Tetrabromobisphenol A is an organic bromine compound that is primarily used as a fire retardant in fabrics, textiles, plastics and electronics. It protects materials from heat and combustion and reduces the risk of fire hazards. With rapid urbanization and infrastructure development activities worldwide, the demand for flame retardants in the construction industry has increased significantly. Tetrabromobisphenol A retardant is widely applied in insulating materials, electrical equipment, wires and cables used in buildings and other construction projects.
The global Tetrabromobisphenol A market is estimated to be valued at US$ 1407.97 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The high growth of the construction industry has been a key driver augmenting demand for tetrabromobisphenol A over the past few years. According to estimates, the global construction output is projected to grow by 85% to reach $15.5 trillion by 2030. As most regions around the world are experiencing extensive construction of residential and commercial buildings coupled with infrastructure development, the consumption of TBBA-based flame retardants is rising considerably. This upward construction trend is expected to continue supporting market growth of tetrabromobisphenol A over the forecast period.
Segment Analysis
The global tetrabromobisphenol A market is dominated by flame retardants segment. This segment accounts for more than 50% of the total market share owing to wide usage of tetrabromobisphenol A in flame retardants for plastics, textiles, and electronics. Tetrabromobisphenol A acts as an effective flame retardant additive for various polymers and finds applications as reactive and additive flame retardants in various end use industries.
Key Takeaways
The Global Tetrabromobisphenol A Market Analysis is expected to witness high growth. The global Tetrabromobisphenol A market is estimated to be valued at US$ 1407.97 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
Asia Pacific region currently dominates the global tetrabromobisphenol A market with a share of over 40% in 2023. This is attributed to the presence of emerging economies like China, India and other Southeast Asian countries where electronic, construction and automotive industries are growing at a rapid pace. This fast-paced growth is fueling the demand for tetrabromobisphenol A in the region.
Key players: Key players operating in the tetrabromobisphenol A market are Albemarle Corporation, Greenchemicals S.r.l., ICL, Jordan Bromine Company, Kingboard Holdings Limited, LANXESS, Novel Chem, Shandong Brother Sci. & Tech. Co., Ltd., Shandong Futong Chemical Co., Ltd. and Tianjin Changlu Hangu Saltern Co., Ltd. Albemarle Corporation and ICL captured over 60% of the global market share in 2023 owing to their vast production capabilities and global distribution network.
For more insights, read- https://www.dailyprbulletin.com/driven-by-the-growing-electronic-goods-industry-demand
