The global flame retardants for aerospace plastics market is expected to reach USD 29.1million by 2022, according to a new report by Grand View Research, Inc. Growing plastics demand owing to lower airframe weight and fuel savings is anticipated to remain a major driving factor for the global market.
Increasing air passenger traffic and evolving safety standards are also expected to have a positive influence on industry growth. Volatile price of key raw materials such as aluminum, phosphorous and nitrogen are expected to pose challenges to industry growth.
Aluminum trihydrate (ATH) was the most popular flame retardant used widely as a synergist across aerospace plastic applications, on account of its low cost and abundant availability. ATH accounted for over 40% of total demand in 2014. Organophosphates/phosphorous compounds are expected to witness the highest growth of 5.9% from 2015 to 2022.
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Further key findings from the report suggest:
- Global flame retardants for aerospace plastics market volume was 4,099.7 tons in 2014 and is expected to reach 5,763.1 tons by 2022, growing at a CAGR of 5.3%from 2015 to 2022.
- Carbon fiber reinforced plastics (CFRP) emerged as the leading application segment and accounted for over 30% of total demand in 2014. The material is widely utilized in defense jets as armor shields owing to its high impact resistance, in order to reduce accidental damage to engine pylons. CFRP is also expected to witness the highest growth of 5.8% from 2015 to 2022.
- Polycarbonates is also expected to witness significant growth owing to their increasing penetration in aerospace industry on account of their optical clarity and high transparency, coupled with durability and extreme tolerance to duress in aircraft components.
- Europe was the leading regional market owing to vast presence of major airline companies such as Boeing, Airbus, Rolls Royce Holding and others. Europe accounted for 43.8% of global demand in 2014.
- Asia Pacific remains the fastest growing market owing to expanding aviation industry and rising consumer disposable income in emerging economies such as China, India, Vietnam, Indonesia and Thailand. The region is likely to grow at a CAGR of 7.2% from 2015 to 2022.
- The global industry is characterized by high level of integration among major chemical and flame retardant manufacturers such as BASF and the Dow Chemical Company. Key participants in the industry include Solvay, Sinochem, Israel Chemicals, Royal DSM, Rio Tinto, DIC Corporation, Ciba, Chemtura, Albemarle, Clariant Corporation and BASF
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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