The global flame retardants market size is likely to attain over USD 9.6 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 3.9% during the forecast years 2021-2028. 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.
The present and future flame retardants market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the flame retardants market opportunities during the forecast years. Factors such as the increasing infrastructure activities in Asia-pacific, a rise in safety standards in building construction, and rising consumer electrical and electronic goods manufacturing.
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.
The report also emphasizes several distinctiveness of the global flame retardants industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the flame retardants industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The flame retardants market has tough competition among the new emerging and pre-established market vendors. Besides, the flame retardants industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
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.
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.
Segment Overview of 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America