Flame Retardants Market to Grow at 5.9% CAGR by 2030
Increase in the demand of Flame Retardants due to the stringent fire safety regulations in the end user industries as well as commercial societies has been very crucial for the Flame Retardation Market growth.
The Global Flame Retardant market is valued at $8.20 billion in 2021, and is expected to reach $13.60 billion by 2030, with a CAGR of 5.9% during the forecast period 2022-2030, according to a new research report by Next Move Strategy Consulting.
Flame Retardants are a diverse group of chemicals applied on textile, wood, plastic or semiconductors, in order to prevent fast growth of fire. Flame Retardants play a defensive function in saving property and lives by decreasing the fire risk associated with the usage of highly combustible materials such as plastic, textile and many more. For instance, steel is coated with flame retardants to provide thermal insulations in case of fire. Flame retardants are also used in forest fire in order to reduce the speed of fire spread.
Flame Retardants have been witnessing rapid growth in sales due to the growing industrialization and rising number of newly constructed commercial buildings. Flame retardants when added to materials increases its durability and makes it fire-proof. For instance, in the aircraft manufacturing industries, flame retardants are used in panels, carpet and flooring to minimize the risk of fire. Furthermore, the high productivity and low cost are also some factors leading to the growth of flame retardants market.
On the contrary, the health risks associated with flame retardants such as endocrine disruption, reproductive toxicity, cancer, etc hinders the market growth. However, the producers of flame retardants have responded to these concerns, and are developing more environmentally compatible products, mainly non-halogenated alternatives. Also, the growing demand for flame retardants in industries manufacturing aircrafts, vehicles, electronic appliance, buildings and many more to avoid fire and for other applications, will be the key factor benefiting the Flame Retardant market growth.
The global flame retardants market can be classified based on type, application, end use industry, and geography. Based on type, the market is divided into alumina tri-hydrate, brominated flame retardants, antimony trioxide, phosphorus flame retardants, and others. On the basis of application, the global flame retardants market is bifurcated into unsaturated polyester resins, epoxy resins, PVC, rubber, polyolefins, and others. By end user industry, the global flame retardants market is segmented into construction, automotive & transportation, electronics, and others (textile, aerospace, and adhesives). Geographically, the global flame retardants market is segmented into North America, Europe, Asia-Pacific, and RoW.
Browse key industry insights from the report “Flame Retardants Market by Type (Alumina Trihydrate, Brominated Flame Retardants, Antimony Trioxide, Phosphorus Flame Retardants, and Others), by Application (Unsaturated Polyester, Resins, Epoxy Resins, PVC, Rubber, Polyolefins, and Others) by End Use (Construction, Automotive & Transportation, Electronics, and Others) - Global Opportunity Analysis and Industry Forecast, 2022 – 2030” in detail along with the table of contents:
According to the report, the leading market players in the manufacturing of flame retardents for commercial buildings and other end user industries are Broadview Technologies Inc. The Dow Chemical Company, BASF SE, Clariant Corporation, Dover Corporation, Akzo Nobel N.V., ICL Industrial Products, Albemarle Corporation, Nabaltec AG.,Lanxess AG. and many others.
Key Insights from the Flame Retardant Market Report:
- The information related to key drivers, restraints and opportunities and their impact on the flame retardant market is provided in the report.
- Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
- The market share of the players in the global flame retardant market along with their competitive analysis.
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