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New Product Launches and Expansions of Flame Retardant Market: Key Growth Strategies
Growth of the flame retardants market is restricted by factors, such as the toxic nature of halogenated flame retardants and high loading levels of non-halogenated flame retardants altering the properties of final products. The opportunities for flame retardant manufacturers lies in developing more effective synergist compounds to boost the performance of flame retardants. Synergist blends help in reducing the amount of halogenated flame retardants by percent weight, thus reducing the toxicity and improving the retardant properties.
In this scenario, it is extremely important that the players operating in the market remain competitive by adopting key growth strategies. The companies are aiming at increased market penetration at regional level by making expansions in production units or by introducing new innovations in the existing product lines meeting the guidelines of fire safety standards and environmental regulations. Global players have adopted a focused approach of expanding into emerging markets through expansions and new product launches.
Major players of the flame retardants market include Albemarle (U.S.), ICL (Israel), Chemtura Corporation (U.S.), Clariant (Switzerland), The Dow Chemical Company (U.S.), Nabaltec AG (Germany), Lanxess AG (Germany), Italmatch (Italy), Huber Engineered Materials (U.S.), and Akzo Nobel (Netherlands).
ICL (Israel) and Lanxess AG (Germany) are the most active players in the market. They are focusing on entering new markets by launching technologically advanced and innovative products, and making strategic expansion. Besides new product launches and expansions, companies have also adopted strategies, such as mergers & acquisitions and joint ventures/agreements/partnerships to enhance their product portfolio and distribution network.
ICL (Israel) announced the expansion of its polymeric flame retardant F-122P by establishing a production facility of capacity of 10,000 metric ton. The company also increased its production for Fyrol HF-5 to meet the growing demand. ICL signed an agreement in January 2012 to use the patents of The Dow Global Technologies (U.S.) for the production of an innovative polymer flame retardant FR 22P.
Lanxess AG (Germany) opted new product launch as a strategy to gain a strong foothold in the market. For instance, it developed Polyamide-6, a non-halogenated flame retardant of high thermal stability. The company also launched Durethan BG XF30 and Durethan BG 30 X FN01 for application in glass. It launched thermostable flame retardants at UTECH Europe with products names FRP 45, Levagard DMPP, TEP-Z, Disflamoll TOF, and DPK. It also invested USD 6.45 million for expansion in capacity by 10% of its phosphorous flame retardants group.
Flame Retardant Market by Type (ATH, Antimony Oxide, Brominated, Chlorinated, Phosphorous), Application (Epoxy, Polyolefins), and End-use Industry (Building & Construction, Electronics & Appliances, Wire & Cables, Automotive) - Global Forecast to 2021
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