Aerospace Plastic Flame Retardant Market Worth $29 Million By 2022 - Hexa Research
The Global Aerospace Plastic Flame Retardant Market is anticipated to reach USD 29 million by 2022. Increasing demand for plastics, because of lesser airframe weight as well as fuel savings is expected to drive market growth. Rising air traffic and evolving security standards will also have a positive influence.
The aviation industry is growing on account of new trade routes, escalating income levels, and changing lifestyles. This is fueling demand for plastic flame retardants. However, fluctuating prices of key raw materials, such as phosphorous, nitrogen, and aluminum, could threaten industry growth.
The market is categorized by products, applications, and regions. Products include Aluminum Trihydrate (ATH), antimony oxide, boron compounds, organophosphates/phosphorous, and others. ATH accounted for 40% of the overall demand in 2014. Ammonium polyphosphate, red phosphorous and other organophosphates came up as the fastest-growing products in the same year. Organophosphates compounds are anticipated to register the fastest growth (CAGR over 6%) over the forecast period (2015-2022).
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Based on the applications, the global aerospace plastic flame retardant market is divided into Carbon Fiber Reinforced Plastics (CFRP), Glass Reinforced Plastics (GRP), thermoset polyimides, polycarbonates, epoxies, acetal/POM, and others. Others comprise polybutylene terephthalate (PBT), polyphthalamide (PPA), and polypropylene (PP).
CFRP was the biggest application, occupying 30% of the total volumes in 2014. It would grow at the fastest rate (CAGR exceeding 6%) over the next seven years. Polycarbonates sector may also experience high demand due to properties such as high transparency and optical clarity, along with tremendous toughness.
Regional segments consist of Europe, Asia Pacific, North America, and RoW (Rest of the World). Europe, with 44% of the global demand, was the largest regional market in 2014. It is home to leading airline groups (Airbus, Boeing, Rolls-Royce Holding, etc.). However, stringent monitoring of European airspace and the manufacturing industry is resulting in lesser production of halogenated retardants.
Asia-Pacific could be the fastest-growing regional market (CAGR of 7%) during the forecast period. This may be attributed to a robust aviation sector and rising disposable incomes in developing countries like India, Indonesia, Thailand, Vietnam, etc.
Major companies operating in the worldwide aerospace plastic flame retardant market are RTP Company, Albemarle Corporation, Huber Engineered Materials, and Chemtura Corporation. Most leading participants are largely integrated along the value chain.
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Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe.