Tetrabromobisphenol A Market Is Estimated To Witness High Growth Owing To Increasing Usage In Plastics And E-Waste Recycling
Tetrabromobisphenol A (TBBPA) is a brominated flame retardant that is primarily used to reduce the flammability of certain plastics and textiles. It is incorporated into plastic resins and used in printed circuit boards, wire and cable insulation, back coatings for carpets and textiles, and artificial leather. The global TBBPA market has grown significantly over the years due to rising demands from various end-use industries such as electrical and electronics, construction, transportation, and others.
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 Dynamics:
One of the key drivers for the growth of the tetrabromobisphenol A market is the increasing usage of TBBPA in e-waste recycling. Rapid urbanization and industrialization have led to a surge in e-waste generation across the globe each year. TBBPA plays a vital role in recovering valuable materials such as copper, aluminum, and gold from e-waste through pyrometallurgical and hydrometallurgical processes. It acts as a flocculent to separate non-metallic fractions from molten metals during recycling. The implementation of stringent e-waste recycling regulations in countries is expected to propel the demand for TBBPA over the forecast period. Additionally, the growing consumption of TBBPA-incorporated plastics in various end-use industries owing to its excellent flame retardant properties will also contribute to the market growth.
SWOT Analysis
Strength: Tetrabromobisphenol A is primarily used as a flame retardant which makes products and materials fire resistant, protecting lives and reducing property damage. This key application leads to consistent demand. It can also be mixed with polymers to impart fire resistance to plastics without impacting the base properties of the material. Production processes for tetrabromobisphenol A are well established globally ensuring steady supply chains.
Weakness: Concerns have been raised about tetrabromobisphenol A being a persistent organic pollutant and potential endocrine disruptor. Some regions and applications have imposed restrictions on its use to reduce human and environmental exposure. Alternatives are being developed which could replace tetrabromobisphenol A usage over the long run. Supply chain disruptions or increasing regulation can impact producer revenues.
Opportunity: Emerging economies across Asia Pacific and Middle East are industrializing rapidly and witnessing a construction boom. This drives the need for fire safety in buildings and infrastructurethus presenting opportunities for tetrabromobisphenol A producers. Applications in electronics and transportation sectors continue expanding. Developing scientifically validated green alternatives can ease regulatory pressures and open new markets.
Threats: Further studies strengthening evidence of tetrabromobisphenol A's impact on human hormones and environment may lead to additional regulatory bans. Established alternatives gaining wider acceptance can erode market share. Supply constraints or input price volatility may increase production costs.
Key Takeaways
The Global Tetrabromobisphenol A Market Analysis is expected to witness high growth over the forecast period supported by consistent demand from end use industries. 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.
The Asia Pacific region dominates tetrabromobisphenol A consumption currently due to high volume manufacturing and use in electrical & electronics and construction industries prevalent in China, India, Japan and Southeast Asia. These economies are further developing rapidly and industrializing which will enhance regional growth rates.
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. The market is moderately consolidated and companies are focusing on expansion in Asia Pacific to leverage growth opportunities.
For more insights, read- https://makuv.com/the-global-tetrabromobisphenol-a-market-growth-accelerated-by-high-demand-from-construction-industry
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