more.

Bio-based Flame Retardants Market- by End Use

• Automotive

• Construction

• Transportation

• Electrical & Electronics

• Others

The electrical and electronics sector holds the largest market share and is estimated to grow along with the CAGR during forecast period. Electronic products have been a very large market in the recent times owing to the growing digitization. The devices like computers, phones, and more are at a big fire risk and to prevent this, flame retardants are used in them. The construction market also holds a significant share.

Bio-based Flame Retardants Market- by Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

The Asia-Pacific market is estimated to be the highest market share holder across the globe with over half of the total market size. It is also anticipated to grow and develop with the fastest CAGR during the forecast period of 2023-2030. This growth can be attributed to the Asia-Pacific being leading manufactures and consumers in various industries like electronics, automotive and more.

Major Key Players in the Market                                                   

1. LANXESS

2. BASF SE

3. ICL

4. Abermarle Corp.

5. DuPont

6. Eastman Chemical Company

7. Hangzhou Lingrui Chemical Co. Ltd.

8. Hongbaoli Group Co. Ltd.

9. Huntsman International Llc

10. Muby Chemicals

Market Insights and Developments

• In January 2023, Fraunhofer WKI were able to develop the initial technology that used bio-based flame retardants in bioplastics. This could lead to the use of all plastics in our future devices being made from completely bio-degradable materials.

• In February 2023, European coatings launched a review based on bio-based flame retardants that contained phosphorous in them. This could help in development of more resilient products with the inclusion of phosphorous but also making them bio-degradable.