Flame retardants cover a broad range of chemicals, which prevent the spread of fire and increase the escape time by delaying it. Increasing incidences of fire accidents have created the demand for material with flame-retarding properties. Fire safety standard improvement, specifically for aluminum composite panel cladding that is used in buildings, has created the product demand in construction. The major application of flame retardants is in electric wire insulation in the building & construction and transportation industries. Flame retardants are used in circuit boards, electronic casing, and wires & cables systems. Strict fire safety standards to reduce the spread of fires in residential and commercial buildings are driving the demand for flame retardants for engineered resins.
The global flame retardants market size is predicted to reach over USD 9.6 billion by 2028. This can be ascribed to the increasing infrastructure activities in Asia-pacific, a rise in safety standards in building construction, and rising consumer electrical and electronic goods manufacturing. Besides, rising awareness regarding environment-friendly flame retardants is also the key factors driving the market growth for flame retardants.
However, environmental and health concerns regarding halogenated flame retardants and the non-suitability of hydroxides to high-temperature applications is hampering the market growth. Furthermore, companies are increasingly using more environment-friendly and safe substitutes, such as halogen-free flame retardants. The wide adoption of technology globally and the fast-growing middle-class population is likely to provide lucrative development opportunities for the flame retardants market in the forthcoming years.
Flame Retardants Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 9.6 billion|
|Growth Rate||CAGR of 3.9% during 2021-2028|
|Segment Covered||Product Type, End Use, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Lanxess AG, The Dow Chemical Company, Albemarle Corporation, BASF SE, Clariant Corporation, Dover Corporation, Nabaltec AG, Akzo Nobel N.V., ICL Industrial Products, and Broadview Technologies Inc.|
Key Segments of the Global Flame Retardants Market
Product Type Overview, 2019-2028 (USD Million)
- Non-Halogenated Flame Retardant Chemicals
- Aluminum Hydroxide
- Magnesium Dihydroxide
- Phosphorus Based
- Halogenated Flame Retardant Chemicals
- Chlorinated Phosphates
- Antimony Trioxide
Application Overview, 2019-2028 (USD Million)
- Epoxy resins
End-use Overview, 2019-2028 (USD Million)
- Electrical and Electronics
- Buildings and Construction
- Textiles and Furniture
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global flame retardants market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global flame retardants market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the flame retardants industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Product Type, Application, and End-use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global flame retardants market. The report will benefit Every stakeholder involved in the flame retardants market.
- Managers within the flame retardants industry looking to publish recent and forecasted statistics about the global flame retardants market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global flame retardants market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Over the past few decades, the changing consumer preferences and increased consumer spending and per capita income are driving the industry of flame retardants. There has been a rise in the demand for smartphones and other electronic equipment. Since companies are now choosing alternatives for environment-friendly products due to strict government rules, this has led to the increased usage of various flame retardants.
Moreover, car manufacturers are increasingly adopting new and advanced materials to manufacture products and comply with government rules and regulations. This has increased the demand for engineering resins and thereby increasing the demand for flame retardants.
Furthermore, flame retardants are used in electronic products to meet flammability standards. They are used for their easy blending, high flame resistance, and good electrical insulation properties, as well as their compatibility with electronics. Earlier, halogenated flame retardants were used, but these compounds are toxic. When electronic products come in contact with fire, these retardants release halogen into the environment, which can be extremely toxic. As a result, companies are increasingly using more environment-friendly and safe substitutes.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Product Type Segment
Based on the Product Type segment, the market is bifurcated into Non-Halogenated Flame Retardant Chemicals, and Halogenated Flame Retardant Chemicals. In the halogenated product segment, brominated accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. In the non-halogenated product segment, aluminum hydroxide accumulated the maximum market share. This growth is due to the increasing concerns over material health and safety in several industries, specifically in U.S. and mature economies of Western Europe, coupled with low-cost advantages involved in the manufacturing of aluminum hydroxide flame retardants, which is expected to fuel the growth of the aluminum hydroxide segment over the forecast period.
Based on the Application, the market is segmented into Polyolefins, UPE, Epoxy resins, PVC, ETP, Rubber, Styrenics, and Others. The Epoxy resins segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. This growth can be attributed to the number of applications in composite materials, coatings, and adhesives used in the building and construction industries. Building and construction, which comprises commercial, public, and housing buildings, is expected to one of the prominent applications for epoxy resins.
Polyolefin is expected to witness the fastest growth over the forecast period. Polyolefins find widespread application in the construction and electrical and electronic industries. They are flammable but are reported to have a high loading capacity of flame retardance. All these beneficial properties are expected to contribute to the growth of the segment over the forecast period.
Based on the End-use, the market is segmented into Electrical and Electronics, Buildings and Construction, Transportation, and Textiles and Furniture. The Electrical and Electronics segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. The usage of flame-retardants is widespread in this industry and its degree is dependent on product function, materials, and the fire resistance level needed to be achieved. Rising literacy rate, disposable income, and standard of living across the globe, especially in the developing regions, such as Asia Pacific, have boosted the growth of the electrical and electronics industry.
Asia Pacific accounted for a maximum share of the global market and is expected to witness the fastest growth over the forecast period. Increase in transportation and industrial activities in Asia Pacific, coupled with other factors such as cheap raw materials and low labor costs, is fueling the regional market growth. Moreover, growing inclination of key mining players towards expansion due to large mineral resources of the region and utilization of flame retardants for producing uniforms of workers in mines are driving the demand.
Furthermore, in an attempt to match the safety standards of North America or Europe, the manufacturers in Asia Pacific are significantly focusing on production of environment-friendly flame retardant products as a significant share of the products are also exported to international countries.
The major players of the global flame retardants market are Lanxess AG, The Dow Chemical Company, Albemarle Corporation, BASF SE, Clariant Corporation, Dover Corporation, Nabaltec AG, Akzo Nobel N.V., ICL Industrial Products, and Broadview Technologies Inc. These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. Renowned companies are offering new and modern flame retardants. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.