Flame Retardant Market Size, Status, Demand and Strategic Assessments & Forecast Report by 2027
The global flame retardant market is expected to rise at a CAGR of 5.9% to reach USD 11,175.9 million by the end of 2027 on account of the increasing fire safety regulations adopted by various end-user industries worldwide. Flame retardants are chemicals added to flammable materials such as plastic, coatings, textiles, and others to prevent fire incidents. Flame retardants are also added to products such as electric wires, computers, mattresses, foams, automobile parts, and others for protection against fire. A recently published report by Fortune Business Insights, titled, “Flame Retardant Market Size, Share & Industry Analysis, By Chemistry (ATH, Brominated, Antimony Oxides, Chlorinated, Phosphorous Compounds, and Others), By End User (Automotive, Construction, Wire & Cable, Electrical & Electronics, Textile, and Others), and Regional Forecast, 2020-2027,” states that the market value was USD 7,091.2 million in the year 2019 and is expected to rise remarkably in the forecast period set between 2020 to 2027.
The Report Answers the Following Questions:
- What is the competitive landscape of the market?
- How will end-user applications help promote growth?
- What are the key strategies adopted by players in this market?
- What are the significantindustry developmentsin this market?
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Drivers & Restraints-
Increasing Consumption of Brominated Compounds in Products to Boost Growth
The imposition of stringent regulations on fire safety stands as a significant flame retardant market growth driver. This, coupled with the rising consumption of brominated compounds in products,will also aid in the expansion of the market. Additionally, the development of innovative and effective synergists will boost the market in the coming years.
However, the rising health and environmental concerns that imposed restrictions on the use of conventional fire retardant products may hamper the market growth. Nevertheless, the imposition of fire safety norms has propelled various end-user product manufacturers to utilize flame retardants in their products, thereby creating lucrative growth opportunities for the market in the coming years.
Antimony Oxides Segment Earned Highest Share Soon to be Overpowered by ATH Segment
The market was dominated by the antimony oxides segment with a 26.6% flame retardant market share in 2019. However, the ATH or the aluminium trihydrate segment is likely to emerge dominant in the forecast period as it does not emit any toxic smoke while burning and is, therefore, the most widely used component in the field of flame retardants today.
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Asia Pacific Emerged Dominant Accountable to Increasing Construction Activities
Asia Pacific accounted for the largest flame retardant market share in 2019with a revenue of USD 3,173.7 million. This is owing to the presence of prominent electronics production industries and an increasing number of construction activities occurring in the region. On the other hand, the market in North America will rise remarkably in the coming years on account of the stringent regulations imposed mandatorily on fire safety in all end-products. Furthermore, the Europe market will exhibit significant growth in the coming years on account of the rising use of flame retardant products by the automotive industry.
Companies Investing Heavily on Innovative Product Development
Most of the global flame retardant market manufacturers are engaging in the development of product innovation and development, and are therefore investing heavily in the same. The others are focusing on manufacturing halogen-free flame retardants for gaining a significant position in the market.
Major Industry Developments of the Marketfor Flame Retardant include:
September 2016 – A leading producer of bromine and bromine-based products called ICL Group is increasing its production capacity by 50% for applications in the automotive industry.
Some of the Key Players of the Flame Retardant Market include:
- Thor (UK)
- Italmatch Chemicals S.p.A. (Italy)
- Huber Engineered Materials (United States)
- Kisuma Chemicals (Netherlands)
- Nabaltec AG (Germany)
- Dow (United States)
- Akzo Nobel N.V. (Netherlands)
- BASF SE (Germany)
- ICL Group (Israel)
- Lubrizol Corporation (United States)
- Clariant (Switzerland)
- LANXESS (Germany)
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